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.