MG - property management Flashcards
How do you calculate PM fees when issuing a SC budget to the client?
Under rics should be a fixed fee (norm 10%) - check the PM agreement and check what you agreed as there might be allowance for uplift year on year
In dealing with tenant arrears at Nottingham how did you implement payment plans?
Normally by emailing or setting up a call with tenants after agreeing this with the client - DECIDED THIS ON CLIENT CALL FOR TENANTS THAT WERE GOOD PAYERS WHO INFORMED THAT THEY WERE STRUGGLING
What measures can you use to chase tenant arrears?
CRAR
7 day letter
Then enforcement agentsn - pay it or take goods until received
Are they are laws in the uk on the installation of ev chargerS?
There are gov regulations on the sale of ev charging points and conditions they must comply with e.g. have smart functionality e.g. send and recevie info
What were the reinstatement obligations for the tenant who installed the ev chargers?
How do you fulfil your duty of care to a client?
communicate with clients regularly
reporting
have necessary discussions
try to ensure site is running well
what needs to be changed or budgeted for.
What else did you make the tenant aware of when reviewing the application for the ev charger?
That no Licence can be granted until all information requested has been supplied and we have had a reasonable opportunity to establish that it is satisfactory under the terms of the lease
what did the lease say about alterations for the shopping centre in Nottingham?
Their lease permits them to undertake alterations but any alteration requires landlord consent.
What sort of cosmetic alterations was the tenant at Nottingham proposing?
Largely cosmetic alterations to internal signage, general decorations, and new vinyl flooring.
who did the fee for the letter license at Nottingham get paid to ?
Savills - it was reviewed and document by savills letter license - on site manager and surveyors reviwed the request and charged our standard fee for this
What do you include within your client recommendation for the alterations at Nottingham?
- The plans
- confirmation from on -site engineer regarding scope of the works
What did the letter license agree and any conditions?
That the tenant could carry out the proposed alterations on condition that a pre-start meeting to be arranged with Centre Management and works carried out within 3 months
what did the Nottingham lease say about reinstatement?
There was an obligation to reinstate the property to the plan and design of the unit before the works
why did you chose a letter license?
Not necessary to get a formal license and cheaper for the tenant - to maintain L and T relationship
how did you follow up on the works?
followed up with tenant on the signing of the letter license/ payment
- and ensured that the site team were informed and that a pre work meeting had been arranged
What are 3 of the mandatory requirements laid down by rics service charge professional standard?
1 All expenditure that the owner and manager seek to recover must be in accordance with
the terms of the lease.
2 Subject to section 4.2.7, owners and managers must seek to recover no more than 100%
of the proper and actual costs of the provision or supply of the services.
3 Owners and managers must ensure that service charge budgets, including appropriate
explanatory commentary, are issued annually to all tenants - INCLUDE AN APPT MATRIX
What does the rics guidance say about transparency and sc ?
All costs should be transparent so that all parties, owners, occupiers and managers, are
aware of how the costs are made up. Management fees should be on a fixed-price basis
with no hidden mark-ups.
Where are sc monies held?
In a separate sc - the interest is then credited once admin costs have been deducted
how was your SC budget laid out?
- 3 schedules in line with the lease for this property (estate, road and security)
- Using the subheadings from the rics prof statement (management, soft services( security, waste man), hard services (drainage maintenance and repair), utilities, insurance
what were the overall key considerations when updating the SC budget?
Review each cost heading to ensure they are correct
Consider what the current budget is, what has changed, is there anything that will impact the next year?
how did you determine the appropriate management fee?
Management fees should be on a fixed-price basis
with no hidden mark-ups. and check the lease !
why did you see an increase in security costs within the budget?
Increase in national minimum wages
what kind of sc exemptions did you find in the leases at Enstone?
some leases provide for only contributing towards the road or towards security of the site
What type of service charge caps?
FIXED SC CAPS