Avoid Hiring Inefficient Property Managers: 5 Signals to Look Out For

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.

Limited hours

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.

Unresponsive

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.

Unprofessional behavior

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.

Unjustifiable rates

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.

The 3 Most Important Terms in Accounting

 

You are starting to build your own business empire here in Singapore and the first thing that you have to learn is accounting. Accounting is instrumental in any organization as it can determine the company’s financial stability. It is crucial that you know basic principles governing accounting so you won’t be easily fooled or blinded.

As you enter into different transactions, things need to be counted and categorized properly. This is critical as it can give you a clear picture of what changes in your financial position. Want to know more? You should begin to understand the nature of financial statements. Financial statement refers to the categorized transactions that occurred at a given time. There are three types of financial statements to include:

  1. Income Statement

Income statement has two categories – income and expenses. Now this may sound easy but you have to learn to at least identify whether a thing is income or an expense. Income means sales – this is an outcome of the service or product that you sold. Expense means purchases (goods or services that you received from other businesses), employees (hiring people to work for you) and depreciation (like machinery and building)

  1. Balance Sheet

Balance sheet usually refers to the list or collection of everything from your assets to your liabilities at a given point in time. These are from your past transactions. Speaking of assets, it includes fixed assets, VAT, inventory, Trade receivables and cash. Fixed assets for example describe the net value of outstanding goods that are used for numerous periods. Cash refers to the money you have on hand or in the bank. Liabilities are classified as debt, equity, provisions and trade payables. Debt for example describes how much you owe to your bank.

  1. Cash Flow Statement

When you hear cash flow, it usually refers to the change in cash from one period to the next. Cash flow statement has parts that include operating cash flow, investing cash flow and financing cash flow. Operating cash flow is linked to your running business. Investing cash flow on the other hand describes the cash you invested. Lastly, financing cash flow elucidates the cash received and paid from investors and equity.

Learning basics of accounting can be the difference between failure and success. Give time for this and it can surely make your future brighter than ever. Know it by heart. Always remember that the three financial statements are interrelated so do not ignore one.

Entrepreneurial Skills You Can Teach Your Kids Now

 

Kids are gullible – you can easily teach them anything and hope something leaves a mark until they grow up. The key here is consistency. As a parent, you have the responsibility to ensure that your kids grow in a fine environment where they are empowered and eventually be better in whatever field they will choose in the near future by teaching them some skills.

You can start by teaching your kids entrepreneurial skills. It is good to teach them whilst young. Teaching them tying shoes or riding a bike takes time and patience. That is also same with fostering their entrepreneurial spirit. They need nudging. So, here are some skills that you need to teach your kids:

  • Resilience: Being resilient means being able to become strong and successful despite the hurdles or bad things that happened. Your kid should know that life is filled with setbacks and learning how to survive is essential. As a parent, you have to teach your kid to get up especially if they suffered major setbacks in life to be successful.

 

  • Diligence: Before success, your kid must know that they have to work hard for it. Every work demands due diligence. Kids also need to understand the value of hard work. You can start by giving them chores and responsibilities. The best thing is to lead by example. Do not teach being diligent if you are not moving your feet. Remember you are their role model.

  • Self-confidence: Believing in your own capabilities is the precursor of a successful life. You have to help your kids build their self-confidence and eventually it will relate to high self-esteem. After all, being an entrepreneur is believing that you can work it out even if others do not believe it. Encourage your kids to voice out their opinions and give them chances to make their own decisions.

 

  • Giving importance: Entrepreneurs know and understand the importance of social responsibility. At an early age, you have to teach your kids to give back. Entrepreneurs just want to make the world a better place and giving is one way of making it better. You can encourage your kids now to start giving back by helping out the neighbours.

There are many Singaporeans who succeeded as entrepreneurs and your kids should know some of them. Do not hesitate to share success stories because it will serve as their inspiration. Teaching them these skills will assure you that they will thrive later on.