How Property Managers Help You Make More with Less Work

Property management is an important consideration when it comes to making sure that your property maintains its upkeep. Hiring a managing agent in Singapore can do a lot to help you not just with making a profit for your real estate, but also with making sure that your property increases in value over time.

Benefits of Property Management

Like all good things, prime real estate needs prime maintenance in order for it to make a profit. One way to maintain it as an investment real estate is by being a hands-on landlord yourself. However, if you don’t want to do that, this is where having a property manager comes in.

When it comes to buying real estate, a broker can also act as a managing agent or condo manager with property management included in their roster of services. These services include, but aren’t always limited to, the following:

1. Screening potential tenants – Managing agents all have a system of screening potential clients. These help to minimize accusations of discrimination, as well as filter out the best tenants that can not only pay for longer, but also pay on time and are less likely to cause any problems with your property.

A managing agent can also make sure that the property is marketed to as wide a tenant base as possible, which is something that you may find hard to do alone.

2. Rent collection – Aside form screening for tenants, managing agents can also set the initial rent level (which depends mostly on how much certain units of the property need to be priced in order to recover the investment and continue making a profit), they can also collect and adjust the rent in your absence.

Essentially, if you don’t want to manage the property yourself, hiring a property manager can free you up with having to look after the monthly upkeep.

3. Maintenance and repair services – Whether they are personally in charge of estate maintenance or hiring a third-party estate maintenance service, managing agents are more than capable of managing building maintenance in Singapore and making sure your property is in peak condition. Because of this, they often have large networks of reliable people who can do the job.

4. Budget management – A managing agent (or condo manager, depending on the type of property you want to invest in) also helps in detailing budget plans as well as establishing and keeping existing records, such as income, expenses, complaints, maintenance and repair costs, etc.

How Managing Agents Market Your Property

Properties that slowly become undesirable will at some point experience a dip in rent, which will leave you with a less attractive return on your investment real estate over time.

In order to make sure that you can still experience a profitable return on your investment, having a managing agent or condo manager for your investment real estate is essential – aside from their function in making sure the property appeals to potential tenants, they also have to market the property to said tenants.

Managing real estate in Singapore involves understanding the operating expenses and the level of budgeting required in order to keep these expenses manageable. The appropriate rental rates are estimated based on the existing costs needed to maintain the property and the increased percentage of return, among others.

How Managing Agents Price Rent for Your Property

Investment real estate works on a different way than most real estate properties, as they are used mostly as a source of income rather than a primary residence. There are also a lot of factors that your managing agent or condo manager needs to keep in mind when calculating the cost of rent for your properties and marketing it to potential tenants.

Depending on how lucrative the property is as a living space (i.e. the property’s condition, proximity to amenities, transport hubs, markets, etc.), the price can be made high or low.

Examining the “Buy-Low-Sell-High” Strategy

The phrase “buy low, sell high” has become a mantra seemingly ingrained in every real estate investment seminar, and has since been incorporated into every book and infomercial on the subject. However, this isn’t always as easy as it sounds – in fact, the principle is incredibly difficult to execute.

While your property may increase in market appreciation and accrue considerable market equity on paper over time, it’s important to prepare for when you reach an income cap, and the earnings start to decrease from then on. If your investment is located in an area with high appreciation rates, this can have a negative effect on your return rates.

There are existing exit strategies that you can use in order to avoid seeing your investment turn into a costly white elephant, such as reinvesting in new property or selling the existing property outright, though this may take some strategic planning with your managing agent in order to pull this off.

On Competitive Pricing

As a property owner, you may also need to embrace the possibility of competitive pricing. Your managing agent needs to do this in order to make the rent strike the balance between yours and the tenants’ interests is also something that a managing agent or condo manager needs to be able to do.

While the price of rent may seem disheartening to you at first, the profits that they will generate will eventually accumulate over time. Keep in mind that the results are not immediate – pouring your investment in real estate may not guarantee fast results, but the results are definitely guaranteed.

When to Call a Plumbing Service

A lot of homeowners tend to do their plumbing works on their own for many different reasons. Some are motivated by being able to save money while for others, it’s the feeling of fixing your own property and being able to try out their own skills and craftsmanship.

