Trust: A simple word but what does it mean?
It means that whether you are a leaseholder, residents’ management company, developer, landlord or freeholder – you need a managing agent you can rely on to professionally manage your apartment block.
So look for the ARMA logo for accredited managing agents who are compliant, audited, independently regulated, transparent and will hold your service charge in trust.
Why use an ARMA managing agent?
It's worth remembering that the residential long leasehold sector is unregulated. Anyone can set up as managing agent and start collecting service charges without the relevant qualifications or experience. 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 long leasehold property management.
So appointing an ARMA agent to manage your property will give you peace of mind that they conform to high standards and are independently regulated.
- Holding your service charge money legally and safely: all members must demonstrate they hold service charge monies in trust as required by law
- Able to provide full accounting facilities for budgeting, service charge and year-end accounting and give you access to them
- Able to support you and your fellow leaseholders in ensuring that service charge money is spent wisely
- Open about connections with other service providers and commissions
- Covered by Professional Indemnity Insurance to protect you against inadequate advice and negligence.
- Adhering to the ARMA Consumer Charter and a bespoke set of more than 180 professional Standards that have been developed specifically for the residential long leasehold management sector
- Committed to and bound by professional standards: all members must comply with the RICS Service Charge Residential Management Code, which defines best practice in the sector
- Fully familiar with the structure and meaning of leases AND have thorough knowledge of relevant Landlord and Tenant legislation.
Audited once every three years by RICS (Royal Institution of Chartered Surveyors). This provides assurance that members are complying with the ARMA Consumer Charter and Standards.
- Committed to best practice and good customer service
- Comply with relevant standards and codes of practice
- Help you understand your rights and obligations.
- Knowledgeable and experienced: every member has to have at least two years' residential management experience
- Belong to one of three Government approved redress schemes: Ombudsman Services: Property; The Property Ombudsman; or Property Redress Scheme
- Operate a published complaints procedure
- Governed by an INDEPENDENT ARMA regulator.
When you live in a well managed block you are free to enjoy your home. Click here to find an ARMA managing agent near you.
If you are interested in becoming an ARMA member please click here to find out what types of membership we offer.