Articles

10 Tips When Selecting a Managing Agent

Finally, when selecting your method of managing your block you should prepare questions to cover the following topics:

1. Financial probity of the agent
2. Service charge collection procedures & whether your money will be held in a discrete Client account, to whom interest accrues & what body protects/guarantees your funds
3. Credit control procedures and experience in obtaining County Court money judgements
4. Experience in attending Leasehold Valuation Tribunal on issues of "reasonableness of service charge"
5. Methods of procuring maintenance and cyclical works, contractor selection, willingness to deal with Client nominated suppliers
6. Competence at reserves estimating and whether a reserves plan is part of their standard service
7. Procedures for dealing with lessee complaints and quality issues
8. Which key lease covenants the agent monitors for covenant enforcement, as without robust strategies the value of the estate and flats within can fall relative to developments nearby
9. Inspection procedures, how often will the agent visit, what will they do, how will you know, how can you communicate your issues arising
10. Meetings & reporting mechanisms, what meetings will the agent attend (daytime/night time hours) and how will closure on the actions arising be achieved.

These 10 areas should get you started. For a more comprehensive guide download the FREE Tender Pack. This document is designed to assess the competency of any potential managing agent.