ARMA was founded in 1991 and is now the leading trade association for residential leasehold management. ARMA does the following:
Set high standards in residential block management
Require members to meet those standards
Provide technical advice and guidance to members
Produce information and advice notes for leaseholders
Run training courses on the leasehold system
Promote professionalism in property management
Campaign for improvements in relevant legislation and policy
ARMA have recently gone live with ARMA-Q which is a milestone for consumer protection in the residential leasehold management sector.
ARMA-Q is the new self-regulatory regime for ARMA managing agents. It aims to raise standards and quality of service across the residential leasehold management sector - hence the 'Q' for quality. ARMA-Q places consumers at its heart. It features:
An independent Regulatory Panel
A Consumer Charter
Standards which are specific to managing agents
Essentially, they are boosting the standards that apply to ARMA members. For the first time, managing agents who belong to ARMA will have to comply with a Consumer Charter and bespoke Standards. So by choosing an ARMA member you get higher standards, greater confidence and more openness.
Why use an ARMA member?
It's worth remembering that the residential leasehold sector is unregulated. Anyone can set up as managing agent and start collecting service charges without the relevant qualifications or experience. That is why ARMA introduced ARMA-Q.
All ARMA members must comply with ARMA-Q so anyone appointing an ARMA agent to manage their property can have peace of mind that they conform to high standards, and are independently regulated.
By using an ARMA agent you can be confident that:
They have the right professional experience: every member has to prove they have at least two years' residential management experience
Your service charge money is being held legally and safely: all members must demonstrate they hold service charge monies in trust as required by law
The member has Professional Indemnity Insurance: this covers you against inadequate advice and negligence relating to a member
ARMA agents are committed to and bound by professional standards: all ARMA agents must comply with the RICS Service Charge Residential Management Code. This defines best practice in the sector. If they do not follow the Code, they could be subject to disciplinary action.
The Association of Residential Managing Agents (ARMA)
178 Battersea Park Road, London, SW11 4ND.
Tel: 020 7978 2607
Working to ARMA's high standards ensures you will receive an unparalleled service that you can count on. For expert property management or company secretarial services in Kent, get in touch with JH Property Management today.