ARMA, or the Association of Residential Managing Agents to give it its full name, is the UK’s top organisation of its kind for managing agents across the long leasehold sector, and also campaigns for relevant legislation and policy to be improved.
At Oakfield, we’ve been in the business for two decades anyway. But, just for additional reassurance, every ARMA member must have a minimum of two years’ proven experience in the residential management sector.
We’ve put together some information for some of the other reasons why working with an ARMA member such as Oakfield takes the guesswork out of choosing a managing agent:
ARMA - setting industry-wide standards
The residential leasehold sector is not currently regulated. This means anyone can call themselves a managing agent and collect money without experience or qualifications, and without having to meet any particular professional standards.
ARMA-Q is a Consumer Charter and a tailored set of professional standards aimed at protecting consumers and introducing best practice across the sector. It marks a milestone for consumer protection in the industry, and we’re delighted to comply with its terms. All members must abide by ARMA-Q, which also gives you extra peace of mind that we’re independently regulated, even if the sector isn’t.
Membership is confirmation that we have Professional Indemnity insurance, covering negligence and the giving of poor advice.
You can be confident that your service charge is being held safely. We’re legally obliged to show we hold service charge money in trust.
You’ll also have security that, again through ARMA, we’re bound by the RICS Charge Residential Management Code which defines best practice across the sector. We face disciplinary action if we do not follow this Code.
Through ARMA, we have access to expert technical advice, guidance and information if required.
We can also attend training courses on the leasehold system.
Finally, we belong to an ombudsman, in accordance with ARMA’s rules for its members.