Property Management Article

By Livia Belmonte 

Property management is the concern of many of us, taking into account the fact that our society is in continuous movement and change. Property management information is available not only in specialized magazines and research papers, but also online, on websites that have as their major concern study, market research, covering issues regarding marketing and leasing, land use and development, maintenance and other important subjects. There are also property management companies that offer their consultancy and assistance during an investment and management period.

The advantage of reading property management magazines is that they present both the academic and professional point of view. Besides, some of them are available online, too. Another advantage of property management magazines is that some of them are focused either on the national or international perspective regarding important issues. Property management magazines are a valuable resource for people who want to be informed about changes of this domain.
There are various online resource centers offering news and information about property management. You can find there information about property and real estate, tax deductions for landlords, frequently asked tenants concerning the legal or practical issues of tenants and landlords. Property management resource centers also offer useful tips for landlords and valuable details about usual issues. Tenant injuries is a subject discussed by online property management resource centers, pointing out insurance facts and landlord liability. There are also legal updates to previous information offered on the website so that the landlords would be well informed about recent changes.




There are also National Property Management Associations focused on personal property and fixed-asset professionals. These associations can offer training, educational opportunities as well as certification programs, all of them concerning the subject property management.
You can find information and assistance concerning agriculture, industry property management. There are property management divisions concerned with some particular branches: real property, personal property and physical property. Property management can become easier with support, implementation and monitoring of procedures, regulations and policies for the management of real and personal property.
Property management companies have to deal with multiple responsibilities and aspects of management of ownership of real estate. These companies offer to negotiate and stabilize the relationships between landlord and tenant. They also manage income and activities involving expenses, repair, maintenance and other aspects of the construction and development.
Property management is much more than a matter of responsibility, awareness and information. It requires time, intelligence and witness, great attention to details, but also management qualifications.

Building Maintenance Plan

Definition in Building Maintenance is the work undertaken in order to keep, restore or improve every facility, its service and surrounds to a currently accepted standard and to sustain utility and value of the facility.

Maintenance Management involves a wide range of activities which serve to keep the property in the best possible condition.It should includes various activities in a building complex which will:

• Improve the apperance of the building and grounds
• Optimize the performance of its working parts
• Correct physical,mechanical and other defects
• Reduce accidents
• Extend the productive life of the property

Building Maintenance Plan
A good building maintenance plan should meet the criterias below:

• Assessing the property needs
• Identify capabilities of on-site staff and equipment
• Estimating the time each job will take
• Re-arranging the maintenance tasks according to Personnel

Malaysia Property Management Standard

Building Management is one of the major topic when we discussing about property management. Each property manager have to set up a building management system customised by the property. A well set up building management system will ensure the smooth operation of the building facilities and services at the optimum operation cost.

These are the statement of standard in building management:

1. The Property Manager shall set up a suitable site building management office subject to the Client's approval.

2. The Property Manager shall ensure suitable and an adequate number of person to administer the site office and manage the day to day operations.

3. It is the duty of the Property Manager to design and implement the relevant policies and procedures for the property and ensure all necassary controls are in place.

4. The Property Manager shall prepare, review and implement Standard Operation Procedures (SOP) for the administration of the site office, site personnel, vendors and service contractors.

5. The Property Manager shall formulate management and maintenance procedures to ensure efficient supervision and management of the property.

Property Management Organisation

The organisational entity that manages the property can either one of the following:
1. A professional property management organisation registered with the Board of Valuer, Appraisers and Estate Agents as in Malaysia, employed by the owner of the building
2. A property management organisation within the owner's organisation to specifically manage a property.

These are the organisational chart that recommended by myself.

1. Property management department that cover overall portfolio management, implementing management policy and feasibility study.

2. Marketing department which include marketing executive

3. Account department with accounts clerk.

4. Administration and manpower department which include administration executive

5. Operations department that need a building superior that more intensify on maintenence plan.

6. Other personnel department can be formed.
(such as building assistants, wireman, chargeman, handyman, plumber, security guards or security officer)

Discuss Definition of Property Management

The property management profession has developed for over half a century, but little attention has been devoted to its definition and origion.
This is probably because its definition is too trivial to most people, they would immediately relate property management to security, cleaning and maintenance of a property.

This general perception is reflected by Cheng, who regarded property management as a series of simple operations serving buildings such as cleaning the common areas, providing security guards to mind entrances and maintaining the common areas of building premises ans services.

Nevertheless,we should define property management in more strategic way, emphasizing the goals that property management aims to acheive.

For example, Scarrett(1983) has stated property management as 'seek to control property interests having regard to the short and long term objectives of the estate owner.

In fact, the existing view to property management can be succinctly categorized into two types of question : 
1. How
2. What.

'How' view regonizes property management as a branch of the management discipline, which emphasized how to plan,organize,command, coordinate and control property-related activities to archeive designated objectives.

'What' view refer to what kinds of operations are involved, ranging from traditional tasks, such as security, cleaning, and maintenance to the provision of value-added services.

Although this view is very concrete and specific, but it make little distinction between property management and housekeeping.

Property Management Standard in Malaysia

Property Management Standard in MALAYSIA

In malaysia, as a property manager in property sector, we have to know the standard of property management in order to become a qualified, experienced and competant property managet in property management. 

These standard is important for a property manager to ensure that smooth and safe operations can be carried out from the property management. Because as the property built in Malaysia is getting more and more,thus it will provide ample of opportunities, jobs and space for recreational and socialise. Thus, property management sector is getting more competitive than before. These standard are a good guildline for property manager in property management.To ensure the adherance of workflow with the profesional property management.

Ｉn malaysia, property management is define as "the management, maintenance and control of any land, building and any interest therein, excluding maintenance and management of property-based business, on behalf of the owner for a fee."

"Board" who take care of property management in malaysia is known as the Board of Valuers, Appraisers and Estate Agents Malaysia

"Building Maintenance Account" means the property management account related to subdivided building or land that is opened and maintained by the developer for his completed building in development until Joint Management Body is established.

"Building Management Fund" means the property management account that related to an intented subdivided or land that is opened and maintained by Joint Management Body until the Management Corporation is established.

"Common Property" means the property management development area or lot, such as the structural elements of the building such as stairs, stairway, stairwell, entrances, exits and fire escapes, corridors, fixtures and fittings, refuse bins, drains, water tanks, wires, pipes, cables and ducts. It also include the exterior of all common parts of the building such as playing fields, recreational areas, driveway, car parks and parking areas, landscape areas, open spaces, walls and fences. AND all other facillities and installation of any part of the land used that enjoyed in common by all the occupiers of the building"

Thus, we can seens how widen of property management  knowledge is. It will be crucial when people asking these terms in property management sectors. 

Property Manager In Property Management

PROPERTY MANAGER IN PROPERTY MANAGEMENT

should comply with the provisions of Act under the Standard which is Act 242, Act 318 and Act 663. The property manager shall:

•  Shall qualified, competent, experienced and registered with the Board.
• Shall ensure that all contracts are signed by the client
• Shall sign importants reports and documents prepared.
• Shall be honest and independent
• Shall adhere to the code of conduct and ethics
• Shall be adequately covered by profesional indemnity insurance.

HOW TO APPOINT A PROPERTY MANAGER IN PROPERTY MANAGEMENT

First, the engagement must be in WRITTEN AGREEMENT of property management, the agreement must includes,
1) The terms of period of appointment
2) The scope of work
3) The professional fees, salaries, taxes, disbursements and etc.
4) The relevant terms and conditions

Through these steps, i am sure that we could appoint an eligible property manager in property management sector.