If you own a property but can’t find time to look after it and make it generate an income, you need someone to handle its management. To do this, you should do extensive research and know the appropriate questions to ask in interviewing property management companies. List down the names of reputable property management Singapore companies that you can hire. Call them to ask a few basic questions, and then set an appointment for an in-depth discussion of your partnership. To know more about your prospective manager, here are the top questions to ask when interviewing one.
1. “Does the company head/owner get involved in the management?”
Almost all management companies are divided into two departments – managing real estate and selling real estate. Most likely, the company head is actively involved with the sales side, since it is where the higher profit comes from, and the property manager takes care of the property rental side. If the company head is relevantly involved in the property management side, chances are that your property is given more attention than any other company would do.
2. “How long have you been working in the management company?”
Ask your prospective property manager how long he has been working in the company and how many Singapore great property management deals he has handled. Do not simply depend on the name of the company. Just because you’re dealing with a well-known property management does not mean they have certified professional and well-experienced staff. Some managers start as clerks in their company’s office and eventually get promoted because of good performance. Some move into sales department, while the rest into property management.
3. “How far does the company’s service cover?”
It’s fine to hire a company that only specializes in managing properties in Singapore. But, if you plan to expand and buy more properties from different countries in the future, will they be able to manage these new properties? You have two options: either hire a company in every geographic area where your properties are located or find one that has the ability cover a wider coverage area to manage all your properties in the future.
4. “How does your company perform property inspection?”
Another important thing you should know is the company’s procedure when it comes to inspecting your properties. You want a manager that provides excellent customer service and personally shows prospective clients your property. They may also host open houses event on specific dates. Also, by being able to do this, they will get to know your future tenants better.
5. “How many properties do you hold?”
You have to know how many properties the manager currently holds. In well-known companies, some of their manager’s hold up to 200 properties. If they do, ask how they manage all these properties at once. From their answers, evaluate if they are able to provide excellent customer service to their clients and tenants. Others companies, though, hold only a maximum of 150 properties but may charge you more for the service fee. This could be a better choice of investment for peace of mind and, most importantly, make a good profit on your properties.
6. “Do you do screenings for prospective tenants?”
Ask whether they do screening procedures to prospect tenants of your property. If they do, ask what procedures they follow in checking their credentials. You need to secure that the future tenants are capable of paying their bills, thus, require your manager to check people’s rental history and credit, and their past and current employment.