500% more efficient: The smarter operating model powering Michael Richards & Co
For over six decades, Michael Richards & Co has built its reputation on consistency, precision, and service. Established in 1959, the business has grown into a trusted name in block management and is now responsible for around 6,000 residential units across a diverse portfolio.
But like many property management firms, success brought complexity. As the portfolio matured, so did the operational demands – particularly across service charge processes, budgeting cycles, and financial administration.
When a member of the accounts team left, it created a natural inflection point in reviewing what the team looked like moving forward.
Rethinking the model
Rather than defaulting to recruitment, Michael Richards & Co took a more deliberate approach. Having already seen success from outsourcing service charge preparation, the team began to explore whether a broader shift could streamline operations without sacrificing control or quality.
Having already utilised MRI Software’s property management solution over multiple decades, it was a natural next step to consider MRI’s Managed Services offering as a pilot. The initial scope involved handling structured, repeatable tasks such as service charge demands, budget processing, and year-end balancing. Activities that were essential to the business, but also time-intensive and cyclical in nature.
“For us, it wasn’t about outsourcing responsibility, it was about strengthening how we operate. We still have full visibility, but with far more efficiency behind the scenes,” commented Carol Cherriman, Director at Michael Richards & Co.
From gap-fill to growth strategy
What began as a response to a vacancy quickly proved to be something more powerful. MRI’s Managed Services didn’t just fill a gap, it reframed how work could be delivered. With specialist teams working in MRI Software’s systems every day, processes were completed faster, issues were resolved more efficiently, and routine work no longer competed for attention with client-facing priorities.
With this new approach, Michael Richards & Co were able to replace five days of internal effort with the equivalent of one day per week through managed services, effectively delivering a 5x efficiency gain without compromising accuracy, control or service delivery.
At the same time, this shift translated into tangible cost savings by avoiding recruitment, training, and associated overheads.
“When you step back and look at it, we’ve effectively replaced a full-time role with a fraction of the resource, achieving a 5x efficiency gain in the process,” says Carol Cherriman. “That’s delivered around £25,000 in annual savings, but more importantly, MRI’s Managed Services offering has given us a far more flexible and scalable way to operate.”
Creating space for what matters
Property management is rarely linear. Budgeting seasons create intense peaks, followed by quieter operational periods. Traditionally, that imbalance leaves teams either overstretched or underutilised.
MRI’s Managed Services offering introduced a different dynamic. Instead of building a team to match peak demand, Michael Richards & Co gained the flexibility to scale support up or down as needed; preparing for the annual surge of budget issuance or ensuring continuity during quieter periods.
Routine and rules-based processes (posting receipts, running reconciliations, managing arrears workflows) could increasingly be handled externally. In its place came time for more strategic work: strengthening client relationships, supporting portfolio growth, and delivering a more proactive service.
A foundation for sustainable growth
Michael Richards & Co is doubling down on its managed services model through expanded hours, broadened scope, and flexibility built directly into its operating model.
What started as a response to a single vacancy is now a fundamentally different operating model; one that offers a scalable and flexible capability.
The result is a 5x efficiency gain and a £25,000 annual saving, plus a business that can grow with confidence without compromising service quality or stretching internal teams.
It’s a shift that moves the organisation from reacting to demand, to shaping it.