Are you planning to hire a managing agent in Singapore for your real estate properties? Knowing what the responsibilities are in property management can help you maximize your returns for such an investment. Estate maintenance cover four areas of responsibility to keep the business running; these are administration, marketing and finances, tenancy, and facilities. These responsibilities are further divided into the following eight tasks.
1. Property Maintenance
Estate maintenance involves the responsibility of keeping the facilities in good condition with regular inspection, troubleshooting, and minor repairs. However, if you own other businesses or you cannot supervise your properties, the upkeep of the facilities can be a stressful task.
Hiring a property management at Singapore will ensure that your properties get regular servicing from trusted contractors to avoid major repairs that will cost more money. They will also have connections with contractors in Singapore in case the property needs repairs or renovations. The condo manager will make sure that all the repairs and other projects are finished on schedule to avoid interruptions in the daily operations.
2. Employee Supervision
The managing agent assigned by the property management office can act as your representative when hiring, training, and supervising your in-house employees. They can perform the background checks and interviews on your behalf to make sure that you will only hire the best workers. You can also delegate the task of handling the salaries and the right to fire an employee. Instead of talking to you directly in case there are any concerns, the employees can speak to the property manager instead and make the reports to you later.
3. Tenant Management
Besides making sure that your apartment units have shorter vacancy cycles and finding long-term lease contracts, the tenant condo manager can also check all applicants and manage the existing tenants to make sure there are no problems. The property management team has all the resources and knowledge in handling different customers and the means to screen the applicants for credit records, criminal records, tenancy history, and other related information.
They can also provide a buffer between you and your tenants if they are given the responsibility of enforcing lease agreements and evicting troublesome tenants. The property manager is the authorized point of contact for all your tenants, so that there will always be one person who can deal with complaints, questions about the leases, vacancy notices, emergencies, and evictions.
4. Leasing Contract
An estate maintenance agent is not only skilled in customer service but is also an expert in real estate. This means that they will have more resources to help you come up with fair lease contracts that will be attractive to prospective tenants but will also bring in more profits for you. They can also come up with marketing and advertising strategies in case you have vacancies.
Most landlords/landladies fail to take into consideration the fair price of the monthly rent because they do not have the experience and training, but a managing agent can come up with solutions based on the average rates in the area, the trends in real estate, and estimating the value of each unit.
5. Rental Collection
One the major responsibilities of estate management is to make sure that the rents are collected on time. However, there will be tenants who will have problems with the rent, a task that some landlords don’t have the ability to deal with fairly. If collecting rent is stressful for you, a managing agent can act as your representative to collect and adjust rents. Not only are they equipped with good communication skills, they are also experts in renting costs and market value to attract more tenants. It will also spare you from having to deal with problematic tenants yourself, so that you can focus on other things.
6. Financial Reporting
As the responsible party for rent collection, the property management team will also help you in managing the finances related to your properties. This will ensure that your properties will always have a higher value in the market as well as keep up the maintenance and repair costs. Your condo estate manager can help you compute the deductions for taxes, daily expenses, monthly bills, and the salaries of your in-house employees. The reports will tell you if your business is doing good or if it needs improvement in specific areas.
7. Additional Paperwork
Besides managing your tenants, employees, and financial reports, the managing agent is also your go-to expert if there are paperwork and budget reports that need to be completed. If you set a monthly budget for the maintenance and upkeep of your real estate, the property management team must make sure that the money is used honestly and judiciously by keeping records. If there are any areas in property management that you are not familiar with, such as taxes, leasing contracts, and laws related to real estate, the estate manager can help you deal with these problems.
8. Risk Management
Estate maintenance means that record-keeping must be meticulous to avoid liabilities. It is a sensitive task because it deals with making money on behalf of a landlord as well as dealing with tenants through an agreed lease contract. The goal is to make the interests of these two parties meet, so that both are happy and satisfied with the relationship. The managing agent must be skilled when it comes to risk management when handling the budget, receipt of payments, management of funds, paying monthly expenses, and even looking for contractors in Singapore to complete projects and repairs.