Landlord‘s considering hiring a property management company or using a letting agent‘s property management service are keen to know if the industry is regulated by a governing body and the government before they take steps to employ one.
RICS – Royal Institution of Chartered Surveyors
RICS is one of the authorities on the Rules of Conduct surrounding property management, provides advice for landlords on Complaints handling procedures, alongside ‘Blue Book’ on UK Residential Property Standards, as well as the Service Charges Residential Management Code which details the best practices surrounding managing residential property.
All of these resources are available to landlords who wish to learn a little more before they decide to hire a residential property management company. RICS also offers a Private Rented Sector Code which was revised and published in July 2015 which goes into greater detail about the best practice to run a residential property in England and Wales.
ARMA – The Association of Residential Managing Agents
ARMA classifies itself as the leading trade association for residential property management agents in England and Wales. Landlord‘s selecting a property management firm that has been recommended by ARMA will be safe in the knowledge that they will be operating professionally and will be regulated by ARMA should anything go awry.
ARMA has a search function on their website so that landlords can find a property management company near them as well as actively persuading property management companies to register with them, thus ensuring the industry is operating fairly for landlords.
A property management company that has ARMA membership has achieved ARMA Accreditation and is required to comply with the ARMA Bye-Laws, RICS Code, relevant legislation and ARMA Consumer Charter & Standards.
ARMA membership is also a benefit for property management companies, as they will be able to receive some of the following:
- Technical advice and support
- Recieve latest court and tribunal rulings
- Access free helplines
- Display the ARMA logo on their branding
- Stand out from the competition as an accredited service provider
- Enter the ARMA certified directory
- Have access to the ARMA ENERGY scheme
- Recieve weekly briefings and updates including industry news
- Recieve technical updates as and when they are released
- Automatic subscription to the ARMA magazine
- Discounts on training and webinars
With the host of benefits available to property management companies by registering with governing bodies such as ARMA, it’s definitely worth landlord‘s to consider hiring a company that is accredited and affiliated with a regulatory body.
ARLA – Association of Residential Letting Agents
ARLA helps and protects landlords when looking for a property management company and a residential letting agent. The organisation also runs courses in property management for professionals looking to brush up their skills or to get into the industry. Landlords thinking of using a letting agent‘s property management service should make sure that they are affiliated with and regulated by ARLA in order to ensure they are protected should anything go wrong.
Leasehold Property Management Regulation
As of 18th October, 2017 new proposals have been revealed to place a new regulatory body for leasehold property management companies. Currently, there is no formal or independent governing body for leasehold property management companies. Conservative MP, Sajid Javid, has proposed that measures should be put in place to protect landlords and consumers from being charged unfair costs and overpriced service charges, as well as giving them more power over their agents.
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