By Paul Richmond, Chief Executive of Chime Housing

Stepping into the role of Chief Executive at Chime Housing has given me a fresh perspective on what it really means to make every asset count.

Chime Housing brings together the strengths of two organisations – previously Watford Community Housing and Thrive Homes – with a shared commitment to delivering good homes, strong services and real value for our residents, many of whom are on a lower income. Like many housing associations, we are working in a challenging environment with rising demand and growing expectations. That means we have to think carefully about how we use every resource available to us.

Looking differently at overlooked assets

Garage sites are rarely the first thing people think about when they talk about housing management or social impact. But like many landlords, we found ourselves responsible for assets that were underused, often far down the list in terms of maintenance and increasingly disconnected from the communities around them.

The garages were costing time and money to manage, with low occupancy, rising void losses and poor site conditions, while in some places also contributing to anti-social behaviour and a negative appearance in our neighbourhoods.

Through our long-running partnership with Secure Parking and Storage (SPS), we have been able to transform this portfolio of almost 1,000 underperforming garage sites from a management burden into something far more valuable, proving that these kinds of assets can work positively with the right expertise, focus and accountability.

The value of the right partnership

What has made this partnership work is a consistent and professional approach over time. Better marketing has helped tackle long-standing vacancies. Regular inspections and repairs improved site conditions. A more structured approach created greater consistency and stronger performance.

The result has been practical and measurable with occupancy improved and sites becoming safer, tidier and more usable. Void losses have been reduced by more than £500,000 over the life of the partnership to date, which began in 2017, creating a more reliable income stream.

By enabling specialists to focus on their areas of expertise, we have not only gained financially but have freed up capacity. Outsourcing this asset has meant a level of pace, focus and accountability that would have been difficult to sustain internally over such a large portfolio. In a challenging operating environment, it allows us to focus more of our attention on the services residents rely on, while also showing that good asset management and social purpose can go hand in hand.

Turning income into impact

Aside from the social value aspects touched upon, in these challenging fiscal times for both housing providers and residents, the additional income generated from this project has made a huge impact.

In 2024, a modest increase in garage rents, made possible because of the improved condition of these units, meant that £70,000 of extra income could be ringfenced for our Welfare Fund, which supports residents in financial hardship. In partnership with our Gateway Membership Team – our resident panel – this ensured that the benefits of improved asset performance could be felt directly by residents facing hardship, providing a true lifeline for residents.

A lesson for the sector

This is a powerful example of what can happen when commercial decisions are rooted in social purpose. At a time when many households are still feeling the effects of sustained financial strain, that kind of support matters enormously. As one of my first opportunities to reflect publicly on the work of Chime, this feels like an important lesson to share.

Across the sector, there are assets that may be overlooked because they sit outside our core housing offer. But if they are managed well, they can improve neighbourhoods, strengthen financial resilience and create new opportunities to invest in residents. Partnerships like ours with SPS can help housing providers respond more effectively to today’s challenges while staying true to their purpose.

For Chime Housing, that is exactly the kind of thinking we want to build on: practical, accountable partnerships that make our assets work harder and our social impact go further.