L3 Property Management Flashcards
What RICS GN or PS could you refer to? (217 HR)
RICS GN Health and safety for residential property
managers 1st edition, January 2016
Service charge residential management Code and additional advice to landlords, leaseholders and agents (3rd edition, June 2016)
Real Estate Management (2016)
What is a DfM report and what is its purpose? (217 HR)
Detailed understanding of the current scheme to ensure
that the management concept is deliverable on
a practical level.
Intended to refine the design and inform the OPEX budget
We advise on outstanding/unresolved issues in respect of the design in relation to the management arrangements for all uses and tenures
What other categories might you include here? (217 HR)
external (CCTV, facade, window cleaning, landscaping etc.)
vehicle and cycle (access and storage)
delivery strategy (large items, concierge, parcel lockers)
refuse collection
building access
security and cleaning strategy
How was the report set out and what was the format? (217 HR)
Categorised into following as a report, with recommendations against each: Externals Vehicles & Cycles Deliveries Refuse Collection Building Access Cleaning Back of House
What were the issues relating to refuse and recycling? (217 HR)
The distance which bins had to be carried from StM to the bin store
Access to the bin store from street and ensuring security and that these were locked
Access to bin store via building need to be secure
What is a refuse strategy and what does it cover? How long is it? (217 HR)
May have to check local borough requirements for storage and collection - Westminster demand 60% recycled and hence number of bins reflect this
Have to contact them to arrange collections and offer them keys / codes
Number of bins generally calculated by architect who checks local borough requirements
What is a window and facade cleaning strategy? What does it cover and how long is it? (217 HR)
May be requirement to supply this by LPA
To ensure building is kept clean and sightly to look at
More from a safety perspective to consider access
To check if MEWP can be used, Mansafe or Water-fed pole (if long enough)
What is a mansafe system? (217 HR)
Horizontal safety lines designed to keep people safe whilst working at a height.
Mansafe is often used to describe different equipment such as eyebolts, guardrails or ladders but is a specific brand name of Latchways for their horizontal fall protection systems.
Reliance on contractors to assess risks and determine the appropriate work method, AND on landlords / agents, but specialist advice should be sought (could refer to HSE)
Window cleaners should not be permitted to stand on
external window ledges unless eye bolts are provided that they can attach to
What are the pros and cons of a crane, cherry picker and mansafe? (217 HR)
If a reach and wash system is not possible because the windows are too high up, mansafe / specialist access equipment required
What is the purpose of BS EN 795? (217 HR)
What does it cover?
Personal Fall Protection Equipment
Fall risks are greater when works are required to the exterior of a building
A reliable anchor device = essential component of any personal fall protection system
devices are now tested for deformation, dynamic strength and integrity, static strength
What other standards did you consider? (217 HR)
The Work at Height Regulations 2005
Could refer to the HSE and Industrial Rope Access Trade Association
How much of an allowance did you make in the SC budget for mansafe testing and how regular? (217 HR)
BS EN 795 states at least every 12 months
An independent risk assessment should be undertaken to determine if a more frequent visit is required
We allowed bi-annual testing at £500+VAT each time
What else could you have advised on? (217 HR) - THINK ESG AND RULE 3 OF ROC
More considerations of ESG (AS PER RULE 3)
What were the largest cost differences? (Sutton)
Repairs / maintenance
Voids
Security
What were the cost savings? How did you identify these? (Sutton)
Void period of 10 days is achievable as the asset stabilises
Doubling up on security, so use estate security
Recovery of bad debt could be offset by a slight increase in legal fees
£34,160 could be achieved if the Assistant Manager and Facilities Manager roles are combined
What is an estate service charge? Who pays for the estate service charge? Why have an estate service charge? (Sutton)
Generally applicable where there is more than one tenure (in this case, there was commercial, hotel etc) so need to apportion costs
This was carried out on a per SQFT basis for the purposes of this comparison exercise (we weren’t appointed to carry out full SC budget)
Would have applied benefit of use as per RICS Code and applied ‘reasonableness’
What comparables did you use? Surely every estate is so different? (Sutton)
£0.87psf for estate SC - we’ve seen some as low as £0.20
But can get a rough estimate depending on number of units and location of a scheme
What were the pros and cons of doing directly appointing estate security? (Sutton)
Cheaper and more control over costs
Company is expert in estate security and they manage staff themselves
What is a churn rate? How did you arrive at 48%?(Sutton)
percentage of tenants who leave their unit within a given time
likelihood of tenant change
nature of demographic - families attracted to this area
Why 18 days? Why not target 7 days? (Sutton)
Due to the maintenance requirements of the flats, 7 days may be unrealistic at this time.
Do not want to lead client astray
How do you calculate rent loss? (Sutton)
(ERV / day x churn rate x avg void period) / annual ERV
How else could you limit void periods? (Sutton)
Could use short lets
Treat existing tenants well and incentivise them
Maintain a good relationship
Offer rent incentives
Offer a longer lease
What do you mean by proactive marketing? (Sutton)
Ensure that sufficient notice is given so you can commence marketing (you might approach the tenant before 2 months to confirm)
Have images in place at ready
Notify tenant in advance of viewings
What advice did you give to your client (217 HR)?
That we consider secure by design document (2019)
Developed by police - recommendations on access and in accordance with building regulations
