The problems faced by the directors
- The major issue was an inability to preserve the historical character of the building while providing and maintaining modern amenities. Budgets were not properly planned, and actual costs resulted in more than a 200% discrepancy every year.
- Communication with Directors was minimal, and response times ran between 1–2 weeks, resulting in a high backlog of unanswered questions.
Our approach
From the moment we onboarded the block we focused on reducing the backlog of open issues and addressing the communication problem.
We developed a 10-year CAPEX plan to calculate future needs and estimate costs with better accuracy — this led to a normalisation of the service charge, with the actual discrepancy down to less than 5% compared to budget.
We focused on addressing the outstanding items and set up a process to acknowledge and resolve matters within 48 hours.
The results
01
Better planning of expenses
The block’s expenses are now much smoother, with the discrepancy between what was budgeted and what is actually spent falling within 5% of the initial budget.
02
Faster response time & communication
When we took over, we cleared an 85-item outstanding backlog. Since the new communication process was implemented, every item is acknowledged within 6 hours, and 80% of all matters are resolved within 48 hours.
Talk to our Block Management team
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