Financial Services

Preparing and advising on the service charge budgets is central to managing agent’s role. The professionalism of the managing agent is tested and reflected in their ability to ensure service charge adequacy and the promotion and provision of a sinking fund.
The service charge billing and collection can be a lengthy and involved process: on average in Ireland only about 10% of owners pay on foot of the initial demand and so the operation of a debt-collection programme thereafter is required. This process will include the calculation and charging of interest in line with lease terms and arranging and coordinating legal action to ensure full recoveries.
Cash-flow management and day-to-day accounting together with income and expenditure reporting and the coordination and completion of the annual audit.
Sinking fund management: The arrangement and ongoing management of the funds falls to the managing agent (certification should more appropriately be undertaken by a chartered quantity surveyor).