Property management business becomes latest ABS
A property management company based in London has become the latest organisation to be granted a licence as an alternative business structure.
Crabtree Property Management, established in 1983, says it runs more than 17,000 units in a portfolio spread across London and the south of England. The majority are blocks of flats, but the company also manages shops, offices and houses.
It will create a niche property litigation firm, Crabtree Law LLP, when the ABS licence becomes effective from 1 September. James Naylor, who has been with the company for two years, will be head of legal practice.
Crabtree is the 17th ABS licence approved by Solicitors Regulation Authority since it began to approve applications in March. The number of successful applicants has almost doubled this month. The SRA said today it is at the decision stage for a number of potential ABSs and details of further successful applicants will be released in the coming weeks.
Comments
This model could work well in
This model could work well in my opinion providing that it starts to sell legal services and compete with high street law firms.
Legal revolution on the high street
It's an interesting dynamic for a property management company to move into law. Yes, it offers greater accessibility for 'the man on the street' but there's a danger customers may get diluted advice from non-specialists. The main point for me is that high street lawyers need to embrace change - or get crushed by the spending power/mega-marketing budgets of the big retailers, estate agents etc.
But the most significant takeaway of all from this news briefing is this quote: "the number of successful applicants has almost doubled this month" - ABS is clearly on the rise.
Property management is a new
Property management is a new concept for me. Need to study about it.
Fridaysmove applaud managing agent regulation
Not exactly what recent calls for Managing Agent regulation have in mind we suppose, but good luck to them.