The business provides the full range of property services on behalf of residents of blocks of flats and estate owners. Clients pay service charges in advance. Services include advice on insurance, ground rent collection, consultancy on property maintenance and repair, dispute resolution, arrears recovery, property inspections and assessments and provision of a 24 hour emergency line for residents.
The business works closely with developers and assists with a range of services including incorporation of limited companies, reviews of developer void contributions, preparation and structuring of management proposals and estimates of costs.
The majority of the business’ revenues are generated through recommendation and referral. It is highly regarded by developers, architects and contacts in the legal and financial professions who regularly refer work. This is based on the quality of the team and the business’ commitment to technical expertise and outstanding customer service. The fee earners are Members or Associates of the Institute of Residential Property Management (MIRPM & AIRPM).
The business is being marketed for sale to enable the shareholders to retire. They are willing to provide a handover to the purchasers.
2011 turnover £1.25m, growth of 18% on the previous year. Year on year growth since 2003 at an average of 26% per annum. Cash generative: circa £900k of management fees paid in advance with linked insurance and maintenance payments in addition. Circa 95% repeat business and no one client accounting for greater than 5% of sales. Superb management team who run the business day to day, vendors work part time in the business. Management are minority shareholders wishing to stay in the business.
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