29
Oct
When You Should Move Managing Agents
The performance of a managing agent can drop over time leading to lower living standards, high costs and high long-term risks to each flat owner.
If you would like an independent assessment of how your current managing agent is doing, please request a report on your block manager by following the below link.
The below table shows some common problems that buildings face, how serious they are and when you should consider moving to a new managing agent
| Common issue | Severity | When You Should Consider Leaving |
|---|---|---|
| Incorrect insurance coverage or charges | Very High | Soon – such failures can lead to your building being left uninsured and fighting claims in court |
| Health and safety checks incomplete | Very High | Soon – such failures can lead to the building directors liable for failures in the building |
| Yearly accounts not published on time | High | If this happens more than one year in a row |
| Managing agent have not agreed SLAs for building | High | Inevitably this means that service levels will slide without flat owners having much power to correct this |
| Building is not regularly inspected | High | This means that problems will not be found and long-term issues may worsen |
| Managing agent not responding to emails and phone calls | Medium | This is a major frustration with many managing agents and can lead to wider problems with the building |
| Service charge is increasing and not explained | Medium | Money can be going missing and paid out to none-valid suppliers |
| High energy bills | Medium | Commissions may be being paid increasing your bills |
| Building licencing processes are not completed (e.g., for lettings or flat alterations) | Medium | Where there are a large number of live-in flat-owners and the building living standards need to be maintained |
| Bank statements showing cash-held cannot be provided | Medium | This may show that money is not being held according to best-practice |
If you have risks of multiple failings in your building then you should be looking to move to a new block manager. This will ensure a higher level of service and lower risks to each flat owner.
If you would like an independent view contact us below and one of our consultants will be in touch.
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