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Challenges
The estate agency in Surrey faced the challenge of improving rent collection processes, controlling operational spending, and obtaining more accurate management reports to assess the profitability of each property. Inefficiencies in rent collection and inconsistent spending oversight were impacting their ability to make informed financial decisions. Without precise reporting on the profit and loss of each property, it became difficult for the client to gauge performance and take timely actions to improve profitability.
Our Approach
We provided comprehensive accounting and administrative support to address these issues. By managing key property management tasks, we helped the client tighten their rent collection process, monitor spending more effectively, and generate accurate, detailed financial reports. This gave the client the visibility and control they needed to optimize profitability for each property in their portfolio.
Property Management Tasks We Handle
Accounting:
Our team manages the entire accounting process, including sending rental late payment notices, issuing eviction notices when necessary, and tracking actual spending for each property. We notify the property manager if expenses exceed the budget, allowing for immediate corrective action. We also maintain clear records for each property, ensuring easy access to profit and loss data.
In addition, we manage the books, including tasks such as bank reconciliation, tenant accounts management, and generating monthly management reports. We send monthly confirmation reports or arrears notices to all tenants and landlords, ensuring smooth communication and transparency.
Call Handling:
We take care of tenant maintenance requests and handle all incoming sales inquiries, providing responsive support and freeing up the client’s time to focus on more strategic tasks.
Results
Our solution created a well-oiled accounting department for the client, ensuring that all accounting and related tasks are managed efficiently. Management reports are delivered on time every month, enabling the client to make quick and informed decisions. With our accurate reporting and consistent support, the client now has a clear view of the profitability of each property, allowing them to control spending and improve rent collection processes with ease.
