“In business, the idea of measuring what you are doing, picking the measurements that count like customer satisfaction and performance… you thrive on that.” Bill Gates
Providing a service that excels can be a daunting task for many property management companies in London with far too many over promising and under achieving. With the recent Competitions and Market Authority survey highlighting that only 52% of all Leaseholders believe they receive value for their money, we know there is a huge potential for improvement. The approximate number of Leasehold properties in the UK is around 5 million; that equates to 2.4 million Leaseholders who believe they don’t receive adequate service from their managing agent.
Leasehold Managing Agents are contractually obliged to provide a budget each year, a set of accounts for income/expenditure each year, copies of any invoices where the company structure allows and so on, given the above satisfaction statistic, it would seem that value for money needs to be analysed in more detail when relating it to property management:
The National Audit Office provided the above flow diagram that shows the breakdown of ‘Cost-effectiveness’, dividing it into the three E’s: Economy, Efficiency and Effectiveness. This provides a basis for customer satisfaction upon which Strangford has built its service.
Economy: Strangford Management uses the latest accounting software in order to provide real-time cash flows as well as predicted expenditures so customers can see what has been spent, what is budgeted to be spent and what costs may be incurred in the near future. This careful use of resources benefit customers year after year.
Efficiency: Strangford Management uses performance metrics to manage external contractors as well as the regular services provided for the customer. This means we have the added benefit of measurable performance standards as well as early identification of issues to prevent works becoming delayed or outstanding for a long period of time.
Effectiveness: Strangford Management provide each customer with an analytical breakdown of our management performance based on our unique metrics to sit alongside the budget/accounts so not only is value received by each customer, it is measurable year on year allowing for more productive future discussions and a closer management relationship.
Don’t you deserve value for your money from you property management company in London?
Contact Strangford Management today to discuss what we can provide you!