Questions to ask your prospective managing agent
- Please provide all relevant company details including the names and qualifications of all directors
- Do your fees carry VAT?
- How many years have you been in the property management business?
- How many staff in your company are involved with management? How many blocks do you manage?
- Please supply three references for blocks you manage. Ideally these should be similar to our own property and in our area.
- Please supply the name and telephone number of the chairman/secretary of the residents' association or board of directors of those blocks.
- What fees will you charge us?
- Do you have a comprehensive panel of contractors?
- Do you charge a fee for contractor selection?
- Will you check that contractors complete their work adequately?
- What selection criteria do you use for contractors you use?
- How often will you visit us?
- Will service charge monies be kept in an individual client account for our RMC, how are they administered and who receives any interest?
- What format will you provide financial information required and can you supply an example.
- How do you deal with unpaid service charges - what procedures are in place to deal with non-paying lessees?
- How do you deal with lessees in breach of their leases? How do you deal with complaints?
- Do you offer an out-of-office-hours service for emergencies? If so, please provide details.
- Do you arrange Residential Buildings Insurance and can you supply a copy of the specimen policy.
- How often will the Residential Buildings Insurance be reviewed to ensure it remains competitive?
- List any professional or trade bodies to which your firm belongs.
- Provide full details of your professional indemnity insurance.
- Provide a copy of any standard contract you use.
The information contained in this article has been taken from the publication Appointing a Managing Agent produced as a joint publication by ARMA, the Association of Residential Managing Agents, ARHM, the Association of Retirement Housing Manager and LEASE, the Leasehold Advisory Service.
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