RTM Development
Fexco Property Services revitalised a struggling Right to Manage (RTM) development, overcoming years of mismanagement through strategic planning and collaboration with leaseholders. This effort resulted in fully refurbished buildings, improved financial stability, and satisfied residents.
CASE STUDY
Onboarding of an RTM
Our reputation for delivering exceptional customer service earned us a recommendation to manage a second-hand business development comprising three large blocks of flats that had acquired Right to Manage (RTM) status.
This development faced significant challenges including
- Financial difficulties due to insufficient funds for ongoing services; and
- A substantial backlog of unpaid invoices from previous management years.
Through collaborative efforts with the leaseholders, we embarked on an extensive rebuild and renovation project spanning multiple years.
Our primary objectives
- Address financial deficits
- Settle overdue invoices
- Engage in thorough consultations with leaseholders, RTM directors, and the Freeholder
The project encountered various hurdles resulting from years of mismanagement by the previous agent, which left leaseholders disheartened by the service charges they were paying and the lack of tangible results.
Regaining Trust
To regain trust and instill confidence, we actively engaged with leaseholders, providing comprehensive financial reports outlining our proposed actions and cost-effective strategies to undertake the aforementioned rebuild and renovation projects.
Implementation of Preventive Charges
With overwhelming support from leaseholders, we successfully implemented preventive charges to accumulate funds for essential upgrades, including:
- Electrical refitting
- Internal decorations
- Complete roof replacements.
Future Planning
Looking ahead, we incorporated itemised precautionary charges into future budgets to address lesser priority projects.
Remarkable Transformation
Four years later, the buildings have undergone a remarkable transformation, resembling new constructions, much to the satisfaction of our delighted leaseholders, who now witness healthy reserve figures and an increasingly pleasant living environment.