Professional property management in Asia
Wednesday, 21 November 2007
Wantanee Khamkongkaew
Most of the Asian nations following economic reforms, witnessed rapid growth of real estate as well as professional property management services. A significant sector in many of the western countries, managing property is a new concept in Asia.
Managing property in Asia is now more than rent collection and repair services. With advancements in technology and improvement in property law, property management has now evolved into a services covering several aspects such as formulation of value accumulation stratagems, enhancement of revenue flows and renegotiation of tenancies.
Managing property in Asia requires services to owners, tenants, and other relevant people. The prime goal of managing a property is to ensure long term asset value. Property management helps an owner preserve the investment value, improve the quality of his property and make it environment-friendly.
Three levels of property management in Asia include basic management, level 2 management, and full management. The basic level includes fundamental services such as repairs and maintenance, level 2 covers a continuum of services such as accounting procedures, repair and maintenance work, and the related services.
Full management covers every thing, repairs, maintenance, leasing services as well as vacancy management. Managing residential and commercial property also constitute separate categories.
For residential property management, concierge, renovation and repair and maintenance are the needed services. In addition, there are providers of exclusive services for luxury homes and villas such as pool cleaning and maintenance, garden upkeep, house keeping and pest control.
For commercial buildings the services involve maintenance of common areas and facilities, installation of drainage system, operation as well as coordination of plant and equipment, operation and maintenance of electrical and mechanical systems, maintenance of fire system, plumbing, repairs and routine maintenance. Effective security system, cleaning, as well as environment and landscape, management can be part of the job for such buildings.
Besides firms have come up to manage, tenancy, deal with standard forms and notification letters and arranging meetings for tenancy related purposes.
Some Asian countries in have special laws to regulate management. China, for example, recently amended a property management regulation to ensure the smooth implementation of the property law, which came into effect in October. A number of specialised property management firms can also be found in Singapore, Malaysia, and Japan.
Professional real estate firms as well as public and private service providers now remain busy managing property in Asia.
(The writer is a commentator on leading International Property Consultants in Asia and Greater China Property Investment)
Most of the Asian nations following economic reforms, witnessed rapid growth of real estate as well as professional property management services. A significant sector in many of the western countries, managing property is a new concept in Asia.
Managing property in Asia is now more than rent collection and repair services. With advancements in technology and improvement in property law, property management has now evolved into a services covering several aspects such as formulation of value accumulation stratagems, enhancement of revenue flows and renegotiation of tenancies.
Managing property in Asia requires services to owners, tenants, and other relevant people. The prime goal of managing a property is to ensure long term asset value. Property management helps an owner preserve the investment value, improve the quality of his property and make it environment-friendly.
Three levels of property management in Asia include basic management, level 2 management, and full management. The basic level includes fundamental services such as repairs and maintenance, level 2 covers a continuum of services such as accounting procedures, repair and maintenance work, and the related services.
Full management covers every thing, repairs, maintenance, leasing services as well as vacancy management. Managing residential and commercial property also constitute separate categories.
For residential property management, concierge, renovation and repair and maintenance are the needed services. In addition, there are providers of exclusive services for luxury homes and villas such as pool cleaning and maintenance, garden upkeep, house keeping and pest control.
For commercial buildings the services involve maintenance of common areas and facilities, installation of drainage system, operation as well as coordination of plant and equipment, operation and maintenance of electrical and mechanical systems, maintenance of fire system, plumbing, repairs and routine maintenance. Effective security system, cleaning, as well as environment and landscape, management can be part of the job for such buildings.
Besides firms have come up to manage, tenancy, deal with standard forms and notification letters and arranging meetings for tenancy related purposes.
Some Asian countries in have special laws to regulate management. China, for example, recently amended a property management regulation to ensure the smooth implementation of the property law, which came into effect in October. A number of specialised property management firms can also be found in Singapore, Malaysia, and Japan.
Professional real estate firms as well as public and private service providers now remain busy managing property in Asia.
(The writer is a commentator on leading International Property Consultants in Asia and Greater China Property Investment)