Who Will Manage My Property? a Vital Deciding Factor for Buyers in the New Norm
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Gone are the days that property is sold simply by location and price. The standard of strata and community living changed due to the pandemic and therefore, property management has increasingly become a vital deciding factor for buyers. When keys are handed over and deals are closed, homebuyers want to know how their property will be taken care of or if they will be left in the dark with the upkeep of the property.
A Good Property Has Good Property Management
A good property manager or company will know how to keep up with the trends in technology and the rapidly changing standard operating procedures (SOP) in order to maintain and manage the standards of living in the new norm.
This topic was the sole focus of the EdgeProp.my symposium on "Excellent Property Management 2021: Future-proof your investment in the new norm".
In a presentation titled “Are property managers prepared for the new normal?” by Malaysian Institute of Property and Facility Managers (MIPFM) president Adzman Shah, he said “Investment is needed in proper training and skilling to ensure the personnel are well equipped to face the challenges,” adding that when choosing a property manager, their skillset and track record should be checked for capabilities in crisis management.
It starts with you
In the presentation by titled “Covid-19 and strata property management rules compliance” by Chur Associates founder and managing partner Chris Tan, he pointed out that all individuals should be getting used to the changing rules and that physical distance should not be an issue with thanks to ever-improving technology.
"The ultimate aim of any Strata living is to lead residents from developer-oriented management of a property towards joint and ultimately resident-oriented management (self-management),” he said while sharing the dos and donts of management and the need for annual community meetings.
What is good property management?
With property management in mind, here is what a good property manager will do for you:
1. Keep your property maintained
Dealing with fussy tenants and emergency maintenance can add up to be a huge burden for homeowners and a good property manager will be able to relieve that weight for you by being the point of contact for your tenant. They will also conduct routine inspections and maintenance works to prevent headache and expensive repairs in the future should the property be neglected.
2. Collect rent on time and at the best rate
As the homeowner, you could set the rent you think is best but by assigning a professional to this task, you can ensure you get the best rate possible as they are skilled in this area and are knowledgeable of the current market rates. They can also help you to keep track and collect rent in a timely stress-free manner.
3. Less vacant time, less money lost
With the right marketing skillset and network, a good property manager will be able to have your property empty for the least amount of time possible. Promoting a vacant unit is not as simple as posting any old pictures online and hoping someone will see it. If done properly, the right management will know how to attract the kind of tenant that you are looking for on the right kind of platform.
4. The best buying experience for both ends
No one wants a horrible tenant and no one wants to live in a poorly managed home. Property management will be able to screen potential tenants to prevent closing deals with tenants who have a bad track record and they will also be able to closely carry transactions out from agreement preparation to collecting deposits.
They will also be there to supervise move-in and move-out activities which will protect the condition of your property and the satisfaction of your tenant experience.
Everyone wins with good property management. It is the future of staying competitive in the market so be sure to not overlook this important factor when looking to buy or sell a property.