Our New Managing Agent
Since we now have an agreed timeline for an orderly handover with Bloor Homes (BH) and FirstPort (FP), we need to look for a new Managing Agent (MA) that can look after the day to day running of the Management Company (MC). That means they will maintain The Dovecote on our behalf, hopefully without taking us to the cleaners!
As a result, we initiated a formal process to select an appropriate MA, using two primary documents that provide a structure for this selection process and articulate what residents are looking for in an MA.
Invitation To Tender (ITT)
The ITT sets out framework in which residents will select a new MA. It articulates what potential MAs need to do to register their interest, the questions that they need to answer and the format of their official tender response.
The ITT has been developed specifically to support this MA selection exercise.
Requirements Definition (RD)
The RD sets out the specifics of what residents need from working with a prospective MA.
The RD has been drafted to reflect our best view of our requirements, but will be maintained moving forward, so that we can reflect lessons we learn in working with MAs.
Selecting a Managing Agent
We had a list of about 15 potential MAs, which we collated through contacts in the industry.
We attempted to contact every MA and ask them whether they may be interested in submitting a tender. We accepted that not every MA would be interested in submitting a tender, due to locality, size or business cirumstances, but it maximised our opportunity of getting the very best deal.
Timeline to Select a New Managing Agent
Result of the Selection Process
The RA is pleased to confirm that Saxons is our recommended MA for looking after our interests post-handover. They ticked all of our boxes. They are:
- Relative small and agile.
- Good value for money
- Draft Service Charge Budget looks very favourable.
- Happy to adapt to meet our needs.
You can find out more about Saxons via their website.
Next Steps
TDRA can only recommend Saxons as the MC’s next MA. Saxons can only be formally appointed by the new MC board (i.e. the Resident Directors (RDs) appointed at the EGM). So next steps are:
- A residents meeting will be held in the next few weeks (we are looking at availability at the Village Hall just now) to give residents the opportunity of meeting with Saxons and to ask questions.
- A vote will be held to secure support from residents to the appointment of Saxons as our new MA.
- When we finally attend the MC’s EGM, the formally appointed RDs can then formally appoint Saxons as our new MA and initiate the transition from FirstPort to Saxons.
