Property Management Case Study

LSI has worked successfully with the property management company, securing repeat business for over 5 years now.

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Property Management

A Residential and Commercial Property Management company

Description

LSI has worked successfully with the property management company, securing repeat business for over 5 years now. LSI’s dedicated Corporate Account Manager was given the task to assess their portfolio and current contract rates and tariff prices and work to secure better pricing and contract structures for them.

During our assessment of their portfolio, we identified that a number of accounts were on out-of-contract rates and being charged variable tariff prices, spread across a number of different suppliers. We also identified that a number of the portfolio properties were experiencing issues with incorrect billing and as a result, outstanding balances were affecting credit and needed to be addressed.

Action

Challenge

  • Look for a single supplier with a common contract end date. All contracts to end on the same date
  • Eradicate all of out of contract rates
  • Improve payment terms
  • Reduce debt
  • Improve the credit position

Solution

  • Engaged with a competitive supplier with a fantastic customer service record
  • Co-terminus contract end date moving forwards. Provide monthly site list to make sure no change of tenancies have been missed and the site list is up to date
  • Improved the credit issues regarding dormant companies by investigating and providing service charge / end of year accounts resulting in next to no Security Deposits having to be paid, thus allowing longer payment terms
  • Investigated the debt on the current accounts through accurate meter readings. Working with suppliers, we were able to ascertain that the reason was incorrect readings and billings. We were able to secure owed credit on the accounts and clear the debt

Result

The Property Management Company have benefited from working so closely with LSI and the dedicated Corporate Account Manager for their account. LSI collated the seemingly irregular portfolio and were able to secure a common end date. This has resulted in reducing the time Property Managers had to previously spend contacting Utility Companies, adhering to tight windows of contract termination with various different suppliers, all with different terms and conditions. All contract terms, queries and correspondence are now dealt with by the LSI Corporate Account Manager, reducing the administrative effort and impact on the company Property Managers.

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