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We were approached by a director of Mercury Buildings who had experienced poor service from a large UK agent who was both Arma and Rics affiliated. The development ran at a loss, had very poor housekeeping and residents had trouble selling and letting apartments. Our primary role was to offer a cost effective and proactive management solution. We attended site and reviewed the developments needs against the current budget. Complete were able to demonstrate its understanding of the issues and solutions required.
Complete were appointed and set about a full review of the site and lease. Within 4 weeks the day to day management was fully reviewed and new suppliers engaged. A financial review confirmed poor management resulted in the developments failings with no increase in funds necessary to maintain the lease and maintenance obligations.
Compete set about enforcing the lease and introduced various house keeping solutions to reduce operating costs whilst improving service. Regular maintenance and cleaning was possible with no increase in budget.
Complete were tasked with demonstrating that they could achieve a reasonable and effective budget as promoted by them in their tender. The development had service charge debt of over £25,000 and creditors of over £15,000. We promised to assist the board in resolving both debt and creditor issues and court action within 1 month.
Complete carried out a full audit of the last 12 months costs. All lease and budget needs were reviewed along with the residents requirements.
Complete were able to demonstrate to directors that considerable savings were achievable providing immediate savings of £10,000 against the existing and previous budgets.
The main areas or reduction were:
Complete audited the development and provided alternate and cost effective solutions to reduce costs and improve efficiency and cash flow. Cleaning and day to day maintenance was introduced by Completes Facilities Management team to ensure good housekeeping standards could be maintained whilst operating within budget. All contacts were reviewed and new contractors and suppliers chosen.
This allows for a healthy reserve of £12,000 pa and the site now has a surplus of £70,000 and has had no increase in charges but decreases in the last 8 years.
The development is a desirable place to live with high rental yields and strong sales. Ideally located on Aytoun street, this is now a highly sought after location.
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I am very pleased to endorse and highly recommend the services of Complete Property Management and company founder Darren Norris...
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