Should we self manage or appoint a Managing Agent?

We are living in a ‘Do It Yourself’ world with the internet providing thousands of ideas with wonderful solutions and instructions, making us think anything is do-able and achievable.

The internet has opened a new door on property management knowledge.

Now, if you want, you can;

  • Rent out your property. Why use a letting agent when you can download all the legal documents yourself and save some money on the way?
  • Sell your property. No need to hire a conveyancing solicitor, thanks to the internet, you can do it yourself!
  • Manage your building and/ or development. Why use a Managing Agent?

Managing a long leasehold residential property (also referred to as Block Management) is complex. It could involve collecting service charge, ground rent, dealing with complaints, organising and overseeing repairs and inspecting the property on a regular basis.

  • What would you do if Plot 5 is using the visitor’s bay for their 2nd car?
  • How will you get Plot 12 to pay their service charge when they are already a month behind in payments?
  • Could you negotiate cost effective rates with contractors?
  • What approach will you take when speaking to Plot 42 about their antisocial behaviour?

This is just a snapshot of the complexity in managing a development of residential houses or apartments, property management is actually very time consuming.

There are hundreds of Managing Agents throughout England and Wales, most professing to be skilled property managers.

Here are a few tips on what to look for in a good Agent;

  • Do they safeguard their client’s money?
  • Are they committed to employing the highest quality staff with relevant expertise and recognised qualifications?
  • Their accreditations, are they member of at least ARMA and Ombudsman?
  • Their experience and current clients and developments they manage

Find a local agent to you in our Directory at www.flat-living.co.uk/directory