17 June 2024
For Resident Management Companies (RMCs) and Right to Manage (RTM) companies, it’s crucial to find the right property manager who can work collaboratively with Resident Directors to meet a building’s unique needs. At FirstPort, we look after buildings of all shapes and sizes, from countryside mansion stock, including listed and historic buildings, to London’s most desirable city living abodes.
In an article originally published in Flat Living, Victoria Peake, Operations Director for The FirstPort Group, speaks about the importance of working closely with our RMC and RTM clients in London to deliver a consistent and high-quality service for their residents.
Understanding Legislation
With ever-increasing legislation, especially around building safety, the role of an RMC/RTM Director has evolved over the years. Directors can find themselves as the principal accountable person, responsible for the safety of all residents. For developments that are complex by nature, this responsibility can feel all the more daunting.
I’ve seen a shift in the support RMC Directors are looking for as the landscape of legislation has evolved, particularly in city centres like London where there are a large number of resident-managed high-rise buildings. Many Directors have day jobs, and the scale of responsibility can feel overwhelming.
We make it our mission to guide residents through the ever-changing regulatory and financial landscape. Larger property management companies, such as FirstPort, have been preparing for this for years, building teams and expertise to provide support. We have specialist teams dedicated to fire legislation and building safety compliance, as well as the usual health and safety requirements that come with looking after people’s homes.
Our expertise and knowledge in these areas provide relief and confidence among the RMCs/RTMs we work with, ensuring that critical issues won’t slip through the net, and we can promptly tackle the challenges this complex environment presents.
Creating a Community for Residents
Ensuring the safety of residents and managing day-to-day maintenance are key factors in the successful running of a residential development. However, Resident Directors also want to ensure their developments have a thriving community that all residents can enjoy.
I recently initiated a partnership with community events business Event Disco to launch weekly street food events across several of our residential developments in London. It has been a huge success, with residents providing positive feedback about this unique experience that enhances their community as well as the wellbeing of residents. It’s something our RMC and RTM clients want to see more of, adding a different dimension to the service we can provide their customers, and we enjoy working alongside them to deliver something exciting and different.
Service Charge Cost Effectiveness of Property Management Services
A major driver for any RMC/RTM is ensuring value for money and making cost-effective decisions. This is more important than ever as service charges face substantial increases to cover essential costs such as building insurance and safety requirements. Recent research from The Property Institute’s Service Charge Index found that service charges have increased by 41% in the last five years, with the three main causes being inflation, rising insurance costs, and costs associated with new building safety requirements. In particular, building insurance has faced an average increase of 92%, according to the data.
These cost increases have put enormous strain on residents’ monthly finances, bringing difficult decisions when managing a development’s budget. We work closely with our RMC/RTM clients to carefully analyse costs and benefits when assessing the service charge. Due to our scale, we have access to an extensive network of national contractors, giving us buying power that ensures the best value, particularly for utility costs, which have soared in recent years.
Collaboration to Achieve Long-Term Goals
When Resident Directors appoint a property manager, the key goal is to create a partnership with residents.
Together, we must work with RMCs/RTMs to understand where to focus attention and where to add value, based on their building’s unique requirements.
We know that working alongside a collaborative property management company ensures improved efficiency, effectiveness of operations, and a renewed sense of community. This winning combination not only addresses immediate challenges but also fosters long-term success and satisfaction for our RMC/RTMs and their residents.
Find out more about how FirstPort can help your RMC
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