4 Common Property Management Problems in Singapore
Managing an owned property in Singapore profitably is a difficult task. When owners are unable to deal with particular situations, they suffer losses. Here are 4 common property management problems that arise as well as their solutions.
Buildings and properties require regular structural, plumbing, and electrical system maintenance. Anything might happen at any time, and repairs must be made as soon as possible to avoid inconveniences to the tenants. The best way to deal with maintenance problems is to have a preventative maintenance in place and a professional team to handle the repairs.
Ping Property recognise the importance of monitoring and managing your rental property to enhance its ongoing appreciation while maximising your short term returns. We have structured and well defined systems to provide consistency in service and deal with any problems quickly and efficiently.
Handling Tenants And Their Complaints
Let’s face the reality. Tenant complaints can keep on rolling in on a regular basis. This happens everywhere including in Singapore. The complaints range from minor disagreements with other tenants, to major complaints to do with the property’s condition. Many of complaints on the other hand, are about repairs and maintenance of the property. It could be about the lighting in the common spaces, broken door knob and aircondition or the potholes in the driveway.
Every complaint from the tenants needs to be looked into and cannot be ignored, especially if it indicates possible structural issues with the building. Tenants should also feel that their complaints are being heard and appropriate action is being taken in response to their complaints. But how is Ping Property different from other property agents? We can be your full proxy for the property!
Not receiving payment on time is a major problem faced by all landlords and property owners. Most tenants have a broad range of excuses for not paying their rent. Missed payments, late payments can all be the source of this problem.
Solution to this problem requires a multiple pronged approach. To begin, there should be someone in charge who would go about collecting payments on due dates, informing tenants that they must have their payments ready on time. The second step is to impose a penalty or late fee, which is calculated as a percentage of the entire amount outstanding. This usually works if the property owner can enforce it strictly, precisely, and rationally.
Profitability is affected by several factors and the overall management of the property. One of the reasons could be due to many units laying vacant on the property. This problem can be solved by using the right marketing strategy to attract tenants to the property. Proper promotion and positive feedback about the property can make a major difference in getting the right tenants. Even when all of the units are occupied, the business might still run into losses and this could be for a number of reasons.
This could be due to charging low prices to tenants or improper overall management. For assigning the proper rental price, it is necessary to have the property assessed to know the actual worth of the lodgings, and analyzing what people would be willing to pay.
It also helps to do some research on what people are already paying at similar properties in the area. However, in most cases, losses occur due to improper overall management, and the best solution is to hire a professional property management company that is offering comprehensive services for handling all aspects of the property.
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