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5 high-end apartments

We don’t just say it, we’ve done it...

5 high-end apartments

estate management of converted Grade II listed building of 5 high-end apartments at 2 townhouses in warwickshire

the brief

The residents asked Centrick Property to review their service charge costs. They were concerned about the fees which had escalated year on year without any tangible difference in the service that was being provided.

what we did

A special and exclusive development like this will typically be more expensive to run than a standard new-build block with large numbers of units. In analysing cost savings, the Centrick Property team had to be mindful of not only maintaining but improving the development to keep its original features as impressive as originally intended. Suggesting possible short cuts or reduced man hours on site to the residents to save costs was simply not an option. 

Areas that needed particular consideration were the original stone floors that required specialist cleaning techniques and the maintenance of not just the extensive landscape areas, but also the orchard within the grounds. Unlike some property management organisations that set a service charge simply around size of development and grounds, Centrick Property understands and has the in-house expertise to assess each aspect of a development individually, paying special care where required and identifying cost savings where possible. 

how we did it

Most of the maintenance costs remained the same, however, Centrick Property sourced contractors better suited to this specialist type of work so that residents had a superior job for the same price.

We saved the residents money on a number of placed contracts, in particular their electricity costs. Electricity Costs can vary tremendously not only between suppliers but even between operators in a call centre.  Negotiating good rates for management companies is notoriously difficult as they are not trading companies and therefore do not have a credit history.  Centrick uses a utility broker to search the market for the best rates possible.  All rates are reviewed annually so that we ensure the best rates are always maintained for each development.

But the biggest saving was on management fees where we managed to reduce costs by 50%!

Centrick Property offers some of the most competitive fees on the market and, while we review our fees annually with our clients, unlike many of our competitors we do not insist on a fixed uplift each year if the costs aren’t justified. This meant that the residents would never again be faced with continual and unreasonable increases each year.  

fees

We offer some of the most competitive fees on the market.  We review our fees annually with our clients, but we don't insist on a fixed uplift each year. The annual review looks at a number of factors, primarily an estimate on the amount of work involved at the development in a given year.  By having fixed uplifts in fees we believe agents price themselves out of a competitive market.  Clearly fees need to increase when required, however, this needs to be in a controlled manner and within the context of the property.

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