Archive for January, 2010

Choosing the right managing agent

Wednesday, January 27th, 2010

Management companies should always keep costs under review and where appropriate require agents to submit competitive tenders or provide competing quotations. The following general advice – from the National Consumer Agency – may be useful when choosing a managing agent:

- Know what your budget is. You don’t need to disclose what you can afford if you are negotiating on price;

- Be clear and specific about the work you want carried out, ask about the quality and frequency of service;

- Get several quotes detailing specifically what work needs to be done and the price you will have to pay. The cheapest quote may not provide the best quality work;

- Ask if the fees are inclusive/exclusive of VAT;

- If possible try to get a personal recommendation from an informed, experienced person. If possible, visit other developments managed by this agent. This may help you make your decision. Ask for references from other management companies and check if the agent is registered with the Companies Registration Office;
- Spell out what work is being done, timings, costs and any other important aspects;

- Check that the agent that you engage has appropriate insurance, particularly professional indemnity insurance. Even where a management company asks the agent to do things for them, the company is still legally responsible for any neglect, omission or mistake by the agent. This means they must be sure that the agent is able to pay for compensation or damages. Professional indemnity insurance is an important requirement for most professional businesses. It protects firms and their employees against claims which may arise as a result of their professional conduct, neglect, error or omission.

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