Apartment Block Management

The team at A.K. Property Services have always been extremely helpful whenever I have required their services, and the level of care and efficiency they bring to getting the job done is of a very high standard.
Seamus Marron, Director, The County Apartments, Carrick-on-Shannon


Apartment block

Multi-unit developments like apartment complexes are valuable property assets. For example, a complex with 100 apartments valued at €300,000 each, constitutes a property worth about €30 million.

Each of the apartment owners in that develoment has a financial stake in ensuring that it is maintained to a proper standard and that adequate reserves and sinking funds are accumulated to deal with medium to long term refurbishment needs, e.g. replacement of lifts.

According to a recent report, failure to invest in maintenance and refurbishment could in due course mean that: ‘in some cases, demolition and redevelopment will be the most economic and effective solution...’

The best way to to ensure the proper running of the apartment complex is to appoint a professional and proven firm of Managing Agents. A.K. Property Services have been operating as Managing Agents throughout Ireland for 10 years and have a proven track record in this area.

A management company is set up for the apartment block where all owners are members. It is recommended that the directors of this management company are owners also. This management company operates like any other company in the state and must comply with all aspects of company law.

Apartment Block Management is where each owner of individual apartments is a member (or shareholder) in a company that is set up to look after the legal day to day running of the development. The company has responsibilities to all the members to ensure the common areas are maintained to a high standard in terms of cleaning, refuse and paying of associated bills.

All owners have a responsibility to the Management Company to perform certain obligations, set out in the Management Agreements; primarily the payment of Annual Service Charges and attending the Annual General Meetings. It is important to have a clearly defined situation where the Management Company has definite responsibilities to all of i’s members and the Members, likewise, have definite responsibilities to their Management Company, and to each other.

ApartmentsAll owners pay an annual service charge to the Management Company’s bank account and the Managing Agent is responsible for the paying of all bills from this account e.g. ESB, common area cleaning, insurance, etc.

The Annual Service Charge Budget prepared by the Managing Agent determines the rate of the annual service charge. This is where the cost effectiveness of the daily running of the development is notable. A.K. Property Services' experience in this area can guarantee efficiency right across all services, resulting in the lowest annual service charges.

Professionalism is knowing how to do it
when to do it
and doing it.

                                       - Frank Tyger