KUALA LUMPUR: Practicing property managers will now be officially regulated alongside valuers, appraisers and estate agents, following the launch of the Register of Property Managers on Thursday, 11 January.
This follows the inclusion of property managers into Act 242, now known as the Valuers, Appraisers, Estate Agents and Property Managers Act 1981, which was passed on Oct 17, 2017 and gazetted on Jan 2 this year.
Strata management, which is done by property managers through joint management body (JMB or management corporation), falls under the Ministry of Urban Wellbeing, Housing and Local Government.
Presently, there are near close to 20,000 strata developments with 1.75 million units in Peninsular Malaysia and Labuan, housing some 7 million people, said the minister of urban wellbeing, housing and local government, Tan Sri Noh Omar.
"Property management that is well-governed will lead to the wellbeing of the nation and confidence from investors," said Noh Omar at the launch of the Register.
With the launch of the Register of Property Managers, it brings the practice of property management under the ambit of the Board of Valuers Appraisers, Estate Agents and Property Managers (BOVAEP), which falls under the purview of the Ministry of Finance.
This ensures the public is served by property managers with the necessary skill sets in the field, such as construction, property maintenance, property and strata law, and property finance, among others.
Individuals with property managing experience are given a one-year grace period to register themselves as certified professionals. Registered property managers are exempted from the RM50,000 bond to manage one strata development.