Preim’s Proactive Approach to Service Charge Budgeting Ensures Financial Wellbeing of Our Estates

Tuesday 2nd April 2024

At Preim, we understand the importance of meticulous budgeting in maintaining the financial health of our managed estates. Over the past couple of weeks, we have been working hard issuing annual service charge budgets and invoices.

Most of Preim’s managed estates have a financial year end of 31st March – so it’s our busiest time of the year! However, we take pride in our proactive approach that ensures that our clients are informed and receive their documentation well in advance of the beginning of the new service charge year.

Our budgeting process commences a significant five months ahead of the invoice dispatch date. This extended timeline allows for thorough scrutiny and careful consideration so we can produce budgets that offer true value for money. Throughout this process too, we implement rigorous quality control measures to guarantee accuracy and reliability.

Recognising the impact of current cost-of-living pressures, we continually seek opportunities to optimise value by tendering maintenance contracts and adjusting specifications. This dedication to cost-efficiency underscores our commitment to delivering quality services while keeping expenses manageable for residents.

Once our draft budgets are completed, they are issued for approval to our clients who are provided with ample time – a minimum of four weeks – to review and approve budgets or seek clarification. We prioritise transparency and collaboration, engaging with resident associations and RMC Directors, and soliciting client feedback throughout.

When issuing service charge budgets and invoices to residents, detailed documentation accompanies each invoice, aiding them in gaining a comprehensive understanding, including outlining flexible payment options and the setup of payment plans at no additional cost.

Our dedicated Estate Management team remains available to address any queries or concerns throughout this process, ensuring residents are fully supported in navigating the information.

At Preim, we know that effective budgeting is key to estate management excellence. With our expertise and proactive approach, we take pride in safeguarding the financial well-being of the communities we serve.

 

We are very proud that 100% of our March 24 year-end budgets were issued on time.

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