For those working in Block Management, valuations are part of the routine. Whether it’s an insurance reinstatement cost assessment, a reserve fund forecast, or a market appraisal of communal space, these exercises are usually filed under “compliance” or “financial planning.”
But there’s a much bigger opportunity at play and one that many managing agents miss.
Valuation exercises offer a chance to do more than update figures. They can be used to build trust, encourage resident engagement, and increase the visibility of the managing agent. In a sector where leaseholders often feel decisions are made behind closed doors, small, proactive actions can make a big difference.
More Than Just a Number
Let’s take an insurance valuation as an example. It’s essential to ensure the block is adequately insured, not over or under, to avoid serious financial exposure. But to a leaseholder reading their service charge budget, the insured sum or a change in premium can be confusing or even alarming if no context is provided.
Instead of simply uploading a valuation to a portal or sending out a document via e mail and moving on, agents should explain what it is, why it’s been done, and what the result means. A short email, an FAQ sheet, or a mention in the next resident newsletter could completely change the perception of the process. Suddenly, it’s not just “another cost,” but a protective measure carried out with care and professionalism.
Bringing Residents Along for the Journey
Engaging residents doesn’t have to mean lengthy consultations or overcomplicating things. It’s about visibility, consistency, and making leaseholders feel like they’re part of the process, not just funding it.
When agents bring leaseholders along the journey, even in simple ways like notifying them that a surveyor will be onsite or outlining the implications of a valuation report, it creates a sense of inclusion. This, in turn, leads to fewer complaints, more constructive conversations, and a shared understanding of why certain costs exist.
Valuations as a Trust-Building Tool
In an ideal world, managing agents would be seen not just as administrators, but as trusted custodians of a development’s financial wellbeing. Using valuation touchpoints to open dialogue reinforces that role.
If the outcome of a valuation leads to an increase in insurance premiums or a revised reserve fund plan, it’s far better to communicate that with context and clarity than to wait for the questions, or frustrations to roll in.
Transparency isn’t about overwhelming residents with technical detail. It’s about sharing the why behind your decisions and showing that you’re acting in their best interest.
The Bigger Picture
Resident engagement doesn’t have to be a grand campaign. Sometimes it’s as simple as using a valuation as an opportunity to be visible, helpful, and human.
