Improved management of a gated development

In 2022, our team took over this estate in Chatham overlooking the River Medway, which was made up of 41 flats and mews houses.

The Directors of this gated development had opted to change managing agents due to the previous agent not addressing the concerns of residents and failing to communicate with the board on a regular basis.

Our team stepped in to rectify their concerns and bring the estate back up to standard.

What challenges did we face with this block?

Poor financial Management

With a lack of care shown by the previous managing agent, invoices had not been handled correctly, and maintenance had not been carried out properly, so some areas of the estate had fallen into disrepair.

Historic lack of communication

With the board of Directors changing, there had been a lack of communication between the agents and the new Directors, leading to multiple issues not being resolved.

Broken gates

The electric gates at the entrance were no longer working correctly, so the estate was open and not properly secure.

Financial audits revealed discrepancies

Despite there being limited arrears to collect, there was a large discrepancy between the funds available to the Directors and the invoices that had been paid out, so it was essential to get to the bottom of this as soon as possible.

Exterior of the flats shows a modern finish with clean brickwork and sparkling metal balcony balustrades

How did we resolve these challenges?

To get to the bottom of the discrepancy between funds available and invoices paid, we arranged for a full review of the previous accounts to be carried out. We engaged forensic accounting on behalf of the RMC to look at the accounts in further detail and get to the bottom of this problem.

We also arranged for repairs to take place at the estate, including restoring the gates and implementing a functioning entry code system.

What was the final result?

Regular channels of communication

Upon taking over management of this estate, we opened regular channels of communication with the Directors of the RMC.

Creation of an action plan

Their named Property Manager prioritised rectifying security concerns and general maintenance of the development, whilst our Accounts Team completed a full review of their accounts and arrears collection (credit control) process to ensure that this would no longer be a problem in the future. 

Financial Transparency

Directors were finally able to understand the cash flow and funds available for the running of the estate.

Two office workers are analysing data on a computer monitor. One sits at a chair, and the other is standing next to them.

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