Property Management Case Study

A business built around managing domestic housing stock and utilities for the communal areas.

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Property Management

A business built around managing domestic housing stock and utilities for the communal areas.

Description

LSI was asked to look at the estate and help secure better pricing and contract structures for the business. At the outset we were looking at an estate of some 1,400 supply points, a number of which were sitting on out of contract rates witha number of different suppliers. Credit was an issue as was the outstanding debt on accounts.

Action

As a result of LSI’s action, there is no outstanding bad debt and an improved credit rating.

Through LSI working closely with their employees, the company have experienced a cultural change within their organisation, which will allow their credit rating to continually improve. They now have a full understanding of what suppliers are under contract and management of improved efficiencies within the accounts team. There is a better cash flow and any additions and deletions to the portfolio are managed externally and closed down or contracted within good timescales.

Solution

  • Rationalise the business
  • Look for a single supplier with a common start and end date
  • Eradicate all out of contract rates
  • Improve payments
  • Reduce debt
  • Improve the credit position
  • We discovered that a number of invoices were not being issued to a central bill payment centre, creating bad debt. Additionally, invoices were not being loaded onto the clients payment programme by suppliers and more importantly we found another 800 supplies that were not listed on the estate record we were given

Result

  • Producing a comprehensive portfolio of 2,200 supply points
  • Ensuring all invoices would be received centrally
  • Completely eradicating of all out of contract rates
  • Removing sites from the estate where loss of management had occured

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