INSIGHTS 🔎- A view from...
Insights - A view from Associate Partner Andy Millington
"The transition from office to home working was a relatively easy one for our finance team who are all tech-savvy and switched-on to current smart working. However, the challenges around rent collection has certainly been much tougher. Our credit control team always focuses on building and maintaining strong relationships with tenants, and this approach has been proved to be a real strength at this time. The team started having open and honest conversations with tenants well in advance of the March quarter day, giving us the time to report issues to our clients, discuss strategy and implement early payment plans. Communication is and has been key in all directions and is reflected in our collection statistics which are above the national average.
Away from rent collections, building management continues as usual which means we are still processing and paying all our supplier invoices on a regular basis. We hope the situation will finally convince all suppliers to send digital invoices, moving away from hard copy invoices being sent by post. Several utility suppliers really do need to invest in this process and issue e-invoices. Having said that, the fitness fanatics in our team are dropping by the Birmingham office on their daily run to check for any post, mitigating the risk of disconnections in any of our managed buildings. And we have finally managed to get the Post Office to redirect our London post!!
Our month and quarter end client reporting continues as normal, we focus on regular communication and a responsive approach working from home, just as we do in the office. Our clients always need a clear picture of what rent has been collected, but we have given added focus to their cashflow forecast to ensure we can protect service charge funding and direct costs going forward."