Property Management Flashcards
If you had noted any defects to a property, such as a crack in a roof, what would you have done?
I would have:
- Noted it and advised my client of this within the report
- I would advise that any works to amend this was outside of my expertise
- I would have advised my client to appoint a qualified specialist to progress this further
When working for NDA, how did you appoint a contractor to carry out the tree works?
3 contractors were invited to tender for the works. All proposals were reviewed on a fair basis. The appointed contractor was competent to carry out the works and was also the best option from a financial perspective.
What is a discrete account? And how should this be managed?
A Bank account set up to hold client money for a single client.
When holding Client money, the account must:
- only hold the clients money
- name of the account must state the word “client” and the name of the firm in the title of the account
- be immediately available to the client at all times
- That it is not overdrawn
What is your company’s code of practise when appointing a contractor?
Procurement - either by Tender, Negotiation or Framework agreement
With the Essar bathroom renovation, it was a tender.
On the approved contractor database -
Check insurances are up-to-date and the services offered are relevant.
Not on the approved contractors database -
Issue H&S for approved contractor form and confirmation of receipt of H&S handbook, then record on the approved contractors database.
Then issue letter of appointment.
What is the RICS Real Estate Management (2016) Professional statement?
Outlines the principles for fairness and transparency underpinning all activities undertaken by property managers.
It sets out standards surrounding:
- Ethics
- Securing and ending instructions
- Managing Real Estate
- Asset management
- Lettings and Lease Renewals
What’s the difference between a lease and a licence?
A licence is a personal right to use land and is not transferable
A lease is an interest in land, and is transferable
At Appleton Airfield, what rights would your client have to remove the tenant?
Was on a contract farming agreement.
Either,
- A 3 month written notice, or
- a 14 day written notice should he have breached a condition of the agreement, e.g. persistent late payments
Both are subject to payment of compensation from the Landlord for crops in the ground.
What other options could you have considered if establishing a re-payment structure was not possible at Appleton Airfield?
Landlord could choose to terminate the agreement.
- A 3 month written notice, or
- a 14 day written notice should he have breached a condition of the agreement, e.g. persistent late payments
Both are subject to payment of compensation from the Landlord for crops in the ground.
What is your process for dealing with late / non payment from a tenant?
- Contact the tenant and ask if they have paid. If they haven’t, ask why.
- If no response, visit the property and meet them face to face.
- Notify the Client
- Request to see some accounts
- Identify the most appropriate method to proceed.
What was included within the property report for NDA?
A general report which covers the condition of the property. The report covers the condition of property boundaries, fields, fences, outbuildings. Photographic evidence is also uploaded as evidence.
Remedies for Non-Payment of Rent?
- Payment Plan
- Guarantor
- Draw down on Rent deposit
- CRAR (Commercial Rent Arrears Recovery)
- Statutory Demand
- Surrender / Forfeiture
What are the 2 core duties of a Property Manager?
1) Collection of rent, service charges, and other sums
2) The management of the property
