BBBMLManaging Agent
Performance Reviews
Block management is a multifaceted profession involving many skills and requiring compliance with a huge array of legislation and health & safety requirements.
Managing Agent Performance Reviews
If you are a director of a Resident Management Company (RMC), to whom do you turn for advice about the performance of your managing agent?
You can of course turn to another agent, but as a competitor, their advice is unlikely to be impartial! That’s where I come in.
As an independent consultant and advisor, I can undertake a full management review and then provide you with an honest and impartial assessment of their performance.
Block management is a multifaceted profession involving many skills and requiring compliance with a huge array of legislation and health & safety requirements.
A successful residential property manager does not necessarily need to be an expert in every field but must be highly knowledgeable in many areas, be financially astute, show common sense and, above all, be an excellent communicator.
Block management companies tend to sit in one of 4 categories:
Large corporate managing agents – these agents offer a truly professional service and clients can benefit from lower costs due to the bulk buying arrangements that such agents can procure but their management fees are often higher, the bureaucracy can be a challenge and smaller clients may not feel they receive the attention they deserve.
Smaller, independent managing agents – these agents can also provide a professional offering but can sometimes provide a more personalised service, albeit you may not benefit from some of the advantages of the larger organisations.
Estate agents with a professional block management arm – such agents are common, especially outside the big cities and can work very well provided their staff are properly trained.
Estate agents with a side line in block management – Sometimes these agents provide a satisfactory service but there is very little enforced regulation within the property management industry and it is still possible for an untrained and unqualified individual to call himself or herself a managing agent. These are the ones to avoid.
Fortunately, the vast majority of residential blocks are now managed by professional managing agents who can demonstrate full compliance, but even these agents can fail to deliver the basics. Whichever category your managing agent falls within, they need to offer consistent, sensible advice, hold regular meetings, respond to maintenance requests, regularly review maintenance contracts, build an adequate reserve fund, have good accounting systems, provide value for money and, above all, demonstrate transparency with excellent communication.
A full management review will include:
- Reviewing the lease to check that service charges are being charged and allocated correctly.
- Reviewing the annual budget for any obvious over charging or omissions.
- Reviewing invoices and expenditure against budget.
- Reviewing the standard of maintenance and cleanliness.
- Reviewing maintenance contracts and the performance of contractors.
- Reviewing the capital expenditure plan and the annual collection towards major works.
- Reviewing the standard of communication between the agent, the RMC and the leaseholders.
- Listening to leaseholders’ opinions on the performance of the agent.
A management review is not all about finding fault but it will ultimately identify any deficiencies in the service you are receiving and how these can be addressed.
Providing Independent consultancy - my services
Berkshire and Buckinghamshire Block Management and Leasehold Consultancy Limited (BBBML) is an independent consultancy practice specifically set up by Julian Butcher to provide impartial advice to leaseholders, resident management companies, residents associations, freeholders and developers.
Concerned about your current agent? Let me undertake a full review of their performance to ensure they are delivering a quality service and offering value for money.
Thinking of changing agent? Let me assist you with tendering the contract, shortlisting, interviewing and appointing the right agent for your development.
Managing a building yourself can be a daunting task. There will be times when you will need some assistance. I can offer you my professional input, as and when you need it.
Looking to take more control over your building by claiming your Right to Manage or purchasing the freehold? I can explain the options and guide you through the relevant process.
Feeling out of your depth? Whether you are an individual leaseholder or a group of residents, I can provide advice on a range of topics as and when you require it.
If you are a freeholder or developer aiming to maximise the return on your investment, then I can help you with the building design, the lease terms and the service charge structure.