Is it a good practice for a Managing Agent to:
? Not have a valid Fidelity Fund Certificate with the Estate Agency Affairs Board?
? Not have a indemnity and fidelity fund insurance?
? Not members of NAMA?
? No tax clearance certificate?
? Related to building maintenance company, garden service, insurance, brokerage, levy finance, and debt collection?
My answer to these questions, is NO.
? As for a list of schemes that the managing agent manages and names of the trustees and contact details.
? An agent must have valid Fidelity Fund Certificate with the Estate Agency Affairs Board. Your levies are then protected by the Estate Agency Affairs Board Fidelity Fund. Ask for certified copies of the managing agent and the principle of the agency.
? The agency should have its own professional indemnity and fidelity insurance, to protect your levies. Many trust account has been raided by employees, (LANDLORDS have a very strict policy in when it come to handling money and trust money). It takes many years for the Estate Agency Affairs Board to settle claims when trust money is stolen, leaving the scheme short this would then be filled up from the agency indemnity and fidelity insurance.
? When a managing agent is involved in other property related businesses, your scheme could become a captive market at less than favourable rates, there are many examples of this happening, where a managing agent will insist on a certain company being used to do maintenance in a complex, with no quotations being obtained for comparison. Not a healthy situation.
? No trustee should have a related business and operate in your scheme, unless it is transparent, that there has been quotations received from other suppliers, and it is always a good idea to have more than one person obtain a quotation, for oblivious reasons, (Don?t be so trusting).
? A tax clearance certificate will give you confident that the books of the company are well run! As for this as a certified copy.
? Now you have chosen your managing agent, and I trust that home work was done, make sure that you are very clear what you expect from the managing agent, and what discretion the managing agent has in the scheme, look at the PMR 46 and 47 that stipulate some of the required terms of the mandate agreement.
? If the managing agency will not provide you with the information you have asked for, find one who is proud to do so.
? Also what formal training has the managing agent who will deal with your scheme has undergone.
Happy Managing Agent hunting for your scheme, go no further than LANDLORDS "WE DO PROPERTY MANAGEMENT".