Local management agents for leasehold properties: The benefits of staying local
It might feel like an easy, money saving option to appoint a low fee managing agent, or better still, not use a managing agent at all, especially with all the uncertainty around the “cost of living crisis”. Before you commit to one of these options, consider using a local managing agent. It could save you additional costs in the end.
What a managing agent does
A property managing agent is a specialist company or a person that is appointed by the freeholder, the landlord the resident's management company (RMC) or the right to manage company. Their job is to manage a property, or properties on their behalf.
A managing agents responsibilities are likely to include:
- Arranging and overseeing any repairs
- Overseeing general maintenance and upkeep
- Collecting payments from tenants such as service charges and ground rents
- Arranging the appropriate insurance cover for the property
- Periodically inspecting the property
- Dealing with any legal aspects of the leases or transfers
- Ensuring compliance with the latest health and safety / fire regulations
Managed by Sandersons UK, Tenterden, Kent
Do you need to use a property managing agent?
One benefit of using a specialist managing agent is the wide range of services designed to simplify and streamline the property management process, from 24/7 maintenance reporting to same-day sales assistance. (note: this won't be available with all agents, but it is with Sandersons UK). However, the most important benefit is their knowledge of the latest legislation and regulations and how they affect your home.
Without a managing agent the freeholder, residents’ management company or a resident’s association are solely responsible for maintaining compliance in a rapidly evolving, and heavily regulated, environment. A managing agent provides expert advice and clear direction to anyone uncertain of what they must do by law and, best of all, provide peace of mind to all owners and residents that they are safe and secure in their homes.
Why choose a local agent?
The benefits of using a local managing agent, is that they are local! Sometimes it simply isn't always feasible to have an agent living far away from the properties they manage due to the day-to-day communications that are often needed, plus the trades and services that are required. Local managing agents are also going to be easier for you or your tenants to go to if you physically need to see or speak to somebody, rather than end up in the voicemail or email inbox of those further afield.
How a local managing agent helps sell your properties
When it comes to selling your property, this is where using a local agent could save you even more money. Some local agents will already have a database of buyers who are looking for properties such as yours. They will understand which buyers will be in the position to make the best offer, this in turn will ensure that you achieve the best price for your property.
Again, you can meet and discuss with local agents about your requirements or any issues you have. They can in return help explain processes if needed. Having a personal relationship with your agent builds trust and ensures stronger levels of reliability if or when problems arise.
Property sales falling through is often due to unresponsive agents or solicitors. Slow replies can cause tension in the sales process, which can heighten an already stressful time. There are often no excuses for the delays, but it is found that the use of local agents actually lessens this stress, because communication is far more efficient and understanding of any problems that arise can be quickly ironed out to smooth the sale.
A process often overlooked with the sale of leasehold properties is obtaining the management pack. With a good agent, it would be relatively straightforward as they should have it to hand. We often see first hand the frustrations, lack of communication and huge delays trying to obtain these packs can cost. The more local the agent, the easier it is for you to be able to spot and fix any issue that may arise.
Sandersons UK are always committed to helping you, so if you have any further questions about managing or selling your property, please call us on 01227 517 777 or sandersonsuk.com/block-management.