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Private residential apartment blocks face the same problems of rising operating costs as do all commercial and private premises. As part of our continued commitment to existing and new clients, we suggested to our client an alternative solution to help reduce service charge costs and that of rising insurance premiums & agent’s fees. Prior to being engaged by the client, we were able to fully demonstrate how our attentive management style and culture would benefit the new client. Albeit that one Director had worked with us before on another development, he wanted to remain impartial and allow the others directors to make their own judgment with no bias. This provided the existing board with the confidence they needed to progress with the change of managing agent.
Complete were tasked with demonstrating that they could achieve a reasonable and effective budget as promoted by them. If we could demonstrate the same, the client agreed to appoint Complete.
Complete completed a full audit of the last 12 months costs. All lease and budget needs were reviewed as well as the resident’s requirements.
Complete were able to demonstrate to directors that considerable savings were achievable that equated to 16% against the existing and previous budgets.
The main areas of reduction for the 27 apartments were:
Insurance: reduced from £3200 to £2234
Management fees: reduced from £4983 to £3240
Accountancy fees: reduced from £1634 to £320 (primarily due to Completes accounting control)
Complete were appointed by the board of directors and they saved enough money to employ communal area cleaners that they had not been able to afford previously.
This represented a saving of £4023. These savings allowed for weekly cleaning to be introduced at a cost of £3057. This still leaves a surplus of £966 due to the changes made.
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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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