management fees – Assure Consulting

What’s Hiding in Your Service Charge? A Closer Look at Management Costs and Fees

audits, budget, commercial property, energy costs, flexible office space, leisure, managed offices, Offices, retail, service charge, service charge liability, Service Charge Management Costs, Serviced Offices, tenants / By Lesley Fulton

If you pay service charge at a property then you are likely to know that it includes a management fee, and you feel this is reasonable, right? A managing agent, or a Landlord if they directly manage, should be entitled to receive a fee to cover the resources they utilise to manage the service charge. However, what does managing the service charge actually entail, and are you fully aware of all of the fees you are paying?

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Retail/Leisure Service Charge Budgets in 2022

For us to understand what will happen to Service Charge budgets in 2022, we need to look back. In 2021 service charge budgets reduced by 9% for Shopping Centres and 4% for Retail/Leisure Parks. This was mainly due to the withdrawal of major works and reduced marketing throughout the lockdown periods. There was relatively little in the way of reduced manpower costs, despite Furlough, so that’s one to look out for as we await the final reconciled service charge accounts…