What to expect from a managing agent?

Quite a lot, actually!

They are responsible for managing your asset so rightly, you want to find one that has your interests at the forefront.

Firstly, you want to make sure they are qualified - IRPM (Industry of Residential Property Managers) . Then, that they are insured and have professional memberships (IRPM, ARMA, RICS) and are regulated to ensure they are following industry standards. Experience is also essential, however, just because they have been ‘in the business’ for many years, it doesn’t mean they are keeping up to date with the ever changing industry, legislation updates and have a passion for the business. Their business.

Trust. Being able to trust your agent with your asset and service charge funds is something you want from the start. This is why having a regulated agent is so important. Also, being a director of a limited company such as an RTM or if you have share of freehold makes you responsible for matters such as the health and safety, legislative requirements and insurance for the building so trusting that your agent has everything in hand on your behalf will ensure you can take a step back.

Your agent should be making regular visits to the building to carry out inspections with reports available for you to view should you wish. Unfortunately, a lot of residents in shared buildings can’t be relied on to communicate any issues that require attention (especially if a lot of flats are rented out) so it is so important for these to be carried out frequently.

Communication. This is key. The first thing to cause a relationship breakdown between agent and client is lack of communication with leaseholders. Being responsive and providing updates where necessary is so important.

Knowledge bank. Providing value and relevant advice where possible is also an area that you should be able to rely on your agent for. An unhelpful agent/property manager is where the relationship starts to fail. You will tend to notice this when a property manager has a portfolio that is too overwhelming and they can’t keep up with all their clients/buildings.

Transparency. An agent that is open and clear on their fees and doesn’t take undisclosed fees/commissions is what you should be asking. Unfortunately, there will be some that do this, however, you have a right to view expenditure reports so if you have doubts about your current agent in regards to this, you should request copies and then search for a new agent…(Sussex Block Management *coughcough..)

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