Have any queries? Try looking through our list of questions for an answer.
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 power of signing cheques under delegation of duties and responsibilities in section 67 of BMSMA (Revised Edition 2008).
What are the scope of duties and responsibilities of a Managing Agent?
The scopes of a 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;
What is an accreditation of a Managing Agent?
Accreditation is a process of recognizing 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.
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.
What are the criterias for an accreditation?
An accreditation takes into accounts the following factors inter alias:
- Company track record of managing estates of the similar size satisfactorily
- A project retention duration
- Company’s financial means of supporting its expenses & staff costs
- Staff strength
- Market reputation and corporate image
- Project references etc
Is there a minimum paid up capital required for a Managing Agent?
No. However, the amount of paid up capital reflects the company’s commitment and confidence in the business and its desires to succeed in the long term. Exceltec Property Management Pte Ltd has a paid up capital of $1.4 mil which no other MAs could match to-date.
What are the assurances a Managing Agent must have?
A reputable and reliable MA must have he following assurances:
- A Professional Indemnity (PI) insurances of $1 mil & above;
- A Public Liability (PL) insurances of $1 mil & above;
- A Work Injury Compensation insurance for its employees;
- A Money insurance against staff fraudulent and cash misappropriation;
How do we compare one Managing Agent to another Managing Agent?
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 20-30 years market existence with a newly set up OMO MA company whom 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.
How to choose good Managing Agent?
Critically evaluate a MA company using the following guidelines:
- Its project references;
- Its financial standing and stability;
- Its market reputation and corporate image;
- Its MCST knowledge and competence;
- Its technical support and competence;
- Its HQ infrastructure and competence;
- Its Directorate quality and competence;
- Its emergency support capability;
- Its organisational structure;
- Its operational readiness and capacity.
Why choose Exceltec Property Management Pte Ltd?
Exceltec Property Management Pte Ltd is an established MA company since 1991. It is committed to provide quality property management with established infrastructure and encompassing capabilities in
- M&E engineering;
- Green Mark competence;
- Energy management;
- In-depth understanding and knowledge of MCST management and building services management;
- Unequalled in-house emergency response team on standby 7Ã—24 all year round;
- A highly committed HQ with business support and technical knowledge;
- Established ISO procedures and SOPs in line with market best practices.
What are Exceltec's commitments to clients?
Exceltec Property Management Pte Ltd is committed to provide:
- Full compliance with all statutory requirements under BMSMA;
- Timely updates of work-in-progress;
- Regular monthly financial statements with highlights of area of concern if any, for attention;
- HQ support for operations, events organization, finance, AGM/EOGM;
- After office hours emergency support 7Ã—24;
Knowledge of MCST and other building management related legislations?
Exceltec has a team of experienced and qualified professionals whom are specialists and experts in their respective field of studies and experiences. Exceltec is knowledgeable in legislations and regulations relating to MCST management and building related compliances.