Perhaps, among the most difficult tasks of property management is making sure that you’re business making profit and constantly growing over time. Especially to those owners who do not have enough knowledge about constructions, supervising the process of expansion can be extremely challenging due to great demands of work. However, knowing the basics of managing contractors can be a good start to successfully growing your Singapore business rental.
1. Cover your Grounds with Contracts
It is a very beneficial practice to secure a contract with every contractor you work with, regardless of the cost of the project. The contract should contain a detailed information about the scope of work and, if possible, the materials to be used in the project. The estate management for condos Singapore schedule and payment method should also be included and must be in the form that clearly defines the milestones of the contractor before they get paid. For example, an initial deposit of 20% when the contract is signed, 30% after half of the project is completed, another 30% after completion of the work, and the remaining 20% two weeks after the project is done. Other items that should be stated in the contract are the insurance policy, policy for termination of agreement, and lien waiver.
2. Create a Timeline Before the Project Starts
Whether it’s you or your contractor who will create the timeline for the property management project, it’s important to have something that will serve as a guide while the project is going on.
With a timeline, it keeps the contractor accountable to complete the job on the said date. It also ensures that you don’t pay ahead of the completed work. If there’s no timeline to follow, how will you know that the project is 50% completed and the equivalent amount should be paid right at that moment? A timeline allows everybody, including your managing agent, if you work with one, to keep track of the development and finish the project on the expected time.
3. Visit the Site by Surprise
Whether it’s a simple repainting job or a site expansion, visiting your property by surprise while your people are at work is the best way to check on the workers’ performance. Though this doesn’t matter to good workers, if you have a bad one, you’re now giving them a reason to work hard and not slack off from work. Also, be mindful with those property managers who overbook their schedules and try to manage more than the appropriate number of projects just to make more money. Though many can effectively handle this, some can cause delays and slow down the operations. So, make sure your employees are working in full swing even when you’re not around by randomly dropping by to the site.
If after everything it seems like your contractors, or even your managing agent, do not commit their 100 percent to your project, you always have the option to replace them. Lousy workers are not worth the frustration, knowing that there are plenty of excellent workers out there.
