Property Management - Level 2 Flashcards
Tell me about a contract you have set up with an external service provider
I was required to set up a contract for security services to be provided from an external provider. The process to do this involved tendering for quotations based on recommendations from my property management colleagues, recommending a provider to my client and consequently agreeing terms. Following this, I completed a new supplier form to be passed on to the property management accounts team in order for invoices to be paid in accordance with the agreement going forward.
Tell me about a reactive/proactive management plan you have set up
Following the lease expiry of a tenant occupying a retail unit, I took responsibility for the management of the vacant unit which included notified my client of the requirements set out in the insurance policy to be undertaken. This included the securing of the site through a security company, taking meter readings and arranging for all services to be shut off and utilities drained down.
I proactively engaged with a cleaning service provider to arrange for a deep clean of the unit to ensure that it was in a presentable condition for my retail agency colleagues when conducting viewings with potential occupiers.
What legislation/guidance have you complied with in doing so?
Tell me about a challenge you have faced and how you overcame it
I faced a challenge with an office unit that I was responsible for the management of in Richmond. My south-east office agency colleagues who had been instructed to let the property were facing difficulties due to the EPC rating of the property.
I liaised with my client and recommended the instruction of an EPC plus report in order to gain a deeper understanding of the EPC rating and the recommendations for improving the EPC rating which were implemented and the rating improved.
Which methods of communication did you use to contact the tenant?
I initially attempted to contact the tenant via email as this was the form of communication that had been used previously. Following no response to this or my follow up emails, I attempted to call the tenant.
What should you do when a tenant isn’t responding?
Send a formal notice outlining the specific issue and provide a deadline for the tenant to respond before further action is taken.
What did the lease say about interest on late payment of rent?
Did you visit the unit? Why is it important to inspect the unit when dealing with rent arrears?
Yes, I visited the unit along with my supervisor.
It is important to determine whether the tenant is still in occupation of the unit and whether it is still being used.
What are the benefits of CRAR?
CRAR is a fast and effective way to recover rent arrears, as it allows the Landlord to take control of the tenant’s goods and sell them in order to recover the amount owed. It avoids the need for court proceedings and gives the tenant an opportunity to pay the rent arrears before further action is taken.
Which other methods of arrears recovery did you consider?
I first reviewed whether there was a rent deposit in place, which in this scenario there was not.
I agreed a payment plan with the tenant to pay on a monthly basis as opposed to quarterly however after several missed payment dates, it was therefore determined that CRAR was the most effective way to recover the rent arrears.
What was the reason for the tenant to be in arrears?
One of the investors in the company had pulled out of an agreement for further backing which affected the tenant’s cash flow meaning that they were unable to pay their rent.
How would you approach change if the tenant was going into administration?
What are the benefits of break clauses?
Was time of the essence at St Albans?
Yes, the tenant was required to serve written notice at lease 6-months prior to the break date
What did you advise the landlord regarding insurance requirements?
I approached the insurer and asked for their void property requirements.
Seal the letter box, inspection requirements, draining down services, security, window and door security,
