Cambridge Property Management quotation

[Claudia]

Dear all,

I have attached a quote from Cambridge Property Management.
(http://www.cambridgepropertymanagement.co.uk)

I met Jonathan Coles last September to discuss the benefits of using an
external property manager. CPM is an established property management
company. Nearby properties which they manage include Ravensworth Gardens on
Tenison Road (approx. 90 units). They managed Ravensworth Gardens since
2005 and according to Jonathan have a great rapport with the residents and
board of directors. They also manage Highsett on Hills Road along with
Felbrigge House.

Below are Jonathan's comments that came with the quote. As mentioned in the
last paragraph some figures are negotiable. The front garden probably
does not need 23 visits for maintenance.

Claudia

>>

Please note that all prices within the budget are inclusive of VAT where
applicable.



Albeit that there are only a few flats, its vital these days to ensure that
the service charge is set at the right level (£1000.00 per annum is
competitive for this area). Smaller estates need to ensure that they accrue
monies year upon year into a reserve and sinking fund for capital and
cyclical expenditure.



Gardening:

This is based on 23 visits per annum to take care of all maintenance,
weeding, pruning, clearing of litter etc. More visits in summer with less
in winter



Cleaning:

Based on fortnightly visits to both entrances



Annual gutter clearance:

Prudent measure to take to deter weed/moss growth that could result in
overflowing of water leading to internal insurance claims and potential
delamination of external brickwork affecting building integrity



Accountancy Fee:

Based on working with CPM and analysing company accounts and
reconciliation. Producing statutory accounts format for companies house



Building Insurance:

This includes Director and Officer insurance protecting you as owners of
the Freehold regarding any liability, plus buildings insurance with a low
excess of £100.00.



Repairs & Maintenance:

I think £1000.00 is a prudent annual figure to protect unforeseen
expenditure like failing intercoms, door closures, loose coping stones,
locksmith works etc



Sundries:

Meeting room hire and miscellaneous expenditure



Reserve Fund:

For future cyclical expenditure (painting/carpet replacement) and for
capital future expenditure like re-roofing and re-surfacing of footpaths.



Summary:

I hope the above and attached are of some use, should you have any
questions feel free to contact me anytime. The figures in the budget (apart
from the management fee) are negotiable depending on what you want and how
often you want it. At CPM we would hold your funds in our client account
where you would gain advantages of a business account without the charges.





Jonathan Coles AIRPM ABIFM | Estate Manager

Direct Dial: 01223 518 755

Mobile: 07738 407 788

["Heather"]

Dear Claudia,

Thanks for obtaining the quote. I have a few questions.

1. The quote you provided earlier (sept?) quoted £1200 pa management fees,
this quotes £1920 pa management fees. I'd like to know his justification
for the £720 add on. (I'm assuming these figures are inc. VAT, but we
should confirm this.)

2. He says that £1000 pa service charge is a competitive rate for 'this
area'. I can't see anything in the budget that would charge differently
because of us being in a specific area. How does he justify that we should
be charging premium rates based on area?

3. He quotes for gardening, cleaning, etc. But I feel we have a nice
arrangement already. Would we have to go with his gardeners and cleaners or
could we continue with our own?

I don't feel he's given us his best price this time around and often times
when a quote is well off the mark it is an indicator they don't really want
the job. I think we need to check this out before we can fully consider
them.

Heather.

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