Property Managers in Malaysia Are to Be Registered to Foster Professional Ethics in the Industry

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Property Managers in Malaysia Are to Be Registered to Foster Professional Ethics in the Industry

The very first weeks of 2018 brought excellent news for the Malaysian real estate and property management industry. It’s no exaggeration to say that it’s heading towards an ultimately more transparent, credible and professional environment for all parties associated to strata living in this country.

 

The Ministry of Urban Wellbeing, Housing and Local Government and the Ministry of Finance jointly launched the Register of all property managers on last Thursday, 11 January. From now on, all property managers must register with the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEP) to continue with their business.

 

"Going forward, all practitioners of property management will be regulated by the Board. It ensures that property managers entrusted with the management of properties worth millions of ringgit are regulated by a professional body," Tan Sri Noh Omar, the Minister of Urban Wellbeing, Housing and Local Government, said in his opening remark.

 

Landserve’s managing director, Mr. Chen King Hoaw and general manager, property management department, Mr. David Wan attended the launch. Being registered valuers and property managers, Landserve welcome this step and are looking forward to seeing all practitioners adhering to the Malaysian Property Management Standards published by the BOVAEP.

 

This move was made possible thanks to the amendments to the Valuers, Appraisers, Estate Agents and Property Managers Act 1981 gazetted on Jan 2, 2018.  The National House Buyers Association (HBA) and several other parties have been advocating for the amendments for more than 10 years. Now that it’s about to reshape the industry, here are some of the facts that you must know.

 

Why was it so important to introduce the changes?

  • More than 75% percent of Malaysia's total population live in cities and urban areas.
  • About 30% of the country’s urban population, or 7 million people, lives in stratified communities. Many are occupying stratified commercial and industrial premises too.
  • There are over 5,000 unregistered property managers.
  • The general public invests billions of ringgit into real estate assets. Powerful mechanisms must be put in place to safeguard these investments.
  • The safety and wellbeing of the people living or occupying in stratified developments as well as the long-term prospects of their investments are the central issue. With the introduction of a Register, the number of complaints is expected to decrease as the property management services will be delivered by certified professionals. 

Without a doubt, the Register is an effective step to raise the industry’s standards. “Property management that is well-governed will lead to the well-being of the nation and confidence from investors,” Tan Sri Noh Omar emphasized during the launch.

 

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