What is property management - and why you need it

Colliers REview Singapore blog - REMS what is property management and why you need it

Most things, if left unattended to and uncared for fall into disrepair. The same goes for real estate as well, be it commercial or residential properties.

Buildings that are poorly maintained are not only an eyesore in the urban landscape, but they are also dangerous to their inhabitants. Investors will also be aware that deteriorating conditions will affect rentability and impact the value of the property negatively.
Those are just some of the reasons why commercial landlords and strata management clients hire a facilities and property management company to manage their projects.
In the case of Colliers' property management services, its team of veteran facilities managers and on-site staff work tirelessly to ensure the properties which the firm manages are in tip-top conditions. The operations teams are also supported by a trusted accounts department to ensure that the financial management of the properties are in order.
Why appoint a property management company?
A building that has fallen into disrepair is unsafe. For example, leaking pipes or poorly maintained plumbing can cause flooding and pose electrical risks. Long-term water exposure may even result in mold and structural damage.
Maintain or enhance value of the property
Regular checks and timely response to any repair or maintenance issues in the property will improve the building’s condition, thereby helping to support its value.
Lower maintenance and repair costs
A facility manager will be able to identify any maintenance issues and recommend solutions to address them before they become larger, more costly problems down the road.
Help in tenant/occupier attraction and retention
No one wants to live or work in a building that is falling apart. Commercial landlords would struggle to attract companies to take up space at the development, let alone ask for higher rents. Similarly, it would be challenging for apartment owners to lease their units in a rundown apartment block.
Peace of mind for owners
Having a property manager to look after the common facilities in the development means the landlord or home owner would not have to personally deal with vendors or contractors, oversee repair works or fret over whether the building is well-maintained. This provides a peace of mind and gives them more time to focus on other matters in their business, or spend more time with their family and friends.
With greater focus on sustainability, a property manager – supported by other consulting functions within the firm -  will be able to suggest ways that would help to improve occupants’ comfort in the building, conserve energy and optimise space use.
However, the needs of building occupants will evolve and the rise of new technologies will reshape the property management industry. To this end, Colliers - tapping on the firm’s enterprising culture -  will continue to drive innovation and find new approaches to help clients better managing their real estate in line with their business or personal goals.

Check in with Colliers' property management experts to maximise the value of your properties.


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