19th January 2021
The benefits of using an ARMA accredited agent
The residential leasehold management sector is currently unregulated. This means that anyone can set up as a block managing agent and start collecting service charges from the leaseholders without any third party regulation or relevant experience.
This has led to inconsistencies in service levels across block management companies and has negatively affected consumer confidence in managing agents.
Here at Matthews, we set high levels of service across our block management division and we have been an ARMA accredited agent for four years.
ARMA member managing agents must adhere to a self-regulatory regime which includes a Consumer Charter and bespoke set of professional Standards which are aimed at consumer protection and best practice in all areas of residential block property management.
Here are some of the benefits of using an ARMA accredited agent.
Peace of mind
Appointing an ARMA accredited agent gives you peace of mind that they operate to the highest standards and are independently regulated.
Your service charges will be held legally and safely in a separate client bank account as required by law, so that leaseholders can rest assured their money is held securely.
More experienced block managing agents
To be ARMA accredited, the managing agent will need to have at least two years’ experience with residential property management.
They must demonstrate that they comply with over 190 rigorous industry standards, be fully familiar with the structure and meaning of leases, and have thorough knowledge of relevant Landlord and Tenant legislation.
They must hold Professional Indemnity Insurance to protect you in the rare case of negligence.
Better customer service
An ARMA accredited agent must be committed to best practice and good customer service. That’s providing a good service to both the property freeholder, as well as to the tenants. They also need to operate a published complaints procedure, so their reputation is more transparent, helping you make the right decision as to which managing agent is best suited for you.
Whether you are a leaseholder, resident’s association, landlord or freeholder, it is important to choose a managing agent who is ARMA accredited. It demonstrates they are showing a clear commitment to offering the best customer service when managing your property.
At Matthews, we believe that ARMA regulation has allowed us to demonstrate to our clients that we are committed to the highest standards of residential property management and are happy to be checked and audited. That way we can see where anything needs to be changed and areas where we are doing well – it’s all about learning and improving.
If you are looking to appoint a new managing agent for your block property, contact our specialist block management team today.