A Beginner’s Guide to the Different Property Management Services

Property management is an important thing when it comes to making sure that your property maintains its upkeep. Because it’s a manager’s oversight of the property on the owner’s behalf, a manager is often the point person in charge handling a variety of real estate.

Whether that piece of real estate is an apartment, a home, or a commercial building, getting in touch with a managing agent can be especially beneficial for your property in Singapore because of the wide variety of services they can offer. Here they are for your consideration:

1. Tenant Services

Managing agents are always on hand to act as a liaison between you and the tenants, as well as a contact that tenants can get in touch with in case of an emergency.

They also have a system of screening potential clients, which helps a lot to minimize any accusations of discrimination. They can even filter out the best tenants that can not only pay for longer, but also pay on time and are less likely to cause any problems with your property.

Aside from screening for tenants, managing agents can also set the initial rent level (which depends mostly on how much certain units of the property need to be priced in order to recover the investment and continue making a profit), they can also collect and adjust the rent in your absence.

A managing agent can also make sure that the property is marketed to as wide a tenant base as possible. When combined with their selective screening based on tenant capacity to pay rent, you can make sure that your property is always turning in a profit even if you’re not personally there to oversee everything yourself.

2. Facility Management

This includes all residential property maintenance that your unit might need to ensure that it will continue to provide a steady profit for you. A condo property manager in Singapore will take care of private housing facilities and ensure that your property will remain in its best condition to preserve its value.

Whether they are personally in charge of estate maintenance or hiring a third-party estate maintenance service, managing agents are more than capable of making sure your property is in peak condition.

Because of this, they often have large networks of reliable third-party agencies who can do the job, as well as a broad range of supplies and suppliers to keep the process of maintaining the property as smooth and streamlined as possible, ranging from management, to marketing, to even grounds control and outdoor and pool accessories.

3. Property Marketing

Good maintenance and an intensive screening for potential clients both play a huge part when it comes to marketing the property to future tenants.

Marketing is essentially advertising your property to prospective clients, and managing agents understand well that creating ads as well as working with other realtors is the best way to net in a client.

It also includes providing tenants with legal rental applications that comply with Singapore’s housing laws as well as collecting them with the rental fee. Providing contacts to get in touch with prospects for house viewings and questions is also part of marketing.

If you have real estate in Singapore, appointing a managing agent from http://www.estateinfo.sg/ to handle facilities upkeep is a must-do, especially if you’re planning on marketing it.

4. Financial Management

The upkeep of real estate is one of the most crucial things you need to keep your eyes on, as well as the detailing of budget plans as well as establishing and keeping existing records, such as income, expenses, and the cost of maintenance and repair.

Keeping a detailed record on both income and expenses gives you a concrete indicator on whether the property is still profitable, and whether you should sell it or continue to maintain and lease it. While you can do this on your own, this can be quite time-consuming.  

Hiring a financial managing agent for your property in Singapore can do a lot to help you not just with making a profit for your real estate, but also to make sure that your property increases in value over time.

5. Risk Management

Real estate is a huge investment, and assessing the risk that comes with any investment – particularly real estate – is a critical component of managing real estate. Risk management often involves extensive record-keeping with the property’s upkeep and needs an experienced professional to be able to handle the work.

For instance, condominiums often need a condo manager for the purpose of assessing how viable the property is in terms of generating steady income. Aside from examining the condo’s upkeep, the manager also has to look at the surrounding area.

Rental properties can be especially risky for properties that are a little far from amenities and with a considerable amount of travel time to get to the city, which results in a smaller pool of tenants.

Managing agents have to be aware of this, and are often equipped with the skills needed to make sure that it continues to generate income.

Even though these could all be handled on your own, there are plenty of reasons why you should simply let a managing agent take care of the property on your behalf. Often, these reasons will be not having enoughtime or the expertise to handle these factors.

The good news is that with a professional property management agent, this will not be a problem. Be sure to contact one for your property as soon as possible.