10 Reasons Why Block Management is more Profitable with the Right Software
It would, of course, be easy for any software product to claim to provide benefits in the way of savings and increased revenue, but how well these benefits are delivered can be judged by the features that provide them.
Service charge functionality
Service charges, which are the core element of Block Management, can be very complicated to administer and are one of the most common causes of disputes between managers and leaseholders. Events, frequently highlighted in the media, show service charges to be a major area of concern for many owners.
A study from the wider property management industry shows that, collectively, owners could be owed as much as £65m in interest alone from poorly administered service charge accounts and probably much more in overpayments. This has a knock-on effect in terms of trust and confidence in the landlord or agent, and has led to an abundance of new service charge recovery companies. As this issue becomes ever more of a cause célèbre, owners will demand redress and there will be an inevitable move towards managers with an exemplary customer service record.