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.

Primary Responsibilities Property Management

PRIMARY RESPONSIBILITIES OF PROPERTY MANAGEMENT

 
1. Meet owner's goals in property management
2. Negotiate Lease with apply property management
3. Communicate with property owner
4. Develop a management plan to operate properties
5. Develop and implement marketing plan
6. Develop and administer a maintenance program
7. Anticipate and respond to the residential and commercial tenants needs
8. Prepare comprehensive budgets and cash flow projection in property management
9. Administer the collection and deposit of rents
10. Monitor and pay expenses of property management
11. Conduct market survey and determine rental rates

BASIC FUNCTION OF A PROPERTY MANAGER IN PROPERTY　MANAGEMENT
As a property manager in property management, he/she has to be the administrator for the owner as meet the primary interest of owner which is :
1. Enhancement of the physical value of the property
2. The highest return from the property for the highest and best use
As property management can ensure these things happened.


SPECIFIC DUTIES OF PROPERTY MANAGER
Let the owner feel relieve of all executive functions and all details connected with the physical upkeep of the property in property management ;D



THESE ARE THE GOOD ELEMENTS OF property management. ROCKS!

Proper Handling Over Property Of Property Management

Hand Over The Right Of Property Management

A proper handling over property is the first and essential steps in property management provision.
It is to ensure that all relevant assets, documents and records on the maintenance and management of the property are properly handed.

PROPERTY MANAGER ROLE DURING HAND OVER

• Prepare and set up Property checklist
• Carry out general inspection audit
• Implement deed of mutual covenants, house-rules and by-laws

Prepare And Set Up Property Checklist
Items involve in the checklist are:

1. Relevant assets
2. Assets auditing
3. Documents and records on property management
4. Documents and records on property maintenance
5. Financial records of the property

Carry Out General Inspection Audit
It is because to establish the current state of repair of the building. It is also needed to check the current conditions of the building especially on the infrastructure and facilities.
Moreover, inspection is needed to identification of the rectification of the defects to ensure proper upkeep of the property. BUILDING AUDIT REPORT is need to be prepared as well. What is building audit report? it is a report that state the building condition which based on a visual general inspection of all relevants component of the building.

Implement The Deed Of Mutual Covenants , House-rules and By-laws
It is drawn up for the smooth and safe operations and have the proper administration of multi-occupied building especially for the common facilities and amenities.

Introduction To Property Management

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In general, property management is regarding how to manage a property. It can be classified into two type of property which are residential property (condominium, apartment) and commercial property (cinema,shopping center, retail store,petrol station).

MEANING OF MANAGEMENT
When we talk about property management. Its involves theory of management. Management in general is universal especially in the modern industrial world. As it can be understand as every organization requires management in order for making decision, coordination of activities, handling of people and evaluation of performance that directly toward a group of people.

The word 'management' itself identifies a special group of people whose job is to direct the effort of the other people through an activities to archive objective.
As management theory also involving method of procedure, goals and objective.

ROLE OF A MANAGER
1. The interpersonal role where manager is a symbol of a team, it is also a figurehead for a team. Thus, he/she may have to serve as liaison between outside contacts such as contractors.
2. The information role where manager have like to be a monitor and spoke person in a certain property management organization.
3. The decision role where manager have to be an entrepreneurs to make decision on anytime or anywhere.

Property Management

MALAYSIAN PROPERTY MANAGEMENT STANDARD

Currently only a registered valuer can practice as a Property Manager. The property manager ensures that the owner gets the best returns of his property investment. He also ensures that the building is well maintained, the building services well looked after and all expenses paid. He is able to optimise usage and enhance the investment in property. He advises on lease renewals, selection of quality tenants and the appropriate tenant mix.

According to Singh, property management is an activity that seeks to control interests in property. Taking into consideration the short and long term objectives of the property owners and particular purpose from the owner.

In general, a professional property management describe the major functions of property managers including their legal and interpersonal concerns and their everyday issue regarding maintenance, accounting, administrative and other activities.