The Competition and Markets Authority (CMA) has published its market study findings and recommendations for improvements into the residential property management sector in England and Wales on the 2nd of December 2014.
In short they have advised that the market works well for the majority of Leaseholders but that some may experience significant problems. In light of this the CMA has published a report with recommendations into this sector.
The report can be read here https://www.gov.uk/cma-cases/residential-property-management-services
The consultation and study into the market has found that many Leaseholders were unhappy with how difficult they have found in appointing new property managers. This is important especially if their current agents weren’t performing to satisfactory standards or/and overcharging residents for their services. They have also found that Leaseholders were frustrated with the high charges for services arranged on the property, unnecessary works being carried out, poor communication with their agents and lack of transparency between property managers and Leaseholders etc.
The CMA has made recommendations in the field however have not recommended that property managers should be formally regulated by the government.
At Advance we welcome the government’s input into the residential management sector and agree with the recommendations made into this field. At Advance we have already been implementing the recommendations before they were suggested and have been going the extra mile to ensure our residents are receiving a great service and understand completely what they are receiving from us.
Please contact us for more information.
Advance Block Management