What services will be require from your Managing Agent?
FINANCIAL
* Preparation of a reserve fund plan relating to cyclical maintenance as shown in your lease
* Annual service charge estimation
* Weekly/monthly payment of wages and other invoices
* Regular billing and collection of service charges, including management fees
* Provision of a periodic budget report of income and expenditure and cash flow
* Annual preparation of draft accounts in anticipation of audit and subsequent liaison with the auditors
* Preparation and distribution of the notices for the AGM/EGMs
* Arrears collection management
* Provision of advice on block insurance and any other appropriate cover(s).
RELATIONSHIP WITH RESIDENTS
* Attend to routine enquiries from lessees and residents
* Respond to solicitors' and lessees' enquiries regarding assignments and licences
* Attendance at general meetings of residents
* Administration of insurance claims, if able to under FSA authorisation.
REPAIR AND MAINTENANCE MANAGEMENT
* Preparation of a cyclical maintenance and repair plan
* Deal with day to day repairs and maintenance promptly and efficiently
* Preparation of maintenance plans and contracts for plant and machinery
* Advise on major contract work and the use of specialist professionals and contractors.
LEASE COMPLIANCE
* Ensure compliance with the terms of leases and policy agreed with the Board and where necessary, subject to landlord authorisation, instruct solicitors in relation to breaches.
LEGAL STRATEGY AND CONTROL
* Formulate a safe and effective strategy within current legislation and in accordance with current best practice
* Liaise with the company's solicitors
* Represent the landlord at County Court level, arbitration and Leasehold Valuation Tribunals;
* Maintain adequate record-keeping
* Risk management and Health and Safety compliance
* Company secretarial work (NB - not all managing agents will be willing to offer this service)
STAFF MANAGEMENT
* Prepare job descriptions for employees and specifications for contractors and go to competitive tender
* Supervise any employees and regular contractors such as cleaners etc on behalf of the employer
* Ensure appropriate training and compliance with Health and Safety and employment legislation.
LANDLORD AND TENANT ADVICE
* Advise the Board on residential landlord and tenant procedures, including statute and practice.
BOARD SUPPORT
* Advise the Board on a suggested management policy
* Attend Board Meetings and be responsible for producing minutes
* Provide a status report of financial, maintenance and legal matters
* Report on significant lessee communications
* Document management procedures and issues
* Produce a periodic newsletter to residents and other circulars
* Keep Board informed of status of agreed actions.
The ARMA Guide: APPOINTING A MANAGING AGENT is available as a PDF file.
Open the ARMA Guide: APPOINTING A MANAGING AGENT as a PDF file.
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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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