how we started
our involvement in property management began during a time when, as long term leaseholders, we were growing increasingly dissatisfied with how some aspects of our development were apparently being mismanaged. We joined our Residents Management Company board of directors and it immediately became apparent that despite year on year service charge increases there was virtually no money for the upcoming major expenditure, so the trend of service charge increases would need to continue, along with the likelihood of large one off levy payments being demanded, unless a radical change in approach was implemented.
our focus was to reduce expenditure whilst ensuring that the current standard of services were maintained or improved and to build up the necessary reserve fund.
our actions started by us looking at the value of the long term contracts we had in place, the cost of the consumables the development was using and whether all the extra services being charged were necessary and added benefit. We immediately identified that spending even a little time researching consumables cost, removing unnecessary service contracts and challenging the details on invoices resulted in substantial savings.
our astounding results caused the net assets, which had been falling year on year for the previous 4 years, to now increase. Savings of between £50k and £70k per year (around 40% of the budget) were achieved, resulting in the reserve fund increasing from £1k to £90k in only 2 years, and the standard of services being provided to our development had been maintained or even improved in many areas.
our success led to us being asked by our fellow directors to present a proposal for us to become the managing agent for our development. It was the next obvious step as we had started to manage the managing agent rather than the managing agent managing the development.
our proposal was based on the service that we would like to receive as directors of the Residents Management Company and also as residents of the development. We were awarded the contract and PAD was established.
our prior experience has brought an abundance of valuable experience into the managing agent market, including: delivering multi million pound business transformation projects to time, cost and quality; supplier procurement and management, and customer satisfaction expertise. PAD has taken these experiences and good practices and applied them to property management.
our results are quickly banishing the expected poor delivery from the property management industry.