Estate Managing Agent Regulation
VFM’s Estate Managing Agent Services are Regulated by RICS and TPI
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 TPI (The Property Institute) 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 TPI and RICS regulation. Whilst the strength of our service quality and commitment is enjoyed by out 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.
TPI (The Property Institute) introduced new compliance controls by implementing the new TPI regulation procedures which has led to a significant improvement in standards since its inception. TPI members will be subject to regulatory inspection visits similar to their RICS counterparts helping raise standards for all TPI’s managing agent members.
As VFM property Management is a member of the RICS, TPI 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 TPI or the RICS with some preferring to offer services which are largely unregulated.
Complaints
In accordance with statutory legislation and the requirements of both RICS and TPI, VFM provides its customers with a complaints procedure . Details can be easily accessed by clicking the following link complaints-procedure
VFM complies with the following regulatory and guidance procedures :-
Regulated by RICS (Royal Institution of Chartered Surveyors) : https://www.rics.org/regulation/how-we-regulate
TPI (The Peoples Institute) : https://www.tpi.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/
