How does Revolution manage your money

Move to Revolution, we manage your money like this…

From the moment we are given the appointment to manage a site one of the first tasks that we undertake is to open two bank accounts. These are independent bank accounts and are in the client name (i.e. your building name). This means that your money is ring fenced in your own bank accounts. All payments for service provided to your building are made out of the first bank account, and all receipts of service charge money are paid directly into the first bank account. The second bank account holds your future maintenance fund (like a savings account).

We believe this is the only way to manage funds effectively.

How can leaseholders pay their service charge?

Across all our buildings we encourage monthly payments of service charge. This has historically made budgeting for leaseholders much easier and the result of this has been much lower service charge debt ratios.

You can pay us by cheque but not cash. You can pay us by single bank transfers or you can set up a standing order from your bank account to pay us monthly. Some developments have a direct debit scheme and this requirement would be discussed with your building upon appointment. Finally, you can also log into your MyRevolution account and pay online.

How do we get our money from the previous property management company?

One concern when people decide to change management company is that the previous management company will retain money due to the building. This concern has often come about purely because of the bad experience of the leaseholders when dealing with the agent. In our experience, this has never actually been a problem and we always complete checks of funds sent over to ensure they balance.

I have concerns over what the previous management company may do in their last few months of management.

This is a valid concern and some controls should be put on the exiting management company by the current board of directors. We would recommend that the directors write to the previous management company a termination letter and state the following:
1) All debt collection processes are to be halted.
The new management company will have its own debt collection process which means the process has to be restarted. For the sake of a couple of months it's easier to simply hold any debt collection processes.

2) No additional charges are to now be applied to any service charge account for debt collection without the board's approval.
We have seen one exiting management company put a whole site through debt collection knowing that they could not actually do the process but still adding all the charges.

3) No contracts are to be entered into from this date unless the board approve the appointment.
There will be a requirement for a notice period to allow the previous management company to hand over to the new property management company. You should instruct that no contracts are entered into by the previous management company in this period.

4) The board must now sign off on every invoice to be paid from this date.
For security and good governance the board should really now sign every payment leaving the building's account.

We have template letters to assist in giving an effective notice to help the previous management company as well.

Move to Revolution, we manage your money like this…

How can leaseholders pay their service charge?

How do we get our money from the previous property management company?

I have concerns over what the previous management company may do in their last few months of management.

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