- What does a Managing Agent do?
- What is the scope of duties and responsibilities of a Managing Agent?
- What is accreditation of a Managing Agent?
- Must a Managing Agent be accredited?
- What are the criteria for an accreditation?
- What assurances that a Managing Agent must have?
- How do we compare one Managing Agent from another Managing Agent?
- How to choose a good Managing Agent?
- Why choose Smart Property Management?
- What are Smart Property commitments to Clients?
1) What does a Managing Agent do?
An appointed Managing Agent (MA) shall have and may exercise all powers, duties, and functions of the chairperson, secretary, treasurer or the council of the management corporation except the power of signing cheques under the delegation of duties and responsibilities in section 67 of BMSMA (Revised Edition 2008).
2) What is the scope of duties and responsibilities of a Managing Agent?
The scopes of an MA inter alias the following broad areas:
- Operations: Day-to-day smooth functioning of the estate’s cleanliness, security, landscape, pest control, swimming pool, refuse disposal, routine repairs & maintenance, scheduled maintenance works etc;
- Administration: Cash/cheques management, facilities booking, car parking matters, term contracts management, council meetings, audit, AGM/EOGM planning, licences renewal, statutory compliances etc;
- Finances: Monthly financial statements; monitoring of cash flow, renewal of fixed deposits, arrears management & monitoring, financial control etc;
3) What is accreditation of a Managing Agent?
Accreditation is a process of recognising a MA’s professional and financial standing in the industry having fulfilled all criteria set by the Accrediting Body for such grade. There are 2 grades, Grade A and Grade B. Grade A means the MA is capable of Managing estates of any sizes. Grade B however, could only manage estates of 150 units or less.
4) Must a Managing Agent be accredited?
Accreditation is not mandatory officially. It is voluntary and is non-binding on a MA company to observe its own grade of accreditation when biding for project assignments. A Grade B company is free to participate in a big estate if invited by the MCST council. There are many One-Man-Operations (OMO) companies whom are not accredited but are managing big condo projects, too.
5) What are the criteria for an accreditation?
An accreditation takes into accounts the following factors inter alias:
1. Company track record of managing estates of the similar size satisfactorily
2. A project retention duration
3. Company’s financial means of supporting its expenses & staff costs
4. Staff strength
5. Market reputation and corporate image
6. Project references etc
6) What assurances that a Managing Agent must have?
A reputable and reliable MA must have the following assurances:
1. A Professional Indemnity (PI) insurances of $1 mil & above;
2. A Public Liability (PL) insurances of $1 mil & above;
3. A Work Injury Compensation insurance for its employees;
4. A Money insurance against staff fraudulent and cash misappropriation
7) How do we compare one Managing Agent from another Managing Agent?
The comparison must be on a like-and-like basis or apple-to-apple basis. It does not make any reasonable conclusion when comparing an established MA company with years’ market existence with a new set up OMO MA company who has little or no overheads.
Besides pricing, years of MA experiences are just as important in order to guide and advise MCST legally accurate and appropriately.
8) How to choose a good Managing Agent?
Critically evaluate a MA company using the following guidelines:
1. Its project references;
2. Its financial standing and stability;
3. Its market reputation and corporate image;
4. Its MCST knowledge and competence;
5. Its technical support and competence;
6. Its HQ infrastructure and competence;
7. Its Directorate quality and competence;
8. Its emergency support capability;
9. Its organisational structure;
10. Its operational readiness and capacity.
9) Why choose Smart Property Management?
Smart Property Management (Singapore) Pte Ltd is an established MA Services company. It is committed to providing quality property management with established infrastructure and encompassing capabilities in
1. M&E engineering;
2. Defects Management
3. R & R Works & Project Management
4. Energy management;
5. In-depth understanding and knowledge of MCST management and building services management;
6. A highly committed HQ with business support and technical knowledge;
7. Established procedures and SOPs in line with market best practices.
10) What are Smart Property commitments to Clients?
Smart Property is committed to providing:
1. Full compliances with all statutory requirements under BMSMA;
2. Timely updates of work-in-progress;
3. Regular monthly financial statements with highlights of area of concern if any, for attention;
4. HQ support for operations, events organisation, finance, AGM/EOGM;
Knowledge of MCST and other building management related legislations.
Smart Property has a team of experienced and qualified professionals who are specialists and experts in their respective field of studies and experiences.
Smart Property is knowledgeable in legislations and regulations relating to MCST management and building related compliances.