Bite size - Guide to choosing a Property Management Agent

• Is the agent licensed by the PSRA? Ask for a copy of their PRSA licence. Check the Register of Property Services Providers at psr.ie for Category D licensed property services providers.

• You should ensure your OMC engages in a tendering and evaluation process with a minimum of three providers.

• How many years is the Agent in business, what is their reputation or track record. This information can be obtained online or from the Agent themselves.

• How many estates do they manage – look at these estates online and see how they appear.

• How does the Agent calculate its annual fee. What is the annual fee proposed and what additions what might arise during the course of the year. Are there any extra costs the OMC should be told of.

• How does the Agent communicate with the OMC, how will the management accounts be provided and how often. How does the Agent collect service charges – what is their debt collection policy.

• Does the Agent use sub-contractors, if so how are they chosen and who are they.

• What role with the Agent have in the AGM and setting and preparing the OMC for the AGM.

• Once you choose an agent the Letter of Engagement (“LOE”) (also known as a property services agreement, or contract for services) between the agent and the OMC is a very important document for both the OMC and the agent – this should be reviewed in detail and considered with the OMC Directors before signing. What services are being provided, what services are excluded, what is the notice period for termination and how do you terminate and what are the costs to the OMC.

For further considerations click here to see the Housing Agency guide to Choosing a Property Managament Agent.

OMC Governance run live Webinar courses on the Role of the Property Management Agent and how to engage a Property Management Agent for your OMC click here for all upcoming webinars.