Remit consulting are doing ongoing research into the collection of rent and service charge by the UK’s major property managers during the second quarter of the year has confirmed only a marginal increase in the amounts collected within 21 days. We would like to encourage members to contribute to this survey.
Purpose – this initiative is intended to provide a balanced and informed view of the current levels of rent and service charge collection across the UK industry. We currently have data from a small number of the larger property managers (some 80,000 leases) and are looking to increase this dataset. The PIA is using some of the data collected to help calculate the figures being requested by the UK Government.
Outcomes – So far, the data has shown an initial set of collection stats that are well down compared with our biennial datasets on rent collection. After recent Government interventions, the collection stats have plateaued and we aim to collect a time series that helps to show the reaction of the market during this and the next Quarter.
Participants - For those companies that use external managing agents to collect their rent and S/C, we would ask you to request that your manager downloads the survey form and complete and submit the form to us every Monday lunchtime. For those of you that manage properties inhouse, could you arrange for your internal team to do the same? We have kept the form as straightforward as possible and if you have any queries at all, please contact Laura Andrews at [email protected]
Timescales – At present, we collect the data each week and aim to have the full set submitted to us for analysis by lunchtime on Monday. This gives us enough time to analyse the data, circulate it to participants and issue the relevant information by Wednesday. As the quarter progresses, we may reduce the frequency of the datasets; we are aiming to get back to weekly numbers for the first month of the next quarter.
Benefits – The key benefit is to be able to provide the market, the PIA, and through them, the UK Government with data about the market to influence key decisions and to show the effect of Government decisions. At an individual level, we send all participants the aggregated results in more detail and before they are circulated more widely. We also offer participants the opportunity to ask for bespoke analysis from the data.
Confidentiality – in line with our regular REMark survey, we commit to keeping all participants’ data confidential and it will only be used in aggregate. We will never issue league tables or “name and shame” any of the participants’ datasets.