"Managed" doesn't seem to mean much.
We've been living in an apartment in London with Foxtons for a few months now. When we moved in there were several defects that we immediately reported to the manager of the apartment. However, it took several months to get even simple things fixed, and we're still working on getting some things sorted now. This is even though we had to pay over £400 as a moving-in fee, and presumably a chunk of our rent goes to the "management" as well. Just doesn't seem right.