The property management industry has undergone significant changes recently. At Valor Properties, a leading managing agent in Leeds, there is a growing emphasis on affordability and accessibility for leaseholders, especially those of small apartment buildings. “We’ve known for some time that managing agents need to innovate and evolve to better serve customers,” says Emily Allott, block management expert at Valor Properties. “We sought to develop a more cost-effective offering that could efficiently manage service charges for small apartment buildings and so Valor Block Management was created.”
Can a low-cost block management service still provide essential responsibilities in 2024? Valor Properties believes it can. By focusing only on core financial administration, legal compliance, and property maintenance, Valor Block Management was formed to distil services down to essential functions. While a managing agent designation is still required by law to oversee service charges, our Leeds team removes non-essential services to reduce costs for clients while fulfilling only core responsibilities.
In this article, we discuss the rationale behind the development of Valor Block Management. We explore the components of such an affordable service and how it benefits homeowners in West Yorkshire who own or live in small apartment buildings.
Essential Services for Small Buildings
Naturally, an affordable block management solution for small apartment buildings must still address fundamental needs. Though cost-effective, our service is designed to ensure sound financial oversight and legal compliance.
- Transparent Financial Management: This includes collecting service charges, budgeting tools, and financial reports like account balances, arrears, and expenditure lists. Our accounting team handles payments, bookkeeping, and collections.
- Efficient Administration: With over 10 years of experience, we expertly manage schedules, records, budgets, demands, and year-end financial statements.
- Compliance and Legal Guidance: We advise on regulations, lease obligations, and legal issues to protect customer interests.
- Clear Communication: Everything from bank statements to invoices is made available for transparency and informed decision-making.
To offer this service at a lower price point while maintaining quality, several cost optimisation strategies were implemented:
- Advanced Technology: Custom-built software automates workflows for greater efficiency.
- Strategic Insourcing: Non-essential responsibilities are always discussed with clients for potential self-management to reduce unnecessary fees.
- Lean Operations: An optimised structure focuses on minimising overhead expenses, passing savings to clients.
In summary, Valor Block Management delivers essential block services affordably through innovation, specialisation, and operational excellence.