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.

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.

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.