A Well-Maintained Building Leads To Value Creation

Whether it is a stratified property or vice versa, a residential, commercial or industrial property, it is a known fact that a well-managed property is the key to value appreciation.

A responsible property manager plays important roles and always have to keep in mind that they represent the landlords or clients.

The property manager is a qualified professional who is competent and experienced in the management and maintenance of buildings. As a professional, he or she has to abide by all the laws and regulations relating to his practice including Act 242, Act 757, Act 318, the Malaysian Property Management Standards and other relevant regulations.

So, what exactly is the role of a property manager and what are the benefits of hiring one that does a good job?

Role of a property manager

The role of property managers often revolves around carrying out regular inspections and routine maintenance so that the property is always in its best possible condition. Preventative maintenance including air-conditioning servicing, fixing appliances, and attending to plumbing or roofing issues are all part of the job scope of a property manager. Not only do they manage the physical aspect of the property, they also manage the “intangible items” such as relationships between owners and ensuring that disputes are resolved fairly.

More importantly, they need to work closely with the owners to ensure there is financial transparency and proper usage of funds in regards to building and property management and maintenance.

Besides, some property managers do offer to help market and screen through the potential tenants and ensure the property is rented. Even if you are not physically present at the property, they can assist you in sourcing the right tenant for your property.

Likewise, if you are an owner and looking to acquire a new unit in the same building for your children or for investment, a property manager can watch out for any potential deals for you as well.

Benefits of getting a responsible property manager

Ultimately, having a well-maintained and well-managed building will result in a building being preserved in good condition. This brings in benefits such as higher property value for both owners and investors. Having a good property manager to manage your building also allows you to have the peace of mind and convenience in case anything goes wrong. Say, there is a leakage ongoing in the middle of the night, a good property manager will react immediately and resolve the issue as soon as possible.

Also, a good property manager would usually rope in reliable contractors and foreman to fix any issues in the building, hence resulting in cost-savings.

However, do take note that if the property management company is not registered with The Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEP), the company must lodge a bond equivalent to 12 months fee to the Joint Management Body (JMB) and Management Corporation (MC), as required by Act 757 or the Strata Management Act 2013.

Remember to also not just look at the cost of engagement as this creates a risk of the property management company trying to make up for the lower fees by hiring unqualified personnel at lower salaries, as well as to cut corners wherever possible to the detriment of the property and its owners, the JMB or MC.

[Image source: Building photo created by 8photo]