Local managing agents 2ManageProperty Ltd have announced that they have achieved accreditation to ARMA-Q, the new regulatory regime for residential leasehold managing agents. Their accreditation puts them at the leading edge of best practice in property management.
From 2015 flat owners who use ARMA-Q accredited agents to manage their property will be guaranteed a number of safeguards including:
- Higher professional standards and levels of customer care
- A transparent and open service
- Access to an independent regulatory panel
To achieve accreditation, managing agents must demonstrate that they comply with over 160 rigorous industry standards. It’s the first time such measures have been introduced for agents in England and Wales, where there are an estimated five million leasehold properties.
Despite collecting over a billion pounds in service charges from leaseholders each year, managing agents are not regulated by government. Unless they are members of a professional body, agents are unaccountable, which leaves the system open to abuse and inconsistent service levels.
ARMA-Q is being introduced by the industry’s trade body, the Association of Residential Managing Agents (ARMA). The organisation is aiming to push up standards of property management across the board and plug the gap left by the lack of statutory regulation.
Bob Robins, at 2ManageProperty, said: “This is a great achievement for our organisation and sets the standards for the industry in achieving best practises and services to all Leaseholders, their Management Companies and Residents Associations as well as ensuring best value. We are proud to have achieved ARMA-Q and look forward to continuing to provide quality management services to existing and new clients.”
ARMA’s chief executive Michelle Banks said: “Choosing the right managing agent can be a bit of a minefield. The industry’s not regulated so they don’t have to belong to a professional body or comply with specific standards. We’re introducing ARMA-Q so leaseholders can be confident they are choosing a quality agent.
“From 2015 anyone appointing an ARMA-Q agent to manage their property can have peace of mind that they conform to high standards, are bound by a consumer charter and are regulated independently. ARMA-Q accreditation is voluntary – managing agents don’t have to sign up. So those that do are showing a clear commitment to providing the best service.”
Notes to editors
1. 2MangeProperty Ltd has been established over 10years and continues to provide excellent services to Leaseholders. Our references speak for themselves. We pride ourselves on offering value added services beyond the normal service standards and will continue to excel in meeting customer expectations.
2. ARMA-Q is the new self-regulatory regime for managing agents that are members of the Association of Residential Managing Agents (ARMA). It comes into force from 2015 and aims to raise standards and quality of service across the residential leasehold management sector. It features commitment to a new consumer charter and industry standards, which are specific to managing agents. Compliance with the standards and charter will be overseen by an independent regulatory panel made up of industry experts and chaired by former housing minister The Rt Hon Keith Hill. Importantly, leaseholders are also represented on the panel. Find out more about ARMA-Q at: www.arma.org.uk
3. The Association of Residential Managing Agents (ARMA) is the leading trade association for companies that manage private residential leasehold blocks of flats in England and Wales. ARMA promotes high standards of leasehold management by providing advice, training and guidance to its 320+ members. ARMA also produces guidance materials for leaseholders and residents’ management companies whilst campaigning for improvements in legislation governing the leasehold sector. More information on the Association can be found at: www.arma.org.uk
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