So you need to find a managing agent for your block of flats.

The good news is that you have this book, which is an excellent resource for finding one. However, now you have several hundred companies from which to choose, so where do you start? Here, we look at how to approach the hunt for the perfect agent.

Check out what sort of properties the agent already manages – are they similar to yours? You want to make sure that the agent will be suitable for your needs. Someone who manages luxury blocks with gyms, pools and concierges may not be as suitable for a small block of retirement flats as they won’t be as attuned to the tenants’ needs. The service provided should be bespoke, tailored to the type of block and it’s individual needs and expectations.

Who’s in charge of the team, and how is the team structured? How experienced are they? The likelihood is that someone who’s been in the business for a long time will have kept their business going by keeping the customers happy. If you sign up with them, will you get a dedicated manager for your property, and if so, will that person have other properties to manage as well? If so, how many? You want to make sure they will have adequate time to devote to your building.

Make sure that regular inspections of the building will be carried out. You want to know that they’ll be checking for problems at least once a month

Communication is key. How often do they keep residents informed of what’s going on? And how do they do this – via a bulletin board, by letter or online? Will you be given an out-of-hours contact number for emergencies?

Also, it’s important that you communicate your needs and requirements to the agent you’re considering. Make it clear what you’re looking for in order that they can understand this and supply you with the relevant information. This is important to keep up after hiring an agent, as a good working relationship is key to the successful ongoing management of a block.

Memberships of professional organisations – are the agents ARMA members, for example?

Is there a structured accounting and reporting system in place? Ask for examples, as you want to know where your money is going. Also, make sure you’ll be getting value for money regarding contracts and suppliers for the building. You need to be sure that all contractors, power suppliers, etc for the block will be vetted to ensure you’re getting the best service at the best possible price.

Lastly, get references! Speak to their current clients about how happy/ unhappy they are with the agents’ performance. There’s no substitute for good word-of-mouth.

Bear in mind that it’s worth taking your time to find the right manager. Having an agent who takes good care of your block can have a dramatic effect on the value of the flats within that block – while a negligent agent can have the opposite effect, so choose wisely!