There is a lot placed on the line once you decide to hire a managing agent to overlook your real estate investments. Hiring an efficient manager can enable your properties to reap many benefits in the long run, yes, but unfortunately that isn’t always the case. There exists bad agents out there who can potentially wreak havoc upon your properties — and chances are you wouldn’t want that to happen to you, ever.
Of course it’s not easy to sift through who is a good condo manager from those who aren’t merely just in one sitting. You have to take some time in deliberating over the matter. There are a lot of factors which will help you tell who will be the best hire from the bunch, with lots of appropriate questions to be asked to help you examine further.
Questions like how long have they been into property management and what kinds of property do they manage will already give you a little glimpse into the services they offer. The fewer properties they manage, the more likely is it that they have ones they specialize in. In case they manage multiple kinds, however, it is better to ask them first which properties are within the realm of their specialization before telling them the kind you own.
There isn’t an absolute sign that will immediately guarantee you the best estate maintenance you could ever hope for, but if the one you are interviewing as a potential hire gives off the following 5 bad signals, you might as well sit through your decision a little bit longer and give it a second thought. This isn’t to generalize all agents doing properties estate maintenance services in Singapore but if you want to avail the services of the best property manager in Singapore then you should find one who is ready to put his good foot forward even in the preliminary interviews alone.
Unwilling to provide references
Before you hire an agent, you might want to ask what other people speak of him and his capabilities most especially at property management. May it be a colleague, a superior, or a past client — find someone who is willing to testify that the agent is truly the “right” fit for the job. Consider it a deal breaker if he seems unwilling to provide references during your interview. This will only show lack of credibility and trustworthiness.
It is important that you put your complete trust in your chosen managing agent as he will be the one to manage your properties in your stead. They must be confident in their services and be able to provide positive recommendations from other people, if possible, especially it’s their skill set they’re selling to you.
Estate maintenance requires generous hours of the day, not to mention managers are expected to be on call for emergencies 24/7. If you are looking for a property manager, choose someone who will be able to commit his time of the day fulfilling all the roles and duties expected of him.
It goes without saying that this job does not follow the typical 8-5 desk job schedule. Maintenance covers a lot of things, from responding to emergencies, tending to repairs, collecting tenants’ rent, and paying taxes. It needs a certain sense of commitment from the part of the condo manager especially when you can’t tell when urgent emergencies are to take place.
You also have to be wary of managers who takes long time in getting back to you after you made contact. The sooner you can find someone who can do the job, the better it is for your property’s management. If a managing agent seems hard to get hold of then consider other potential hires. They should be responsive and willing to cater all your concerns, nothing less.
This will give you an idea about their responding behavior once you hire them for the job. Ideally, you would need someone who is willing to answer their phones in case there is an urgent emergency that needs immediate response, not someone who will constantly redirect you to voicemail.
Make sure you hire someone you are willing to deal with on a frequent basis. There is no use in hiring someone who is clearly inefficient, only to expect they’d do better over a span of a few meetings. Hire someone who can prove he is ready to take on the job efficiently. The applicant pool for property managers is highly competitive in nature — hence they should effectively convince you why you should hire them instead of plenty other potential competitors out there.
Take into account how the manager will represent you as you deal with tenants. Their work behavior and overall disposition will critically affect their job performance in the long run.
Usually, the management fee is the top factor most people focus on when they hire a property manager to manage their real estate investments. Others are confident in hiring managers who ask for high rates, thinking the high quality service they promise is definitely worth the price. Unfortunately these two factors, service and rate, do not always correlate with each other though.
Some people go for the one who has the lowest price thinking they’d do the same job as the others; only to find out the person they hired prove to be incompetent at the job. It is then important to find a property manager who will ask for a justifiable rate without compromising the service and attention your properties need.
You cannot weed out good property managers from the bad in one sitting. What you can do, however, is take measured steps in ensuring the one you’d end up hiring is competent for the job. Spend some time deliberating in your options. Interview at least three potential hires and do your own research so you can leave your properties in good hands.