Property Management (JMB, MC and RA)
Ms Brittney had purchased a one studio unit at Permas Jaya. This was her first property and first house. This apartment was just completed one year ago. She was very satisfied with the environment and enjoyed the facilities that cater to fitness, health and entertainment needs. The facilities were a garden, gym, rooftop swimming pool and children's playground.
To understand her community better, she joined the JMB and was nominated Treasurer. She then found out that the sinking fund was about to be deficient due to high repairing cost and extra cost on replacement of some common facilities. To her surprise, the property management company engaged by the JMB did not perform to their expectation and could not solve some of the matters that arose. She was very upset and felt helpless.
What could you do if you were Ms. Brittney?
You need an auditor to carry out a systemic check or assessment, review, and evaluation of your property control system.
Property management is the overseeing party of residential, commercial and/or industrial real estate, including apartments, landed houses, condominium units, and shopping centers. It typically involves the managing of property that is owned by another party or entity. Property management can be classified into two main categories based on title which is strata property management and non-strata property management.
In Malaysia, Strata Management Act requires Strata Title areas to be managed by JMB or MC. By engaging a property management company, the company should provide guidelines, SOP and checklist as required by the JMB/MC to run the show. With better and organized systems and team, there would be less problems encountered while managing the properties.
Did you know that for serviced apartments the PMA cert from JKKP must be renewed annually? This is to ensure that the lift of the building is inspected and examined by JKKP officers yearly. Is your lift maintenance company doing their job properly by conducting the routine checking according to schedule? Or even if they have missed the checking, is your management office able to remind the service provider to carry out the checking? This applies to BOMBA Fire Cert, Water Pump and Genset Maintenance. By not being able to update/renew these certs in time, the facilities are considered unfit for use and should anything happen during this period, insurance won't be able to cover it. Residents might need to bear all the repairing costsout of their own pockets which is the sinking fund.
If there is no maintenance continuity at the common facilities, the lifespan of the facilities will reduce, repairing costs will increase or extra money would even have to be spent to replace it. When time goes by, poor maintenance will no longer keep your living environment a better place and eventually it will downgrade your property value.
So,is your property management company doing the right job?