Setting up as a Management Agent

nixermixer

Hi all,

I am currently an apartment owner in a complex of about 50 apartments in the City Centre. I am one of only two owner / occpiers as the apartments are predominently investment properties.

We currently have a management agent who I believe are not performing as well as they could be and are like all management agents benefitting from hefty fees.

For some time now I have been thinking of setting up as a management agent myself as I have a lot of expertise in construction and building. I am a Chartered Quantity Surveyor. I have been looking at the new regulations for setting up as an Agent (Property Services Regulatory Authority) and my qualitifactions meet the requirements for licencing.

I believe I could fulfill the role of the management agent and provide a much better service for the owners than the current service. As I live on the site it will obviously be much more convenient etc etc.

The major issue will be trying to convince the other apartment owners to sack the current agent and hire me as the agent. Benefits of having me as the agent would include;

- better service, 24 hour response
- possible cheaper fee
- Greater frequency of meetings
- Setting up residential committee
- I could draw a list of items that the current agent are not doing

I am currently a director on the management company so I'm not sure if this would work to my benefit or if I would have to step down from the board of directors.

I would be interested in hearing peoples views on this and if they think it would be a feasible business opportunity.

Thanks

kkelliher

nixermixer wrote: »

Hi all,

I am currently an apartment owner in a complex of about 50 apartments in the City Centre. I am one of only two owner / occpiers as the apartments are predominently investment properties.

We currently have a management agent who I believe are not performing as well as they could be and are like all management agents benefitting from hefty fees.

For some time now I have been thinking of setting up as a management agent myself as I have a lot of expertise in construction and building. I am a Chartered Quantity Surveyor. I have been looking at the new regulations for setting up as an Agent (Property Services Regulatory Authority) and my qualitifactions meet the requirements for licencing.

I believe I could fulfill the role of the management agent and provide a much better service for the owners than the current service. As I live on the site it will obviously be much more convenient etc etc.

The major issue will be trying to convince the other apartment owners to sack the current agent and hire me as the agent. Benefits of having me as the agent would include;

- better service, 24 hour response
- possible cheaper fee
- Greater frequency of meetings
- Setting up residential committee
- I could draw a list of items that the current agent are not doing

I am currently a director on the management company so I'm not sure if this would work to my benefit or if I would have to step down from the board of directors.

I would be interested in hearing peoples views on this and if they think it would be a feasible business opportunity.

Thanks

There are a number of issues you need to focus on.

• as managing agent you can only charge a fee for your time and most would be €10,000 - 12,000 per year for your size development. Would this pay you as a stand alone item
• what happens when you are not available
• If most are investment properties then most wont really care about the issues oiutside of cost
• you may have to give up any role on the management company for conflict of interest
• there is alot of red tape and annual contributions to be made under the new regs by management agents