Having the ownership of property is an excellent investment. It can generate handsome revenue for without you having to make too much of an effort. However, maintaining a property can be quite hectic and time taking. You should be able to keep your property well updated so that it gets more opportunities of getting rented.
To keep the burden of property management off your shoulders, it is good to hire a property manager who can take care of your property. A good property management company in Singapore will provide you with the best services in this regards. We bring to you some useful tips that will let you hire a good property manager in this article.
Focus on Licensed Personnel
Hiring a licensed property manager can keep you from many troubles that you are unable to see. Licensed property managers are approved by the state because they have passed relevant courses. A licensed manager will carry out standard state approved procedures for property management so it can keep you off any troubles regarding any legal matters. A licensed property manager are well aware of his roles and responsibilities on top of the major skills that he is required to have before handling a particular project.
Check for the Record
You should consider how many properties are currently being managed by the concerned person. Check how well the property is being managed. It will give you an idea how the person will handle your property as well.
Make sure that the management fee your property manager is demanding is reasonable. There is no fixed management fee. It mainly depends on the locality and the rent of your property. Normally, management fee is 8 to 10 percent of the total rent.
Repair and Maintenance
Find out how your property manager deals with repairs and maintenance of property. Look at the procedures followed by the company. Different companies have different policies for repairs. Some of them always reserve an amount for maintenance. Others simple charge for bills instantly for repairs. Ensure that the property managers observe a clean air quality within the property
There are several aspects of property management. When you are dealing with your manager, make sure you have a written contract which you go through comprehensively. Keep an eye on the postulates of the agreement to avoid any financial risks in future. Always mention a method for ending the contract in case things don’t go well between you and your manager.
Rents and Payments
Ensure that you are getting your rent on regular basis between the agreed time slots. Always be aware of what you manager does with the rent and always try and seek for repair receipts and other miscellaneous charges.
Property inspection is instrumental to keep the property in good shape. Make sure there is at least one property inspections trip from your property management company. A decent property management company will take care of your property management needs in an effective and efficient manner.