When selling and managing real estate properties, an owner may need to entrust the responsibility to a property management company. However, just like any business, there are ones that provide excellent service and poor service. These companies exist to provide help and spare you the worries of managing your estate. The key to maximizing the benefits of your properties is to use the right Singapore property management provider. Make sure to hire the right one by keeping in mind the following criteria.
1. Ask for Recommendations
Your prospect managing agent should be able to provide you with a list of references of their happy clients, as well as previous clients. Require your prospect partner to provide you with two to three recommendations of landlords they have worked and have been working with. You can also ask other real estate owners that you know if they have worked with the management company. If the references gave you extraordinary remarks about the service provider, you may want to go on with the process and know their processes better.
2. Notice Their Style of Communication
Interview a couple of property management companies and notice how they respond to inquiries. If they get back to you right away, that’s a good sign. If it takes more than a day, a week or a month to address your inquiries, consider moving to your next option. If they come late to your appointments, forget about calling them or showing up the next time around. Take these things as a sign of how they’ll work with you in the future.
3. Check the Company’s Processes
Ask the company representative about their tenant approval system, property maintenance process, marketing strategy, and rental collection procedure. If they can’t give you clear answers, the company may have inconsistent services. Bear in mind that the reason you’re hiring a property management agent is to obtain higher quality tenants. If the managing agent has less than ideal standards in qualifying renters, expect to get an equally low services and results.
4. Study the Company’s History
A property management company that has been in the business for years knows very well the ins and outs of real estate management. Generally, an experienced condo estate personnel in Singapore who has worked with various estate owners and with exceptional reviews from quality clients are an ideal option to manage your assets.
5. Expect to Pay a Good Amount for Good Services
Of course, professional estate management service comes with a price. Most of the time, the service fees are determined from the rental value of the property, and may vary from a few hundred dollars to as much as one month’s rent. You have to decide whether the price is right and find out whether it’s worth it to you.
Choosing to work with a real estate management company can make everything a lot easier, since all you need to do is wait for your tenant’s deposits. Just make sure, though, you understand everything about the agreement and that everything agreed upon is stated in the contract.