Why use an RICS regulated managing agent?
Using an RICS regulated managing agent offers numerous advantages for property owners, leaseholders and tenants alike. The Royal Institution of Chartered Surveyors (RICS) sets high standards for professionalism and ethics, ensuring that their members adhere to strict guidelines and best practices.
Firstly, RICS regulated managing agents provide expert advice and guidance. They are well-versed in landlord and tenant law, health and safety regulations, building construction, and basic accounting. This expertise ensures that all aspects of property management are handled efficiently and in compliance with legal requirements.
Secondly, these agents offer financial protection. RICS regulated firms must follow stringent rules for handling client money, including maintaining separate client accounts and providing clear, written procedures for managing funds. This transparency helps protect clients’ money and provides peace of mind. The RICS also provide a Client Money Protection Scheme – this provides protection, as a last resort, in instances where an RICS Regulated firm is unable to repay a client’s money, up to the limits and exceptions set out in the scheme rules.
Another significant advantage is dispute resolution. RICS offers valuable services for conflict avoidance and resolution, helping to protect the firm’s reputation and avoid costly legal battles. This is particularly beneficial in the property management sector, where disputes can arise frequently.
Moreover, RICS regulated managing agents are committed to continuous professional development. They are required to stay updated with the latest industry standards and practices, ensuring that they provide the best possible service to their clients.
Lastly, using an RICS regulated managing agent can offer a competitive advantage. Clients and organizations often prefer working with RICS regulated firms due to their recognized standards of excellence. This can enhance the reputation of the property and attract high-quality tenants.
In summary, the advantages of using an RICS regulated managing agent include expert advice, financial protection, effective dispute resolution, continuous professional development, and a competitive edge in the market. These benefits make RICS regulated managing agents a reliable choice for property management.
