Estate Managing Agent Regulation
VFM’s Estate Managing Agent Services are Regulated by RICS and ARMA
VFM Chartered Surveyors is a property block management company delivering specialist leasehold estate managing agents services subject to regulation. VFM is Regulated by RICS (Royal Institution of Chartered Surveyors)
VFM complies with the RICS Service Charge Residential Code, is a corporate member of ARMA (Association of Residential Managing Agents) and The Property Ombudsman
At VFM Property Management we go to great lengths to ensure that our services meet the highest standards and comply with ARMA and RICS regulation. Whilst the strength of our service quality and commitment is enjoyed by our existing clients, it is important that we can get that message across to potential new customers .
Block management regulation and keeping clients informed
How should potential clients go about identifying good property management companies and how can these firms demonstrate their expertise and standards of excellence ? Experience and qualifications of the management companies personnel are clearly important as are the quality of client recommendations and referrals. However compliance with accepted standards of practice through regulation is key and this can be shown through a firm’s membership of one of the two main bodies who are responsible for residential property block management.
The Royal Institution of Chartered Surveyors (RICS) has set the industry wide, accepted standards for many years in the RICS Service Charge Residential Management Code. RICS members ‘Regulated by RICS’ are scrutinised by regulators to ensure compliance. It is unfortunate there are relatively few freehold or leasehold property block management companies or managing agents who are chartered surveyors. There are therefore relatively few who are subject to these RICS inspections and reports.
The RICS has very much taken the lead with this stringent ‘Regulated by RICS’ approach requiring that property management and other ‘Regulated’ members will receive a regular inspection of their work by the RICS This action was further extended, paying particular attention to residential managing agents and other members who hold ‘Client Monies’ on behalf of property management companies or leaseholders.
ARMA (Association of Residential Managing Agents) introduced new compliance controls by implementing the new ARMA-Q regulation procedures which has led to a significant improvement in standards since its inception. ARMA Q members will be subject to regulatory inspection visits similiar to their RICS counterparts helping raise standards for all ARMA’s managing agent members.
As VFM property Management is a member of the RICS, ARMA and The Property Ombudsman (TPO), we are already well versed in promoting the benefits of good regulatory practice in our service standards. We have always supported the need for regulatory control however it is worth noting that not all management agents require to be members of ARMA or the RICS with some preferring to offer services which are largely unregulated.
VFM complies with the following regulatory and guidance procedures :-
Regulated by RICS (Royal Institution of Chartered Surveyors) https://www.rics.org/uk/upholding-professional-standards/regulation/how-we-regulate/?link=section-nav
ARMA (Association of Residential Managing Agents) : https://arma.org.uk/
Guidance for TPO Members : Dealing with Vulnerable Consumers as published by the The Property Ombudsman https://www.tpos.co.uk/images/documents/guidance/Dealing_with_Vulnerable_Consumers.pdf
RICS Client Money Regulations https://www.rics.org/uk/upholding-professional-standards/standards-of-conduct/client-money/