What is a management agent?
A management agent or managing agent is a company appointed by a Freeholder of a block of flats, or residents or the original developer of the block whose main purpose is to ensure the building is maintained to satisfactory levels in terms of the general upkeep and day to day maintenance, payment of essential items such as building insurance, annual health and safety audits, related staff wages etc. They do this by collecting what is called service charge annually and usually billed quarterly. This is an essential charge for all flats the details of which is laid out in the lease of the flat and is enforceable via the courts should it not be forthcoming.
What does a managing do ?
Whilst the detailed responsibilities of a managign agent will depend on both the management company itself and the actual property being managed, overall responsibilities are mainly cover :
Overseeing and instructing general day to day maintenance and upkeep of the block
Arranging and overseeing any rectifyong minor and major works
Collectingservice charges from residents
Organising the relevant insurance cover for the block
Circulating information on the current health and safety and fire regulations
Inspecting the block quarterly at the very least
Overseeing and dealing with all legal aspects within the leases and/or transfer documents
Do I actually need to use the services of a managing agent ?
Depending on the circumstance and the complexiity of your block or estate will determine if you opt to manage the block yourselves or as a sensible alternative engage a the specialist services of management agent to take on the liability for you.
If the block is fairly small you want wish to undertake the duties yourselfves however the bigger the block the large the scope of liabilities eg insurance management, health and safety and fire undertakings, financial and legal matters etc which all need qualified personnel.
What should I expect in a property managing agent?
When you are selecting a managing agent you certainly nee to initially check their professional indemnity insurance, financial standing and qualifications of all staff to ensure they are adequately trained and qualified. .
Recommendations by word of mouth are also imperative - here at Ringley we have grown through recommendation. Search on line reviews to ensure resident sentiment is good about he company, you may get a few rogue negative ones along the way, be ready for these and ensure the company has answered them visibly and honestly.
How much does a managing agent cost ?
You usually get what you pay for in any industry but particlurly in block management as IT systmes, PI and training good staff come at a cost but should be seen as an investment for your block. Fees usually start at around £250 per property per annum plus VAT.
Normally a managing agent will offer a fixed fee per flat or house per annum to manage the development and then the only real extra charges are for overseeing major works.
Ringley are slightly above the avergae in fees but are a 30 year old experienced, quality managing agent - do fill in the form on this page for an initial response - within 2 hours.