Making the right decision when choosing a managing agent 

With more than 500 managing agents operating in the UK, choosing the one that is right for your block can be a daunting experience. Peter Merriman from Stiles Harold Williams explains what you should consider when making the decision...

* Once you have short-listed your managing agents and held a beauty parade, what are the most important criteria to help you make your choice? After all, a lot of what you will have seen from different agents will be similar particularly if you are looking at firms who are ARMA or RICS members.
* Make sure your own requirements are clearly communicated. Frequency of site visits, management meetings (whether these are out of hours), financial reporting and the extent of these will all have an effect on price. Beware of agents who will commit to every variable without reviewing their fee.
* Who will you be dealing with? Make sure you meet the person or team who will be handling your instruction directly. A good personal relationship between manager(s) and client(s) goes a long way towards a successful long-term relationship, which is what both sides should want to achieve.
* Take out references. The best advertisement for any agent should be their existing clientele and you should be able to speak to other clients or visit sample properties that they manage.

I find that prospective clients are generally interested in the ratio of staff to properties managed and staff turnover, which indicates poor previous experience in these areas. For our part we will be wary of potential clients who have a regular turnover of managing agents which may be bad luck but could also indicate problems on the client side.
A competent, pro-active agent desires a responsive and decisive client so that the extent and standard of service required is clear. Performance thereafter can be readily monitored.