Too Good to be True?

Our industry sector is no different and is, unfortunately, not immune from the ‘cheap as chips’ fraternity, much to the detriment of us all.

The drive is on for estate management service charges to become more competitive. Consequently we’re seeing ever more managing agents setting unrealistic service charge budgets when tendering for business. This short-sighted tactic will, if adopted universally, bring the whole pack of cards tumbling down, with real damage done to reputations as well as bricks and mortar.

It might be perceived by the developer that a low service charge will assist the sales teams in attracting sales of their homes. In the short term this may be the case, but in the long run it will undoubtedly aggravate residents. When service levels are poor and supplementary demands are raised to cover shortfalls after the first year, why wouldn’t leaseholders feel aggrieved?

From a resident’s point of view, it’s clearly important to look beyond the £ signs and look more closely at what is really on offer.

Developers are often judged by their customers long after the sale. In the excitement of the early sales push, this is something that’s often overlooked. It’s also true that the quality of service provided after the sale, by the managing agent, will have a real influence on the perception the customer has of the developer. Again, viewing this from a resident’s perspective, the developer and the managing agent are one and the same. They are the body that has built and maintains the fabric of their home.

Clearly, a resident who is satisfied with the longer term management service, is far less likely to complain about service in other areas. This will enable developers and managers alike to achieve, and retain, their hard won standing as organisations who deliver top class customer care.

Together both parties need to provide real clarity at the point of sale and educate prospective residents about the benefits of a professional managing agent. Likewise, we must help their understanding of the importance of collecting appropriate service charges and reserve funds. Tell them openly that this good-practice approach is critical to their long term security and the security of their investment.

So, ‘cheap as chips’ or realistic, open and transparent? We know where we sit in the debate!

Trinity are members of the Association of Residential Managing Agents (ARMA). We have achieved ARMA-Q status by being audited against each and every one of the 200-plus criteria that frames the membership requirements for this industry body.

Our ethos and our methods mirror and reflect the very reason that ARMA-Q was developed – to raise standards of customer care across the Residential Property Management industry.

An intrinsic part of the ARMA-Q guidelines relates to setting realistic service charge budgets, and not to knowingly under-budget for the purpose of simply winning instructions.

The vast majority of Trinity’s first-year scheme accounts emerge within budget. We work hard to ensure our service charges are accurate so additional demands are not required to cover shortfalls. Our estimators have an average of over ten years’ experience and this helps to ensure accuracy. Additionally this provides our estate managers with both the confidence and sufficient funds to deliver a high-quality service, as soon as management commences.

By appointing Trinity, you can be assured that our mutual clients will be supported effectively and seamlessly, from initial purchase and beyond.

Consequently, our client’s involvement with day-to-day management issues will be kept to a minimum. Our ability to provide high quality service will enhance your sales proposition – long term! In turn, driving further sales growth and supporting your bottom line.

In addition, our approach to clear communication will keep you and our resident clients up to date on all pertinent matters. Therefore, no surprises or nasty shocks from unexpected charges being levied.

Think about it. If a managing agent is knowingly setting a low budget in order to win business and fly in the face of both the ARMA-Q guidelines and good practice, where else are they being economical? Economical with the truth as well as financially economical? Possibly!

Going the ‘cheap as chips’ route is clearly a false economy. If it sounds too good to be true, it probably is.

Trinity don’t do ‘cheap’. We do open, realistic and effective customer care at a price that won’t cost you your reputation..

T: 0845 345 1584

E:  info@trinityestates.com

www.trinityestates.com