Why TPM?

Aug 21, 2020 | 1 comment

This time of year is a busy period for Freeholders, and Directors of RTM/RMCs to consider their service charge budget for 2021 and in doing so whether to continue with their current property management company or make a change.

Here at TPM we are always ready to talk to clients about moving to TPM. We have made no secret of what we can do for you, but over the past year that we have been open, the frustrations that we continually hear are the reason we started the company in the first place.

We wanted to share some of most common that we come across and explain how TPM is different.

Avoid financial scrutiny and lack of explanation – One of the most common frustrations we hear from Freeholders and Directors of RTM’s and RMC’s, is the long delay in receiving financial information about their block with property management companies often not having the information to hand, and when the information is provided there are a number of entries that those Freeholder’s and Director’s don’t recognise.

Why TPM – We pride ourselves on financial understand and will offer you the financial information before you even have to ask. We are very clear about what our charges at the time of appointment and we guarantee you wont be charged for anything else without prior approval from you. This might seem like a basis requirement but in general this is not the practise our clients receive

No cash to do works – Client’s have informed us that upon reporting problems such as continuous leaks, they have been told by the managing agent that there simply aren’t the funds to complete the repairs, leaving the paying leaseholder’s unaware of why there are no funds in the pot to cover these issues and extremely angry and frustrated about the damage to their asset which they are often living in. This is just unacceptable but unfortunately common.

At TPM we are acutely aware of the need for service charge to be paid. Our credit control procedures are effective and can report that even in the pandemic we have been able to reduce arrears for a notoriously bad paying block from 72% to 17%. Leaseholders who understand their service charge, pay their service charge and at TPM we are always available to educate on this matter.

Ineffective property manager – periods of silence when a problem is reported or a question asked will only infuriate a client. No one wants to receive an automated email stating that someone will get back to you within 3 working days, or to phone and be told the same.

At TPM – We monitor a property managers’ workload to ensure that they are not overloaded and able to give the client the service they require and there are certainly no automated responses from us!

Unexpected large section 20 demands – Section 20 demands are raised for works required to a block that cost more than £250 per leaseholder and are almost always eye wateringly high and payment expected within a short space of time it is found. Often these are unexpected and haven’t been planned for as managing agent strive to keep the budgets unachievably low to secure the work

At TPM – We will be upfront regarding works planned in leases or long term renovations that are required. The capital expenditure requirements of the block and considered and appropriate reserve funds put in place to build up for these future costs. It doesn’t make our service charge budgets the cheapest, but the most realistic.

At TPM we are honest enough to say that things don’t always run smoothly and there is no such thing as perfect service, but we are committed to deliver a professional service with integrity and we will always welcome constructive criticism, resolve the issue and move forward.

If these experiences resonate with you, please get in touch. We are always happy to help!

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