However, not all repair jobs can be done by the average homeowner. There are some jobs that require the experience, expertise, and tools that can only be provided by reliable plumber. But when should you throw in the towel and let the professionals handle the plumbing works? Here are a few things that you should call a plumbing service for.

1. Maintenance

A regular maintenance schedule can help you avoid costly repairs. Pipes need to be regularly maintained to make sure that small fixes do not lead to larger, more expensive breakdowns. A reliable plumber has the knowledge to do a thorough inspection of your plumbing works, from detecting leaky pipes to clearing clogged drains.

During an inspection, a reliable plumbing company in Singapore will clean aerator heads on your faucets and shower heads. They will also clean garbage disposals and water heaters, conduct pressure tests to detect leaks, inspect your filter system, and test for lead.

2. Clogs and slow drains

Of course, clogs are some of the most urgent problems that your pipes can have. While you may try to clear the clog with a plunger, some clogs just won’t budge. This could be because your plunger is too small for the sewage line. Some homeowners go down and dirty by trying to break-up the clog themselves, but this could damage your porcelain, or cause further damage to your pipes.

To make sure that you don’t worsen the problem or have your efforts wasted, call an expert. If you already have a clog that is causing a flood, you will need plumbing services immediately. On the other hand, if a clog ever occurs at night, don’t hesitate to call a 24 hours plumber in Singapore.

Slow drains can be as much of an issue as clogged pipes. Water that drains slowly, such as those that could happen in sinks and tubs, can worsen to become full-blown clogs. It is always a good idea to call a plumber as soon as you notice water draining slower than usual.

3. Leaks and drips

Leaks and drips are a nuisance in many ways. Not only do they raise your water bill, costing you money on wasted water, they can also damage your property and belongings. Not only that, leaks can also be noisy and annoying. Leaky faucets and showers may be easy to fix; you may only need to change the washer or tighten a screw or two. However, if this doesn’t work, it’s time to call a professional plumber to make sure that you don’t waste any more water or damage your property further.

4. Reduced water flow

If instead of too much water it’s not enough water that’s your problem, it may mean that you need to call a plumbing contractor. Weak water pressure can mean that your shower’s aerator is clogged, or coated with residue. While you can remove and clean an aerator yourself, certain models can make DIY fixes overly complicated. If you try to force your way into unclogging an aerator, you may simply worsen the problem, so it is best to call a licensed plumber instead.

5. Inconsistent water pressure

An inconsistent water pressure is a tell-tale sign of bigger issues. Whether it’s just the pressure of a single pipe, or a problem with your entire house, it’s always a good idea to have it checked by a licensed plumber.

While the problem may be something as mundane as a clogged pipe, finding out the cause of the problem by yourself can very costly. Licensed plumbers have the tools and knowledge to figure out where the problem lies without having to manually check every pipe, saving you time and effort.

6. Visible water damage

Signs of water damage that is left untreated can mean great costs for you in the future. These signs can include water stains, mold, and discolored walls. It is a good idea to contact one of the many plumbing services in Singapore like the moment you notice any signs, as water can cause costly damage on your property and belongings.

7. Gurgling pipes

If your pipes gurgle whenever they are used, or moments after you have turned off a faucet or flushed the toilet, this means that your pipes are clogged. If they gurgle when they are not used, it may mean that air is being drawn into the drains, due to a blockage.

As the drains continue to be used, a back-up may occur. This may also cause sewage smells to occur in a building. If you hear gurgling sounds within your plumbing system, try to minimize water use and call a plumbing service immediately.

8. Major installations

When you’re installing major appliances or fixtures, you will need the expertise of a plumber. Trying to install an appliance yourself may cause avoidable repairs, and may even lead to a re-installation. Even if you will have to spend some money, a consultation with a plumbing service can save you time, effort and money in the long run.

You will also need the services or a plumber when doing remodels and renovations. When changing the structure of a room, you will often need to move appliances and fixtures around, which means that you may need to move supply lines and drains. If you attempt to do this yourself, you may end up ruining your lines, resulting in even more costs.