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How to cut through the minefield of managing agents. Richard Benson provides his expert advice on the questions you should ask. When choosing a managing agent, you can be faced with a minefield of agents to choose from, but how do you know who will provide you with the best service?
How long has the company been managing blocks of flats? You need to establish that they are a competent managing agent and that they manage properties similar to yours. Find out the structure of the property management team, who runs the team and how many years’ experience they have?
Are they ARMA members and are the property managers IRPM regulated? How regularly do the agents carry out inspections? The answer to this should be at least once a month. Is there a contact for out of hours emergencies?
Will you have a dedicated property manager? You need to find out how experienced this person is, how stable the team is (you don’t want to speak to a different person each time you call) and about the person’s workload, ensure that they will have time for you.
Does the company have a structured accounts and reporting system? Ask to see examples as it is essential to see that the agent provides transparent reporting.
There is no substitute for speaking to a managing agent’s current clients. Ask for references.
How often do they keep the residents informed? And what is the form of communication?
How are the contractors and suppliers chosen? Ensure that the managing agent vets the contractors to provide you with the best service at the best possible price.
Richard Benson is director of Kinleigh Folkard & Hayward’s Estate Management division. The company is a member of ARMA and manages one of the largest residential property portfolios in London.