One of the key benefits of transitioning to Right to Manage (RTM) is the potential for significant financial savings. By taking control of how our building is managed, we gain direct oversight over our service charges, allowing us to eliminate unnecessary costs and improve budgeting efficiency. We believe it will be much better value for money and much better protection from further increases.
We’ve seen similar blocks and buildings that have exercised their RTM rights reduce their service charges significantly. Reduction on management fees has been nearly 30% and 20% on both window cleaning and insurance costs The savings come from more accurate and transparent budgeting, free from the inflated costs imposed by current managing agents. Once we have engaged in discussions with potential managing agents and considered various offers, we will be in a position to advise on specific savings for our block.
In addition to these financial savings, RTM provides greater clarity and visibility over our accounts and offers us the opportunity to have a say in choosing service providers and negotiating the best possible prices. We not only improve financial oversight and transparency but also ensure that we get the best value for the services provided, potentially reducing costs even further.