Tag Archives: Condo Management

Comparing the merits of a managing agent and an in-house team

Posted on 2 Aug 2009 | Comments Off on Comparing the merits of a managing agent and an in-house team

SHOULD private home owners directly employ staff to run their estate or should they delegate the job to a managing agent? Associate Professor Alice Christudason from the National University of Singapore’s Department of Real Estate says both approaches have their merits.

POINTS TO CONSIDER WHEN HIRING A MANAGING AGENT (MA)

~ In general, you have greater assurance of professionalism, although there is no guarantee of minimum standards since there is no licensing requirement for MAs in Singapore.

~ There will be a better chance of up-to-date technology being used, as property management firms invest heavily in computer hardware and software.

~ The condo can draw from the MA’s entire pool of manpower and resource expertise. The firm, for example, can dispatch at short notice additional staff to any of its clients when it is required.

~ When the MA makes bulk purchases of items, the condos can benefit from economies of scale. Continue reading →

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Some common terms in condo management

Posted on 2 Aug 2009 | Comments Off on Some common terms in condo management

Management Corporation

Automatically formed for every condominium or multi-unit private development. All condo homeowners are automatically members of the management corporation. It is a legal entity that may sue other parties, and can itself be sued by other parties.

Subsidiary Proprietor

The technical term for a homeowner on an estate.

Share Value

This reflects the share that an owner has in the common property of an estate. If a unit’s share value is five out of 100, then 100 represents all the shares of all the units in the condominium and five represents the shares allotted to that unit. The share value is used to determine the homeowner’s maintenance contributions as well as his voting rights. The higher his share value, the more maintenance contributions he has to pay and the more voting rights he has. In the case of residential properties, an apartment of up to 50 sq m is allotted five share values, and an additional share value is allotted for every additional 50 sq m of floor area.

Management Council Continue reading →

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