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How Estate Management Can Help Improve Your Business

For entrepreneurs in Singapore who own residential complexes such as apartments, hiring a condo manager might seem like an added expense, but there are a lot of tasks which a property management expert can do for you.

Let’s look at the benefits of hiring a managing agent for your business and other properties.

Advertising and Promotion

To have shorter vacancy cycles, the property management team can help you advertise and promote your properties through the following: improvement and preparation of the property for rent, determining the best rental rate that is attractive to tenants but will also be a good deal for the landlord, and negotiation of advertising rates for your property.

Rental Collection

To have shorter vacancy cycles, your property manager can help you advertise and promote your properties by doing the following: improving and preparing the property for rent, determining the best rental rate that is attractive to tenants but will also be a good deal for the landlord, and negotiation of advertising rates for your property. When looking into the maintenance works of your property, look for the best property management in Singapore to ensure superior quality works.

Tenant Screening

Tenant screening can be a stressful process especially if you do not have training and experience when it comes to real estate. You will need to check the applicant’s credit history, rental history, public records, criminal records, employment verifications, recommendations and references, and other related information. The problem with the screening process is that some of the documents can be easily faked if you do not know what to look for.

However, you can avoid problematic tenants with the help of a property management firm in Singapore who has a reliable screening process for tenant selection. The condo manager will make sure that the applicants can pay the rent for a long-term contract and pay the monthly fees on time, the tenant will cause few problems with neighbors, and will take care of the unit and the property. An experienced managing agent in Singapore can easily see through the red flags in the applications, making sure you can avoid scams and bad tenants.

Better Staff Hiring

The managing agent sent by the property management company in Singapore will also be able to help you hire staff to maintain your properties. They will act a supervisor for the other employees, manage the budget to make sure that the building will operate within the budget you have set, and to maintain all the important records. You can delegate the task of hiring, managing, and firing employees, as well as setting the salary of your employees to the managing agent if you do not have time to do these on your own.

Better Rental Agreements

If an expert is handling estate maintenance for you, then you are assured that you are getting the best deals every time. This means that a condo manager can help you with long-term rentals because they can create better retention policies that will benefit both the landlord and its tenants. This expertise requires knowledge about effective property management and experience in dealing with different tenants.

If you can keep your tenants happy, then they are most likely to stay longer in your apartment, resulting in less expenses for campaigning and advertising to get more tenants. Plus, the good tenant screening process will ensure that you will have shorter periods of vacancy because they will determine the optimal rent rate based on information about similar rental units and the real estate market.

Point of Contact for Tenants

Although your condo manager will act as your liaison with your tenants and contractors, it does not mean he/she will act as a house-sitter. The property management team is responsible for ensuring that the daily operations in your properties are performed, for responding during emergencies, ensuring that someone is available as a point of contact for tenants and vendors, making sure that your properties and its systems are performing efficiently, and to act as your informer to make sure you are updated about how to make the most out of your investment.

If you have other business ventures, it will not be possible for you to attend to tenant concerns 24/7, that is why managing agent can hire staff to address such concerns, or he/she can inspect the property himself/herself on your behalf.

Maintenance and Repair Schedule

To maintain the value of your property, it is important to ensure that regular checks are carried out. Your condo estate manager can help ease off the stress of determining whether the property will need maintenance and repair. This will reduce the cost of major repairs because minor problems can be addressed as soon as possible. The condo manager can arrange a deal with contractors after reporting to you that there are important renovations and repair projects that need to be done. A well-maintained apartment will cost less for operations and maintenance if it can keep its scheduled servicing.

Legal Issues Assistance

Not all landowners are experienced with taxes and legal issues, which is why hiring a managing agent to help with estate maintenance is a good move to protect your investment. You can consult the property management team for any legal and financial issues, because they are experts in legal obligations, taxation, and real estate. There are cases where one problem tenant has caused the landlord a lot of headache because the latter did not have enough knowledge about lease contracts, termination of leases, security deposits, rental collection, taxes, and other issues.