Top 5 Factors to Consider when Appointing a Real Estate Managing Agent

When it comes to effectively managing a real estate property, the role of a professional managing agent (MA) is invaluable. While some estates may attempt to handle their affairs independently, the expertise and experience of a reputable real estate managing agent or property management company can make a significant difference in the success, sustainability, and security of the property. A well-maintained property can contribute to an increase in property values. 

In this blog post, we will explore the top 5 factors to consider when appointing a real estate managing agent, ensuring you make an informed decision that aligns with your property's needs and objectives.

1. Reputation

Benjamin Franklin famously said, “It takes many good deeds to build a good reputation, and only one bad one to lose it.”

When narrowing down the options for selecting a real estate managing agent or property management company, going by reputation is one of the easiest ways to achieve this.

A reputable business’s track record gives you confidence. You can verify this not only through online reviews but also by talking to the company's associates and existing or former customers.

2. Technical Expertise and Capacity

MA services should add value to your estate, which means they should have the specific and specialized skill sets and technical capabilities that you don’t otherwise have available.

Thus, when choosing a real estate or property management company, you should consider: What is the size of the operations team? What’s the company’s bandwidth and capacity for support, both on a day-to-day basis and in emergencies?

3. Head Office Management

A Head Office Director or Manager is essential for a smooth experience. Ideally, the Head Office Director or Manager must be competent and experienced enough to manage the site staff and site issues that arise.  They can provide industry updates, act as an escalator for emergencies, and keep making meaningful recommendations about the industry or the products as well as acting as a personal tutor to more inexperienced staff.

4. Training, Safety, Equipment

As a result of rapid digitisation, there are regular innovations, improvements, and updates in real estate managing agent services. This means the skill sets and equipment of those responsible for them must also be upgraded to ensure the best service. 

Well-trained managing agent staff can help improve sustainability in a property through energy management. This could mean implementing energy-efficient systems, such as LED lighting and smart thermostats, and regularly monitoring and optimizing energy usage. They can also improve water conservation by reducing water usage, fixing leaks, and implementing water-efficient fixtures. 

They also need to ensure the security and proper running of all parts of the property, from the buildings and lighting to the safety of the staff, residents, and guests. They may need to install security camera systems in the common areas and car parks at the property.

You may wish to find out if the company invested in the training of their staff. Are they proactive about safety, provide necessary updates, and perform checks? Are the systems they are using up-to-date?

5. Cost

Cost is one of the single most important considerations of any appointment.

However, cheap does not usually tend towards optimal results and the best outcomes. If any real estate managing agent or property management service sounds too good to be true, it probably is. Engaging them may result in sub-standard services and unhappy residents, costing the estate more money in the long run.

By considering these factors, you can make an informed decision when selecting a real estate managing agent or property management service for your property.

As the largest privately owned strata manager in Singapore, Savills Property Management manages residential, commercial, and industrial properties and assets such as Orchardgateway and Orchardgateway@Emerald. Get in touch with us to find out how we can help manage your properties.