Alignment with Lease Terms

It’s where we started this Course and it’s something we will keep coming back to. Property managers must carefully review lease terms to understand their financial obligations and limitations regarding service charges and expenditure. Planning in line with lease terms ensures compliance with legal requirements and prevents potential disputes with leaseholders. Property managers must anticipate future financial commitments and budget accordingly to avoid being caught short and unable to legally collect additional funds.

Taking the time to explain how the lease mechanics works with your clients will pay dividends here. If your lease is very strict on not being able to raise additional charges during the year, then you will need to communicate this so your clients understand why you have to be incredibly risk averse in your budgeting.