FAQs

What is the benchmark of a good property manager?
There are a lot of property managers available but a good property manager should have the relevant experience that meet your needs, having the right experience that is relevant to the advice you need. If you are looking for a property manager to advise on mixed developments, then someone who has been working on mixed development for three years would be better than someone who has managed only residential buildings for 20 years.

The big firms would have more exposure and have the right manager then?
Big firms may have more exposure to a lot more projects and may have a lot more personnel, but they may not have the best person for your needs. You should want personalized service and easy access to an experienced property manager. The way it works in some big firms, you might only be getting the services of a junior personnel.
If so, you may want to consider going to a smaller firm who might not have the branding yet but would be able to offer advice directly from an experienced person.

What else should we look for apart from the experience and the ease of access?
Another factor to consider is a property manaer who has commercial awareness i.e. someone who is aware of which mindset to adopt (which hat to wear) when representing the client. If you are a developer, we wouldn’t advise engaging a property manager who has not been exposed to project developments. This may not be directly related to his ability to carry out the required duties but the right mindset will enable him to discuss matters that fit the commercial intentions of developers. Another equally important factor is your personal chemistry with him, as this is a person who will be representing you in carrying out matters pertaining to property management.

Would a smaller firm would be able to offer cheaper rates?
Just because they’re smaller does not mean they should be cheaper. The expectation would be that they are competitively priced, as you are paying for good advice hence the value of the solution vs. the cost of the problem. Don’t always go for the cheapest; the cost factor should always be considered together with whether the property manager has the relevant experience to give you the right solutions.