When a new Property Manager assumes control of a Strata Management in Malaysia, the breadth of responsibilities extends across seven crucial management areas. These encompass Building Management, Administrative Management, Maintenance Management, Risk & Insurance Management, Health, Safety & Emergency Management, Tenancy Management, and Facilities Management.
Under the Valuers, Appraisers and Estate Agents Act 1981, property management is defined as “the management, maintenance and control of any land, building, and any interest therein, excluding the management and maintenance of property-based businesses, on behalf of the owner for a fee.”
Role of Property Manager
1. Building Management:
Upon taking charge of a new property site, establishing a systematic approach to building management is paramount. This involves ensuring the smooth operation of building facilities and services at the optimal operational cost.
2. Administrative Management:
Property managers must oversee general administrative operations, including maintaining relationships with clients, tenants, management committees, residents, and owners. This includes customer service functions, accurate record-keeping of plans, drawings, service contracts, equipment maintenance records, as well as managing contact details for tenants, contractors, and consultants.
3. Maintenance Management:
Implementing a comprehensive maintenance program covering corrective and planned maintenance is essential. Property managers must line up service providers to ensure the property is well-maintained.
4. Financial Management:
Property managers hold a fiduciary duty in financial management, encompassing tasks such as managing invoicing, collecting income, monitoring outgoings, preparing budgets, and maintaining financial records and reporting.
5. Risk & Insurance Management:
Safety and wellbeing are prime concerns in property management. Managers need to assess and address potential risks, including fire, gas leaks, power failure, natural disasters, structural failure, and other emergencies.
6. Health, Safety & Emergency Management:
Property managers play a crucial role in ensuring the safety and wellbeing of occupants. This involves evaluating and mitigating risks such as fire, gas leaks, power failures, natural disasters, and infectious diseases.
7. Tenancy Management:
Managing tenancy involves billings, rent collection and disbursement, coordination with contractors, overseeing utilities and services, and monitoring premises upon termination or expiry of leases.
Fiduciary Obligations
In conclusion, property managers bear fiduciary obligations to act lawfully, competently, diligently, impartially, and in accordance with the client’s instructions and objectives. Upholding a strict code of conduct characterized by trust, integrity, fairness, honesty, and professionalism, property managers deliver valuable services while adhering to professional standards in their interactions with clients. Their comprehensive role spans various domains, each critical to the success of property management in Malaysia.
At AIZARA Property Management, we are not just a property management company; we are a dedicated partner in your property journey, committed to transparency, integrity, and excellence. Join us as we redefine the standards of property management in Malaysia and beyond.
