Combining Modern Software With Expert, Experienced Staff & Industry Professionals To Ensure Prudent Financial Management
A critical element of effective management is sound financial management, accounting and credit control. Handling our clients finances is taken very seriously and we operate to strict industry standards and to the expectations of all our Clients. Realty use modern software and banking technology to ensure that all Client’ finances are consistently monitored in respect of expenditure vs budget and to ensure complete accuracy through service charge allocation and purchase and sales ledgers. We retain a full transaction history of every payment and receipt that can be viewed at the touch of a button and we operate with complete transparency at al times and with a full audit trail.
All service charge funds are held entirely separately from that of any other client in an individual trustee status client account containing the name of the development. All Client monies are safely ring-fenced in complete compliance with S42 of the Landlord & Tenant Act 1987, ARMA and RICS guidelines and all interest is credited to the Client account. All client monies are protected by RICS ‘client money protection scheme’ over and above the limitations of trustee status accounts and statutory protection via the Financial Services Compensation Scheme up to a value of £5.3 Million.
Realty operate with an incredibly low level of service charge arrears and we make it easy for our customers to pay the service charge and spread the cost throughout the year via (interest and fee free) monthly instalments. Realty take a firm but fair approach to debt collection and financial management in the interests of fairness to all residents. If payment becomes overdue, we send a series of reminder letters automatically and following that advise that legal action will be taken to recover the debt. Should legal recovery be required, this is performed by specialist leasehold solicitors in a professional, cost effective and timely manner.
Clients reporting is undertaken regularly and can occur both electronically and via face to face meetings. Our software can produce a wide range of bespoke financial management reports to suit any Clients needs. In addition we are used to reporting to professional Clients and have a range of reports that give a concise overview of the key points of management in a clear and consistent manner.
Draft accounts are produced in-house and year end accounts are produced in a timely manner within weeks of Year end passing. Accounts are Audited or Certified by specialist leasehold accountant firms and are circulated to all leaseholders in accordance with industry best practice.