We work with Owners’ Committees in housing developments to reduce the costs managed by factors – including buildings insurance, energy costs, contractors’ costs and maintenance costs.
First, we’ll meet with the Owners’ Committee to discuss any current issues you may be having with your factor.
We’ll then carry out a free audit of the main costs on your factor’s bills and report back to you with our suggestions on how best to make savings.
In some instances, the Owners’ Committee may decide they want to replace the factors. Sometimes it is because of poor service, poor cost control or a perceived conflict of interest. In our experience, factors taking commissions from insurance companies and contractors have strong conflicts of interest. We can assist by inviting tenders from trusted factors who offer better value for money to owners.
We take no commissions from any factors or suppliers, meaning we are totally independent.
A residents’ association of a large private housing development, Lancefield Quay, had seen buildings insurance costs spiral to an uneconomic level. BCC were appointed to investigate and our independent insurance experts were able to identify savings of about £500,000 over 3 years for our client.
HOW WE DID IT
Our audit revealed that 80% of the historic claims on the buildings insurance policy were due to ‘escape of water’ in the development, so a risk-managed approach was the best way forward. Our experts found an insurer willing to reduce the premium by over 30% and willing to invest £10,000 over 3 years fitting water-stop devices to the incoming mains of all the flats. Hence, if a pipe bursts in a flat, the water is cut off before it can damage the flats below.