Your Guide to Running a Business With Property Management in Malaysia
Undertaking property management in Malaysia will make you rich- owing to how much people love their real estate, they are willing to pay a considerable sum for anyone who looks after them. House maintenance is a difficult task, especially if you are renting it out. When commercial building owners rent out their property, they look at it as a passive source of income. At the same time, they can’t be available 24/7 to oversee their houses.
As a property manager, you look after people’s commercial homes. You act as an intermediary between the owner and the tenants, solving any problems that arise.
Roles and Responsibilities of a Property Manager
There are many duties of a property manager. They look after commercial buildings, for example, houses, hostels, dormitories, etc. These professionals ensure that the constructions are comfortable to live in, and at the same time, the contracts are going okay.
Supervise the Facilities
Property Management Professionals/ Agencies ensure every facility in the residence is working correctly. This includes water, electricity, etc.
Contract for Services
Commercial residence amenities, such as trash removal, gardening, etc. need other professionals. Property managers find those people and arrange the services.
Help Owners Find New Tenants
More or less, you will also be working as a real estate agent. Most property management companies in Malaysia and around the world also take licenses which allows them to be brokers.
Collect Rents
Another responsibility of such firms is to collect rents and assure all the money is clear. Also, they might be the one to recommend to stop the relationship if there is a problem with the payments.
Taxes and Maintenance Fees
These professionals file the taxes for their clients. At the same time, they find the best renovation contractors and pay the maintenance fees, including that for painting, adding stands, etc.
Security Management
They need to look for damages to the buildings. Besides that, they try to keep the residences safe as much as they can. This includes security, hospital calls, firefighter calls, etc.
Create Financial Reports
They don’t only do stuff, but at the same time, they tell the owner what they accomplish. Thus, they create reports regarding profit, loss, and other events that occur.
Legal Matters
Property Managers ensure that the tasks related to all the above responsibilities comply with the law. In Malaysia, everything they do need to follow Malaysian Property Management Standards and other similar duties.
All in all, a property manager does everything he/ she can to keep the building safe and sound. Or, in a more straightforward way, we can say that property managers act as substitute house owners when they are not there.
What Can You Do to Start a Business of Property Management in Malaysia?
Opening a property management business in Malaysia is not very different from starting other businesses. Here are the steps to it.
Learn About the Market
Given that Malaysia is still developing and there are millions of houses, you don’t have a shortage of market. However, the real challenge lies in competing. There are thousands of property managers in Malaysia, so you will need to be better than them if you want more profit.
Register Yourself
You will need to register with the Board of Valuers, Appraisers, Estate Agents, and Property Managers (BOVAEP) to become a property manager in the country. You can make an application on their website.
Many used to miss out in this step, especially in the past. However, now it is a must for you to get a government certification to start a business of this type.
Open a Company
Open a company only after you get the registration certificates. You can register a sole proprietorship, partnership, or a Private Limited Company in Malaysia. We recommend you to go for a Partnership or a Private Limited Company, but the choice is all yours.
You can visit this link to know more about starting your own company in Malaysia.
Conclusion
You can be a real estate manager if you are confident enough that you can take care of buildings. It is a lot of hard work, but at the same time, it is awarding. Well, we would recommend anyone property management in Malaysia if they are willing to work hard. You can contact us if you have more inquiries.
