Author : Mary-Anne Bowring
1. Expertise and Experience: Managing agents have professional expertise, experience, and qualifications in property management. They understand legal requirements, financial management, maintenance procedures, and dispute resolution. Self-managed blocks of flats, on the other hand, rely on the collective knowledge and skills of the leaseholders, which may vary significantly.
2. Time and Commitment: Managing a block of flats requires time and dedication. Hiring a managing agent allows leaseholders to outsource the administrative burden and focus on other aspects of their lives. Self-managed blocks of flats demand active involvement from leaseholders, who must organise meetings, decision-making, and handle routine management tasks.
3. Accountability and Liability: Managing agents operate as professional entities, and are accountable for their actions. They have a legal duty to act in the best interests of the leaseholders and fulfill their contractual obligations. In self-managed blocks of flats, the leaseholders collectively bear the responsibility and liability for all management decisions and actions.
4. Network and Resources: Managing agents have established networks of contractors, suppliers, and professionals in the property industry. Using these, they can negotiate better deals, ensure quality services, and access specialised expertise. Self-managed blocks of flats may face challenges in finding reliable service providers and may have limited access to industry resources.
5. Conflict Resolution: Managing agents can provide impartial mediation and resolve conflicts between leaseholders. They are a neutral party that can help navigate disputes and disagreements. In self-managed blocks of flats, conflict resolution relies on the leaseholders' ability to communicate and resolve issues amongst themselves.
Leaseholders should carefully evaluate their specific needs, resources, and capabilities when deciding between hiring a managing agent and self-managing. Legal obligations, financial considerations, and the complexity of property management should all be considered making an informed decision. Consulting with legal professionals and seeking advice from experienced property owners can also help to understand the implications of each option.
Mary-Anne Bowring FIRPM FRICS FARLA FCABE Founder/Head of Asset Management
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