Understanding the Role of the Managing Agent

• While a competent Managing Agent can handle many responsibilities, such as managing arrears and ensuring compliance with fire and asbestos legislation, it’s important to remember that the Directors of a resident’s freehold or management company are ultimately responsible for the block. By appointing a Managing Agent, you're delegating tasks but not the overall responsibility.

Establishing Reporting Mechanisms

• To effectively monitor your Managing Agent, it's crucial to set up clear reporting mechanisms. The success of your relationship with your agent depends on how well these processes are communicated and followed.

Key Areas to Monitor

• Demands and Service Charges: Expect service charge demands, reminders, and final notices to be delivered on time.
• Budgets: You should receive a proposed budget well in advance of the first due date for approval.
• Repairs and Maintenance: How quickly should repairs be dealt with? Ensure that maintenance contractors are responsive and deliver quality work.
• Correspondence: Does the agent meet target response times, such as 48 hours for emails or faxes and 5 days for letters?
• Named Personnel: Is there a dedicated team for your block? Are they responsive and familiar with your property?
• Phone Service: Can you easily reach someone when needed? Are your calls returned, and is the staff knowledgeable?
• Compliance with Statutory Requirements: Ensure that the agent arranges required surveys and risk assessments, like asbestos surveys (for buildings before 2000) and fire risk assessments (since 2006).

Planning for the Future

• Has your agent prepared a reserve plan for future works or assessed the lease clauses related to future maintenance needs, such as roof renewal or redecorations? These should be reflected in the service charge budget.
• Cash Flow: How quickly can your agent provide a report on actual spending versus the budget? Do they give you transparency on any unpaid dues?

Handling Serious Arrears

• You should have access to a debtors list and a clear outline of the next steps in the recovery process for any serious arrears.

Property Knowledge and Site Visits

• When did your agent last visit the property? Ask for a report on their visit, and assess whether the person responsible shares your priorities for the block.