Benchmarks Case Studies
Property Industry Alliance and CoreNet Global UK - OSIRealService Best Practice Group - Service Charge Compliance Index
Property Industry Alliance and CoreNet Global UK - OSI
Business challenge:
In 2007 RealService and IPD Occupiers were commissioned by the Property Industry Alliance and occupiers group CoreNet Global UK to create and conduct the first industry-wide UK Occupier Satisfaction Index (OSI). The purpose of this annual study is to measure and monitor over a three year period levels of satisfaction among occupiers in the UK commercial property sector.How we helped:
RealService together with IPD Occupiers manages the entire project which includes conducting 250 telephone interviews with occupiers of varying sizes and from across all sectors - retail, office and industrial - and from all corners of the UK to create an Index made up of 14 rated questions. The resulting data is segmented to show how satisfaction differs between different sized occupiers across the various sectors.Results and benefits:
OSI has identified a number of important challenges the property industry needs to address in order to have the biggest impact on customer satisfaction. These challenges include: lease flexibility; partnership; responsiveness; sustainability and value for money. The sixth challenge, which runs alongside the other five, is pace of change - the rate at which the industry is responding to occupiers' fast-changing needs. These challenges were identified from the first study and were confirmed by the second. The third study is currently underway.What our client said:
RealService Director, Sarah Mather, who co-ordinates the OSI project, says: "This annual opinion poll and index has become the leading barometer of occupier satisfaction within the commercial property sector and the results are closely monitored by the industry."How to find out more:
Contact Howard Morgantel: 020 7887 6155
email: howard.morgan@real-service.co.uk
or
Louise Freethy
tel: 020 7887 6155
email: louise.freethy@real-service.co.uk
RealService Best Practice Group - Service Charge Compliance Index
Business challenge:
To create an objective measure of how well members of the RealService Best Practice Group (RSBPG) are complying with the requirements of the RICS Service Charge Codes for Commercial and Residential Property; and in so doing promote the sharing of best practice and performance improvement in service charge management and provide evidence of Code compliance to key stakeholders including occupiers, trade bodies and government.How we helped:
RealService Ltd was commissioned to create and implement the first Service Charge Compliance Index. The process started with a pilot study, which involved creating a working party of key stakeholders and occupier groups including RICS, Property Managers' Association, CoreNet Global UK, British Property Federation and others and obtaining and processing data from six RSPBG member organisations.Lessons learned from the pilot were applied in the creation and launch of the new Index. Our role included devising the scope of the new benchmark; developing bespoke software and databank; recruiting participants from within the RSBPG membership; devising guidelines for data submission, project management of the data collection process; independent verification of submitted data; compilation of results; and communication of results to Group members, the wider industry and property press.
Results and benefits:
The SCCI brings together evidence of Code compliance by 11 of the UK's leading owners and managers:It takes into account data supplied for more than 1,000 properties covering the office, industrial, shopping centre and residential sectors and focuses on three key areas identified in the Service Charge Codes:
1: Budgets - submission of service charge budgets at least one month prior to the start of the financial year - resulting in 78% compliance.
2: Reconciled statements - submission of reconciled financial service charge statements within four months after the end of the financial year (six months for residential property) - resulting in 69% compliance.
3: Transfer of information - completion and transfer of service charge account packs to the new managing agent within four months after the completion of sale of property - resulting in 83% Code compliance (NB: data unverified).
What our client said:
RSBPG Steering Group Chairman, Paul Harding of DTZ, says: "I am delighted that with the help of RealService Ltd, the Real Service Best Practice Group has led the way by creating the benchmark that can now be used by every company, landlord and occupier, to judge their performance to the key criteria of the RICS Service Charge Code."Our challenge now is to keep raising the bar, promote and expand the benchmark and encourage all in our industry to equal or beat it. If we can achieve this we will have succeeded in demolishing the single biggest barrier facing owner and occupier harmony."
How to find out more:
Contact:Howard Morgan
tel: 020 7887 6155
email: howard.morgan@real-service.co.uk
or
Louise Freethy
tel: 020 7887 6155
email: louise.freethy@real-service.co.uk