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The trouble in condos

Posted on 2 Aug 2009 | Comments Off

HOME owner in The 101 complex in Beach Road complained to the property’s manager earlier this year that the water pressure in her unit was low. The water pump, it seemed, had broken down.

But the residential and commercial building had no money to fix it, says its property manager Vijayen Nair. It was deep in debt of more than $200,000 after messy lawsuits involving disputes over its common area, and some of its apartment owners were withholding maintenance payments.

The home owner herself owed about $2,500 in maintenance fees. She paid up almost immediately to get the pump fixed.

Mr Nair, 52, whose firm Philip Motha Property Management runs about 30 condominiums and commercial buildings, says it is an example of how bad things can get if people do not care about their estates. ‘Generally, people do not know what is going on,’ he says.

The 101’s problems are far from uncommon in Singapore. Continue reading →

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Tagged Condo Management, Property Management

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

Posted on 2 Aug 2009 | Comments Off

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 →