Reducing service charges
33% rated satisfaction with value for money on service charges as good or excellent, up from 15% in 2007. Our managing agents are determined to identify and deliver greater savings wherever possible to improve satisfaction in future.
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"They need to get the service charge costs down. It is an additional cost burden for retailers. They need to act quickly. Retail is dynamic; it's a fast-moving situation."
- Service Charge and
Ratings Manager (Retailer)Target 15% reductions in service charges across our shopping centres and 5% across our retail parks. This will save retailers almost £3 million.
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"British Land should stop introducing extra layers of management costs. The agents are increasing the number of people who have a vested interest in our parks, which means that costs are going up."
- Assistant Property Manager
(Electrical Retailer)Fix management fees for the next three years. Continue to fund the cost of new Regional Centre Managers for the next year and cap management fees on our retail parks at £50,000.
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"Getting value for money for insurance will be the next big thing. Landlords should be trawling the market for the best value for money."
- Service Charge Consultant
(Grocery Retailer)Cut insurance rates across our portfolio by 10% and reduce brokerage fees from 20% to 15%.
What we have already achieved Service charges
- Voted the Property Managers Association's (PMA) Best Service Charge Provider 2008.
- Communicated to our agents that service charges are your money and must be spent with your needs in mind.
- Worked with you and our agents to reduce service charges, whilst maintaining essential services.
- Monitored and managed our agents' ability to deliver within budget.
