Urban Bubble to sign up string of resi blocks
PROPERTY manager Urban Bubble is planning to ramp up the number of apartments it handles over the coming year.
The Manchester-based firm already manages 60 blocks, with 2,700 apartments. Around 90% of them are in Manchester.
It is now working on securing a further 11 with 1,465 flats.
The business has around 25 staff and recorded sales of £375,000 in 2012. Founder Michael Howard expects revenues to rise to £1.1m in the year to March 2014 after taking on the new blocks. Staff numbers will probably double over the next 18 months.
Under Right to Manage regulations leaseholders can hire a new managing agent to replace one that was put in place by the developer, or the block’s owner.
Mr Howard said his business has grown over the past four years by securing management contracts from disgruntled leaseholders through word of mouth referrals.
“Word of mouth is the most powerful thing,” said Mr Howard, “and that has generated this new business. The agent is appointed by the developer and we have to oust them, and there’s a process called Right to Manage that does that.
“Leaseholders approach us and say ‘our agent is not performing well – service charges are going up, the agent hasn’t listened’. You can retrospectively change the agent if 50% of the leaseholders approve the process which takes at least five months.”
Mr Howard is also working with developers and expects to be hired by UK Land & Property when it completes the former Sarah Point site in Ancoats, Manchester.
“What we want to do is attract business by setting the bar at a much higher standard than our competitors, and have those who want a better service, or the best for their buildings to come to us,” said Mr Howard.
