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    • cheap-information
    • By cheap-information 12th Aug 18, 7:14 PM
    • 156Posts
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    cheap-information
    Right to Manage - Recommend an Agent?
    • #1
    • 12th Aug 18, 7:14 PM
    Right to Manage - Recommend an Agent? 12th Aug 18 at 7:14 PM
    We have finally been given our acquisition date for our RTM and we are in the process of deciding how we want to proceed.


    It is a small block of 7 flats in London with only a stairwell. There are no facilities or lifts and it requires minimal maintenance.


    I was just wondering if anyone has any recommendations on going down the entirely self-manage route or an admin only managing agent?


    The thought of putting out service charge demands, filing companies house documents, accounting, opening bank accounts up is somewhat daunting. Has anyone used a management 'lite' service where they sort all this out for you? A few of the companies I have contacted have several strings attached like having to purchase the insurance and have minimal annual costs which our 7 flats don't meet (and so fees end up being the same as full management)?


    Would anyone recommend going down the entirely self managed route or if anyone has had any positive experiences with another agent?


    Any help or advice for the new RTM would be much appreciated!


    Thanks.
Page 1
    • SueDebt
    • By SueDebt 13th Aug 18, 7:56 AM
    • 1 Posts
    • 1 Thanks
    SueDebt
    • #2
    • 13th Aug 18, 7:56 AM
    • #2
    • 13th Aug 18, 7:56 AM
    We opted for being entirely self managed after a horrendous time with the previous management company.

    We are 11 flats with outside areas and we set up a RTM company with 5 directors.

    It seems to be working well and there!!!8217;s more of a community atmosphere now even though most of the flats have tenants but the long-standing ones seem to appreciate what we!!!8217;re doing.

    All leaseholders contribute a set amount each month and I just keep the accounts in an Excel spreadsheet and update Companies House once a year.

    The downside is that, although we have 5 directors, 90% of the work is done by one person (me!)
    • cheap-information
    • By cheap-information 15th Aug 18, 6:12 PM
    • 156 Posts
    • 52 Thanks
    cheap-information
    • #3
    • 15th Aug 18, 6:12 PM
    • #3
    • 15th Aug 18, 6:12 PM
    Thanks for the reply.


    It is likely that the majority of the work will fall on me so think I will be in a similar situation. There were some reservations by the other members about taking such liabilities on our own shoulders and so they were tempted to let someone else get involved.


    I wouldn't have anything against an official company sorting the accounts out and myself doing the day to day stuff but the legal requirements do seem quite daunting. If it was on a more unofficial basis I'd be more comfortable but think as there are different personalities involved, it will have to be quite by the book!


    If anyone else has had any experiences, it would be helpful to hear them.
    • NeilCr
    • By NeilCr 15th Aug 18, 6:22 PM
    • 2,311 Posts
    • 3,196 Thanks
    NeilCr
    • #4
    • 15th Aug 18, 6:22 PM
    • #4
    • 15th Aug 18, 6:22 PM
    If you are going for an agent I'd maybe think about a smaller local one. We're bigger than you (69 properties) and have just gone through a procurement exercise. One of our main criteria was location - before we'd had a large agent who were based miles away. Their contractors were there - the property manager had a long drive etc etc.

    Even with our numbers it is difficult to get interest and 4-5 of the directors do most of the leg work. Personally, I wouldn't do it ourselves. I appreciate that the numbers are different but chasing service charges, knowing the legislation etc would be too much.

    I got the impression the companies we saw were flexible in what they would do so I am a little surprised that you are finding it difficult. But, to be fair we only really negotiated with the "winners". And their quotes were based on our estate.
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