Perhaps some of your friends and other businessmen in Singapore have recommended that you hire a property management company to help you in your investment, but what can you specifically get from estate maintenance?
What are the benefits of estate management?
Working with a property management agency can be a costly affair, but you will realize in the long run that the investment was worth the time and money because of the following benefits:
Less stress for the landlord or landlady. They can take care of the daily tasks and operations in your property without waiting for your instructions all the time. You will be free to pursue other business ventures when you know your condominium or apartment is in good hands. They can also help your household run while you travel for business or pleasure because they will ensure that the maintenance, cleaning and repairs are complete.
Fewer and cheaper legal problems. There will be tenants who will cause problems no matter how careful the screening process is. This could result in legal problems and financial setbacks that can be tricky to deal with especially if you’re a landowner who prefers to keep his or her distance from the tenants. Your condo manager can take care of situations like these for you, and will also ensure that you are not going to ruin the landlord-tenant relationship. The managing agent will also take charge of the safety and property conditions, inspections, leases, rent collection, and evictions.
Better staff and in-house crew. The managing agent can take over the task of looking for your staff and other crew who will help keep your business running smoothly. The advertisement, screening, interview, testing, and training can be accomplished with less stress on your part, and you are guaranteed of the best and most skillful employees as a result.
Better tenants and tenant retention. Wouldn’t it be great to have tenants who will rent longer, pay their dues on time, and cause few problems? Well, it’s possible with the help of a condo manager who can take care of the tricky business of screening prospective tenants in your rental units. They have all the resources to do a thorough check of the background and financial and rental history of possible tenants without stressing you out. You will be saving yourself from possible scams and avoid troublesome tenants from living in one of your units. Another problem is the turnover process which could cost you money for repairs and vacancy advertisement. This can be solved with a managing agent from http://www.estateinfo.sg/ in Singapore who can come up with policies to make the tenants happy and ensure that they will stay longer.
Shorter vacancy cycles in rental units. Short vacancy cycles can be done if you can make the tenants happy. This task can be delegated to your hired property management company who will come up with strategies to improve the property, prepare the units for rent, study and come up with fair and reasonable rent, and advertise your property effectively to attract more tenants. This will ensure that you will get what you’re due without robbing your tenants blind, keep the units in proper condition and make the tenants happy, and there will be no vacant units for a long time.
Improved rent collection. Collecting rent isn’t as simple as handing out a bill and expecting the tenant to pay on time. Unfortunately, this ideal scenario isn’t always the case and some tenants can be difficult to deal with. The collection of rent can be designated to the property management company who will make sure that you will not be exposed to the stressful task, to listen to excuses for late payments, to chase late payers, and even to evict some tenants. A managing agent oversees that the tenants understand their responsibility to fulfill their end of the lease agreement.
Easier completion of taxes and paperwork. A managing agent will make sure that your taxes are paid correctly and on time. He or she will also take charge in completing documents that will be needed for all the transactions and the legal documents that a business needs. You can be sure that all the necessary paperwork is handled by professionals in the field.
Efficient maintenance and repair schedules. A good condo manager will come up with strategies to keep your property in good condition all the time. To keep your tenants happy, repairs, maintenance, and regular inspection is needed. That way they will feel that they are not being cheated with the rent and they have access to the best facilities any condominium in Singapore can offer because estate maintenance will make sure to hire only the best contractors at the most competitive prices to do the repairs and regular maintenance.
Higher investment value. When your property is in the hands of the best estate maintenance company in Singapore, there will be few major issues that you will have to deal with. They can detect and address small problems to prevent them from escalating and costing you money. A good atmosphere will receive positive feedback from tenants which could add to your reputation as a good landlord. As a result, you can attract more tenants, ensuring that there will be no vacant units for long.
What should I do before hiring an estate management company?
To make sure that you’re hiring the best estate management company in Singapore, determine what type of services you specifically need from them and set the type of relationship you want to have.
Read and understand the contract thoroughly so that no confusion and misunderstanding will arise between you and the other party. Agree upon the management fees and talk about the management services that are included. Take note of the sections regarding responsibilities and representations, contract termination, and indemnification.