COLIN COHEN PROPERTY MANAGEMENT ACHIEVES ACCREDITATION TO ARMA-Q STANDARDS
We are pleased to announce that COLIN COHEN PROPERTY MANAGEMENT have achieved accreditation to ARMA-Q, the new regulatory regime for residential leasehold managing agents. Ours accreditation puts us in the leading edge of best practice in property management.
From 2015 flat owners who use ARMA-Q accredited agents to manage their property will be guaranteed a number of safeguards including:
- Higher professional standards and levels of customer care
- A transparent and open service
- Access to an independent regulatory panel
To achieve accreditation, managing agents must demonstrate that they comply with over 160 rigorous industry standards. It is the first time such measures have been introduced for agents in England and Wales, where there are an estimated five million leasehold properties.
Despite collecting over a billion pounds in service charges from leaseholders each year, managing agents are not regulated by government. Unless they are members of a professional body, agents are unaccountable, which leaves the system open to abuse and inconsistent service levels.
ARMA-Q is being introduced by the industry’s trade body, the Association of Residential Managing Agents (ARMA). The organisation is aiming to push up standards of property management across the board and plug the gap left by the lack of statutory regulation.
ARMA’s chief executive Michelle Banks said: “Choosing the right managing agent can be a bit of a minefield. The industry is not regulated so they don’t have to belong to a professional body or comply with specific standards. We’re introducing ARMA-Q so leaseholders can be confident they are choosing a quality agent.
“From 2015 anyone appointing an ARMA-Q agent to manage their property can have peace of mind that they conform to high standards, are bound by a consumer charter and are regulated independently. ARMA-Q accreditation is voluntary – managing agents don’t have to sign up. So those that do are showing a clear commitment to providing the best service.”