Property management firm going flat-out

RESIDENTIAL property management management company urbanbubble  has reported a year of rapid growth which saw operating profit surging 96% and turnover 62%.

Based in Manchester’s Northern Quarter the company found by Liverpool businessman Michael Howard said its rapid growth was down to a rapid increase in the property management contracts it was winning.

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As well as turnover hitting £1.7m  and operating profit increasing to £213,500 from £110,000 in the year to the end of March, urbanbubble hired 12 new staff, taking its team to 57.

Howard expects the company’s growth to continue at a rapid rate and has targeted turnover of £7m in three years.  He predicts 2016 profits will double and turnover will be £2.5m.

Such ambition will be delivered by the company managing developments built specifically for the Private Rented Sector (PRS).

Howard said: “The talk of the town is all about the tens of thousands of apartments to be built in the coming years, which will happen and many will be PRS.  So little new stock has been built in the past years and most of our growth has come from established developments where the residents wanted better management and maintenance from their building managers.

“We’re preparing now to be ready to take on much, much more as new developments complete in the coming years.

“Those preparations include a major investment into bespoke software and technology to create a whole new property management system.”

He added: “We’re moving into a larger office in the autumn which will start a new chapter of growth for us. We will expand the new business team and set ourselves the target of achieving 500 to 700 new homes a quarter, split between new developments and established schemes.”

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