How transparent is your managing agent?

Block Managers promotes and offers 100% transparency to its clients.

Income is only generated from the management of a development and the only sources of our income are:

·        Annual management fee collected on a month by month basis which is calculated purely on the number of properties on a development

·        Dealing with solicitor’s enquiries when a property is sold supplying information and documents. (charged to seller)

·        Service charge arrears when a resident fails to make service charge payments and further recovery action is required (charged to debtor)

Some managing agents however make additional charges for managing a development or find other methods of supplementing their income and in most cases this can only increase service charge costs:

·         Additional charge to act as Company Secretary

·         Additional charge for dealing with insurance claims
·         Additional charge for dealing with S20 or large works

·         Additional charge for provision of out of hours emergency service

·         Commission from placing block insurance with a broker

·         Commission for using a certain contractor or service provider

·        Use of an associated contractor or service provider where there is a connection between the managing agent, same board member etc.

·        Use of client accounts for the collection of service charges where the managing agent may earn interest from payments received.

Of course they will tell you that they have allowed for any of the above means of income when calculating the management fee your development pays!