Appointing a Managing Agent
- What duties would you like your Managing Agents to fulfill?
- Where can I obtain a list of Managing Agents?
- What questions should I ask a prospective Managing Agent?
What duties would you like your Managing Agents to fulfill?
- Most good Managing Agents provide a service tailored to your requirements. Pro-Leagle offers a full Property Management Service.
- You must establish at the outset what responsibilities and authorities the Agent will have, standards of work demanded, response times and other timescales and all contact details. If you have started a Right to Manage Company, the Managing Agent will be employed by the Company. You will need to specify whether you wish your Agent to attend meetings to discuss and comment upon current and future plans. The instructions you give to your Managing Agent should be clear and based upon a majority vote agreement of the Directors.
Where can I obtain a list of Managing Agents?
- You may know of some local Managing Agents. Alternatively, you can consult the list of Agencies available from the Association of Residential Managing Agents (ARMA), the Association of Retirement Housing Managers (ARHM), or from the LEASE Advisory Service.
What questions should I ask a prospective Managing Agent?
- What arrangements are made for maintenance inspections?
- How is money collected and what is the Agent's banking arrangements - i.e. what arrangements are made regarding interest?
- How are contractors chosen?
- Whether the Agent receives commission for referrals?
- Membership of any professional bodies. There are currently two bodies which managing agencies can join following two years in business: Association of Residential Managing Agents (ARMA) and Association of Retirement Housing Managers (ARHM). Both you and the Managing Agency will have recourse to these professional bodies in the case of complaint. Please note that Pro-Leagle's managing Director, Corinne Tuplin, is a member of the Law Society.
- Codes of Practice. Your Managing Agent should adhere to two codes of conduct. One is published by ARMA (Association of Residential Managing Agents), the other in relation to service charges which is published by RICS (Royal Institution of Chartered Surveyors) and is government approved (under the terms of Section 87 of the Leasehold Reform, Housing and Urban Development Act 1993).
- Click here to access ARMA's Code of Practice. Note, this document is in PDF format and will require Adobe Acrobat Reader to view on your computer.
- In order to obtain RICS's Code of Practice, the published booklet is available on the RICS website. It currently costs non-members £30.00.
- Managing Agency insurance. If the Agency is a member of a professional body, professional indemnity insurance will be a requirement of membership. Such insurance will protect you from any neglect, omission or mistake by the Agency.