It's also worth pointing out that the bigger managing agents may well be more used to negotiating with suppliers etc. Of course they will have less of an interest in securing the best rates than the individual residents would, but it is probably easier to have an external agent, rather than one (or a group of) residents. Our managing agent comes in for a good deal of stick (some of it unjustified IMHO), and I for one wouldn't be very interested in taking on their role. Of course their maybe other residents that would be perfectly happy to do so, but I would be surprised unless there something in it for them.