Managing Agents Given Notice
I have been a landlord to 9 properties in two blocks for 20 years, in addition I have run the Leasholders company (repairs, checking accounts, organising in general any issues on the floor etc) for 15 years. Up until now we paid the Freeholder 15% of the yearly service charge (15% of 38K) a year to do the accounts, send out requests for payments, chase nonpayers, do the admin, insurance and field issue calls etc etc - most issues calls where forwarded to me anyway. everything you would expect from the official side of the management of the buildings was inlcuded in the 15%. Due to the age of the guy who runs it (freeholder) he has given us notice (6 months which is fair).
How would suggest we proceed to obtain a new managing agent for us? is 15% the going rate?
Any opinions would be appreciated. Maybe I can employ my own admin person? or would advise against this?
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