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Revenue

Share relevant property information – for a fee…

Few RMC or RTM Directors seem to be aware that it is possible to generate revenue opportunities for their property by simply organising important relevant Property information so that it can be easily shared with interested parties – mainly the legal sector – for a fee. Of course, any income earned acts as a welcome contribution into the Service Charge account.

  1. When a Leasehold property is sold a range of documents is required by the vendor’s solicitor. The provision of this information can be charged for, typically for £150–£200 per pack.
  2. When a Leasehold property has been sold and completed, Notices of Assignment and Charge are sometimes served on the RMC/RTM. Together with Deeds of Covenant and Land Registry Certificates a further fee of around £150 can be charged by the Director undertaking this work on behalf of the Company.

Easy to do with My Property…

My Property makes the organisation and provision of this information simple. At the outset a Director loads these relevant documents into a carefully structured Sales Pack folder, and can then charge a fee to provide access by a third party into this folder.

The Director invites the new user into this folder for an agreed time period (perhaps 30 or 60 days). Once registered, the new user gains immediate access to all the documents in that folder. No more preparation, copying or posting of masses of documents! Simply place them in the right folder, and invite the solicitor in to view and download the documents at their leisure. Who knows … it might even speed up the conveyancing system by a few days!

Sounds simple – it is!

These fees are income to the Company and used to offset the Service Charge budget. For a long time now we have wondered why many self-managed blocks provide this time consuming activity for free, whilst Residential Managing Agents happily make charges that are in line with or at times higher than those mentioned above. What’s more … the My Property Document Store makes this administratively so easy!

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