Knowledge Check: Entering Costs & Managing Risk

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• Allocate funds for contingency within the service charge budget to cover unforeseen expenses or emergencies.
• Avoid over reliance on single contractors
• Stay informed about industry developments, and regulatory changes
• Visit the properties you manage often
• Ensure a full range of appropriate cover is in place for a development's and your client's needs.
• Maintain open channels with leaseholders, residents, and stakeholders to address concerns, gather feedback, and foster transparency