Faithorn Farrell Timms LLP

Stock Condition Data Validation for Ocean Housing Group

the project

Faithorn Farrell Timms first started working for Ocean Housing Group in 2010 after meeting representatives from the company at the Integrator asset management database user group. Ocean’s funders had requested an independent validation exercise to verify the accuracy of the stock condition data captured by in house surveyors.

We were initially appointed to undertake an overview health check of the database setup and to provide an opinion on the accuracy of the data held for the 4,500 assets. The usefulness of the exercise led to us being appointed annually to conduct a review of 10% of the surveys undertaken by Ocean’s asset management team.

our role

  • To conduct a review and perform analysis of the Options file within the Integrator database.
  • To review the representation and completeness of data.
  • To benchmark the cost rates and life-cycles being used by Ocean to forecast planned maintenance liabilities.
  • To conduct an annual 10% sample by site validation inspections for surveys undertaken by Ocean to audit the accuracy of the condition data recorded within the system.
  • To provide a comprehensive report together with supporting analysis for anomalies found and suggestions for enhancements.

the challenges

  • The location of the assets across Cornwall, including the spread of the properties across the County and travel distances
  • The difficulties posed by the holiday season in the County
  • The relatively low volume of surveys required

the solution

The service is planned to be conducted before the peak holiday season each year when temporary accommodation for surveyors is more cost effective and travel times across the region are reduced. We liaise with Ocean to obtain the addresses of the surveyed assets each year and formulate a programme of inspections.

On the occasions where there has not been a sufficient number of surveys to make the validation exercise cost effective, we have undertaken additional new stock condition surveys in the same streets as the validation addresses or conducted scoping surveys on behalf of Ocean for component replacement programmes.

Each year we have refined and improved the methodology and we have developed a weighted scoring mechanism whereby we provide an overall accuracy percentage for the group of assets inspected.

Added value

As part of the survey validation inspections, we record any minor defects and report these back to Ocean for consideration and remediation. We also maintain close links with members of their asset management team in order that we are all aware of software developments that may benefit their use of the Integrator database and the Pocket Surveyor/Notus handheld data capture software.