How do I change my Managing Agent?
One of the most regular queries we receive into our new business department at Realty Management – is from new customers whom ask: “How do I change my Managing Agent”?
How we answer that question is dependent on a number of factors, such as: Whom has the obligation to manage the development? Whom has authority to appoint a new agent? & understanding the desired process that the appointee wishes to undertake before appointing a new agent.
The key document that assists Realty in most of these instances, is the lease (granted to apartments or in some rare occasions, leasehold houses) or the transfer deed (granted to freehold houses). This will outline if you have Residents Management Company that make these decisions, if your Freeholder/ground-rent collector decides, or if you are living within a new-build property, the decision may rest with the original developer. There are of course some additional anomalies to this, such as, if your development has gone through the Right to Manage Process (RTM), which is a legally prescribed process. Once we know the answers to the above, we are then able to swiftly assist the enquirer in their endeavours.
One of the most common ways in which Realty is appointed, is by Directors of Resident Management Companies, where a board of residents represent the development and make decisions to maintain the development with the assistance of a professional managing agent to carry out their instructions, ensuring compliance with regulations, and whom will advise the board on all matters of importance.
The most common way in which Realty are invited to tender in these instances is firstly by meeting with one or more Directors to view the development and to discuss with the Directors their needs and requirements. Following an initial discussion and a walk around the development, we will then prepare a full and detailed management proposal, outlining who we are as a business, the services we provide, our views following the development visit, and a full service charge breakdown with details of our fees. In most cases these comprehensive documents allow the boards to make an informed decision as to whom they wish to appoint as an agent of their choice.
Alternatively, some boards may instead prefer to ask a potential agent to complete a tender process, whereby a set of criteria must be met, and responses are required to a specific set of questions. These tenders are usually based upon the standard ARMA (Association of Residential Managing Agents) recommended tender questions.
Once either process has been completed/satisfied, final queries are usually then made, and these may include a review of the potential contract terms.
Once a final decision as to whom to appoint is made, it is important to note any termination periods within existing contracts, and checking the incoming agents required transition period, in which they can obtain handover documentation prior to their start date, to ensure everything is set up correctly from the commencement of their tenure.
Realty holds a strong track record of success following such processes, given largely to the quality of our proposals, the additional reassurance we provide by being members of a number of leading prestigious professional bodies, including ARMA, and the fact that we are regulated members of RICS (Royal Institution of Chartered Surveyors) offering the safeguard of the RICS client money protection scheme. All of our Property Managers are required to be qualified through the Institute of Residential Property Managers (IRPM) or RICS and we offer independent redress through the Ombudsman Services: Property approved by the Office of Fair Trading (OFT). In addition to this, we are very fortunate to also experience a large number of satisfied customers, whom regularly will provide willing testimony in respect of the high quality services we provide.
For more information, or to obtain a quote, please contact email@example.com or call us on 0161 474 7677.