Remit Consulting has been collating and analysing data on the collection rate, and shortfall, of rent due for commercial properties across the country since 2010.
The fifth REMark survey was carried out in March 2019 and provided a comprehensive set of data on rent collection and the wider property management market in the UK. Exactly 12 months later, the Covid-19 pandemic hit the UK, which saw a wholesale lockdown of the country with non-essential businesses forced to close and staff required to work from home.
Building on its previous research and using its network of contacts within the firm's Property Managers Forum and Property Asset Managers Forum, Remit Consulting has, since March 2020, been analysing the collection of rent and service charge payments by the country's largest property management firms.
In response to the Covid-19 pandemic, the frequency of the REMark study was increased to provide participants with quarterly reports and the ability to benchmark their own performance, and those of their portfolios, against an industry average.
The regular REMark Reports have become an essential tool in helping investors, asset managers and property managers to respond to the challenges they face in a tough and competitive market.
The research covers around 125,000 leases on 31,500 prime commercial property investment properties across the country, and the data is used by landlords, investors, property managers, asset managers and the British Government to assess the changes to the real estate investment market.
- Highlighted the urgent need for better, industry-wide data standards, the importance of data capture and the growing requirement for expert analysis
- Confirmed the benefits of collaboration between businesses and the importance of sharing data to benefit the whole industry
- Highlighted the difficulties of lobbying the Government with only partial data
By digitising the process, contributors and other industry professionals who subscribe to REMark, are now able to use the platform to access, and analyse, rent collection data in real time, across the UK.
- The ability to accurately benchmark data against the market allows investors and asset managers to monitor performance and add value to their portfolios
- Income analysis adds to property weighting
- REMark allows data already managed by the property management teams to be improved
- The UK government uses REMark data to make decisions about the real estate market
- REMark has been helping to analyse data on property management efficiencies since 2010
- During the pandemic, REMark expanded in size and reach, covering 125,000 leases with an annual rent value of £9.4 billion and a service charge value of £1.5 billion
- Supported by The Property Advisors Forum, PIA and its members