Category: Services & Compliance
Published: Wednesday, 30 May 2018 21:44
We have come across a great way to summarise a whole spectrum of health & safety compliance for a business or organisation.
This is more from an operational rather than property perspective, so under an entity’s duties as an ‘employer’ and other ‘competent’ or ‘responsible’ person roles.
Property will of course play a part in this, but there will be all kinds of other duties. Saying that, these same principles can be still applicable for a business that is dealing with property interests anyway, for example a managing agent or developer, and could be applied for more general property health & safety issues.
The R.U.S.T.I Acronym
The way to summarise this is a 5-stage acronym where the first letter of each stage together forms...
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Category: Rent Monies
Published: Saturday, 26 May 2018 22:20
For those beginning to deal with leases for commercial property, there can be a striking difference to the way in which monies like rent are paid.
The total money over, say, a year may be easily understood – for example £12,000 each year. But then the lease may go onto how, or more importantly when, this is paid - often on ‘quarter days’.
The Quarter Day Principle
This basically states that the money is paid in 3 month chunks, and not the more popular means of monthly or even weekly in other, say, residential leases. So, the above example means paying £3,000 four times a year, which then totals £12,000 for the whole year.
Now this is a large amount of money, rather than, for example, only £1,000 every month - and to make matters worse...
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Published: Wednesday, 23 May 2018 22:19
Beginning to manage a property is far more than just receiving rent off a tenant and calling a contractor out when the building needs repair.
For those that think it’s this simple, they’re in for a terrible shock. This may take time to happen, but at some point it will.
In reality there are lots of different aspects to be looking at, all at different stages, and with different kinds of people being involved in this process.
So getting these all together is more complicated, however the basic steps to doing this are actually simpler.
Get these right, and the rest will follow. Which in actual fact is the whole gist of our Property Management Guide book; to have an overview to then delve in and out for issues as they arise.
The 6 Simple...
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Here are various blog resources related to the rent that is paid at properties, whether you're a landlord receiving, tenant paying, or middle-man managing. Right through from how to correctly charge and collect to how it needs to change over time, this is often the most important factor to managing let properties, and includes simular variations such as licence fees.
Here are various blog resources related to non-rent monies and payments, for example service charges, fees, and other costs and charges. These can be directly charged or hidden away, and are important to know what you may have to pay or might be able to charge another property interest for.
Here are various blog resources related to the insurance of properties, ranging from the main building cover to ancillary ones like contents. Whether it's the premium to pay or the policy to correctly arrange, these help explain what's needed from the perspective of different property interests.
Here are various blog resources related to all the different property interests, from landlords & tenants, to investors & occupiers, to all other third-party interests. These cover general factors to consider for a particular interest, to more detailed issues to resolve for a particular course of action.
Sales & Lettings
Here are various blog resources related to the sales & lettings of a property, and all related transactions. Whether you're involved in these directly yourself, or you're working with other sales/letting agents and interests, these help highlight important property managemnet factors to consider.
Leases & Titles
Here are various blog resources related to all forms of leases, titles, and legal documentation involved with property interests. Whether a straight forward lease agreement or complicated legal documentation, here is help to understand what you're trying to achieve and then practically how to easily do this.
Here are various blog resources related to all the taxes involved with property interests, from VAT and SDLT, to income and capital gains, to rates and council tax. These will help you work alongside other accounting and tax advisors to make sure you cover all bases to reduce your overall tax liabilities.
Services & Compliance
Here are various blog resources related to the services and compliance at a property. These range from say your fire and health and safety compliance, through to services like cleaning and utilitities. These resources help provide an overview of each area without getting too technical, so you can plan it all in at the right time and best cost.
Here are various blog resources related to any other general subjects involved with properties and their interests. So whether it's the basics of property management, or more specific property issues and queries that don't naturally fall in the other categories, you'll find them all here.
Condition & Repairs
Here are various blog resources related to the condition of a property and any repairs and alterations required. Whether it's a reactive roof repair, pro-active maintenance plan, or carefully-chosen contractor - these help explain how to effectively keep properties in the right condition.