MALAYSIAN PROPERTY MANAGEMENT STANDARDS. The Board of Valuers, Appraisers And Estate Agents, Malaysia

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1 MALAYSIAN PROPERTY MANAGEMENT STANDARDS The Board of Valuers, Appraisers And Estate Agents, Malaysia

2 CONTENTS Foreword...2 Preface.3 Definitions and Meanings as Used in The Standards..5 STANDARD 1 9 The Property Manager STANDARD Appointment Of A Property Manager STANDARD Handing Over/Taking Over Of Property STANDARD Building Management STANDARD 5.18 Maintenance Management STANDARD 6 23 Financial Management STANDARD Administrative Management STANDARD Insurance Management STANDARD Health, Safety & Emergency Management STANDARD Tenancy/Lease Management STANDARD Facilities Management 2

3 PREFACE The management of real estate involves many facets from managing accounts and finances of the real estate, tenant relations, staff and vendor's management code and regulatory compliance, insurance matters, health and safety issues to general maintenance. The Property Manager should be well versed in his role and provide a high standard of service to his Client. As a property professional, the Property Manager must be competent in real estate finance, building construction and maintenance, real estate laws and taxation as well as general management. In Malaysia, the Valuers, Appraisers and Estate Agents Act 1981 (Act 242) defines property management as, the management, maintenance and control of any land, building and any interest therein, excluding the management and maintenance of propertybased businesses, on behalf of the owner for a fee It is compulsory for those professional Property Managers offering property management services for a fee to be registered with the Board of Valuers, Appraisers and Estate Agents, Malaysia. The Board of Valuers, Appraisers and Real Estate Agents is the legislated supervisory and regulatory body that issues annual authority to practise for practising professionals providing property management services. Professional Property Managers should be qualified in real estate/property management or its equivalent with appropriate professional and supervised training and passed the Test of Professional Competency. The Strata Management Act 2013 [Act 757] and its regulations address the management and maintenance of the common properties comprising common areas, facilities and amenities in strata titled buildings and lands. This Act spells out the statutory duties and powers of the developers, Joint Management Bodies, Management Corporations and Subsidiary Management Corporations in the management and maintenance of the common properties in stratified development areas and that gave rise to the need for professional Property Managers for the management and maintenance of common properties. When entrusted with the management of a property, the Property Manager has fiduciary obligations to act lawfully, competently, diligently, impartially and in accordance with the Client s instructions and objectives. Fiduciary obligations represent the highest level of responsibility under the law in a service industry. In the case of property management services, Trust, Integrity, Honesty Fairness and Professionalism underpin this specialist service dispensed by the Property Manager. 3

4 A code of practice standards is necessary to ensure practitioners provide an accepted standard of professional service and forms a basis for best practice in property management services. The Standards can also be used as a measure of performance to benchmark and also to judge whether a Property Manager has performed his task professionally. Each Standard deals with a certain aspect of property management. Within each standard is an INTRODUCTION to the Standard which sets out the broad objectives, the STATEMENTS OF STANDARD and followed by EXPLANATIONS in the last section. These Standards aims to cover the key aspects of property management but should not be taken as exhaustive. It is expected for Property Managers to use these Standards and adhere to the principles and directives carefully to achieve the required standards of property management. The Standards are mandatory and Property Managers are required to adhere to the Standards strictly. 4

5 DEFINITIONS AND MEANINGS AS USED IN THE STANDARDS Act 242 Act 318 "Act 757" Board Maintenance Account By-laws" means the Valuers, Appraisers and Estate Agents Act 1981 (as amended); means the Strata Title Act 1985 (as amended); means the Strata Management Act 2013 (effective 1 June 2015 save for Penang on 12 June 2015) means the Board of Valuers, Appraisers and Estate Agents, Malaysia; means an account required to be opened and maintained by a developer, joint management body, management corporation or subsidiary management corporation under section 10, 23, 50, 60 or 66, as the case may be, in the Act 757 for purposes of general maintenance, services and management in relation to the common property in a stratified development area; means the by-laws which are in operation in respect of the building or land intended for subdivision into parcels or the subdivided building or land, and the common property as (a) prescribed by the regulations in the Third Schedule of the Strata Management (Maintenance and Management) Regulations 2015 made under section 150 of Act 757 for regulating the control, management, administration, use and enjoyment of the building or land intended for subdivision into parcels or the subdivided building or land, and the common property; or (b) provided for in any additional by-laws made under section 32, 70 or 71 of Act 757; Charges Commissioner means any money collected to be paid into the Maintenance Account; means the Commissioner of Buildings appointed under subsection 4(1) of Act 757, and includes any Deputy Commissioner and other officers appointed under subsection 4(1) to exercise the powers or perform the duties imposed on the Commissioner; 5

6 Common property (a) in relation to a building or land intended for subdivision into parcels, means so much of the development area (i) as is not comprised in any parcel or proposed parcel; and (ii) used or capable of being used or enjoyed by occupiers of two or more parcels or proposed parcels; or (b) in relation to a subdivided building or land, means so much of the lot (i) as is not comprised in any parcel, including any accessory parcel, or any provisional block as shown in a certified strata plan; and (ii) used or capable of being used or enjoyed by occupiers of two or more parcels; Developer (a) in relation to a development area, means any person or body of persons, by whatever name described, who develops any land for the purpose of residential, commercial or industrial use, or a combination of such uses; and (b) in relation to a subdivided building or land, includes the original proprietor of the lot before the subdivision, and includes the executors, administrators and successors-intitle and permitted assigns of such person or body of persons, and in a case where the person or body of persons is under liquidation, includes such person or body appointed by a court of competent jurisdiction to be the provisional liquidator or liquidator; Joint Management Body means the body established under section 17 of Act 757; Joint Management Committee, in relation to a joint management body, means the committee of the joint management body elected under section 22 of Act 757; Limited Common Property means such part of the common property in a lot that is (a) designated in a comprehensive resolution referred to in section 17A of the Strata Titles Act 1985 for the exclusive benefit of the 6

7 proprietors of two or more, but not all, parcels; and (b) for which a certificate has been issued by the Director of Land and Mines certifying that the subsidiary management corporation has been constituted under the Strata Titles Act 1985; Local authority area Management Corporation Management Committee "Maintenance Account" Managing Agent "Property-based business" "Property management" means any area in a State that has been declared by the State Authority to be a local authority in accordance with section 3 of the Local Government Act 1976 [Act 171]; means the management corporation which has come into existence upon the opening of a book of the strata register in respect of a subdivided building or land under subsection 17(3) of Act 318; in relation to a management corporation, means the committee of the management corporation elected under section 56 of Act 757; means an account required to be opened and maintained by a developer, joint management body, management corporation or subsidiary management corporation under section 10, 23, 50, 60 or 66, as the case may be, in Act 757; means a person who is appointed by the Commissioner under section 86 of Act 757; includes a hotel, motel, hostel, plantation, quarry, marina, port, golf course, cinema, stadium, sports complex and hospital; means the management and control of any land, building and any interest therein, excluding the management of property-based businesses, on behalf of the owner for a fee and includes but is not limited to the following responsibilities: (a) monitoring outgoings for the property and making payments out of the income from the property; (b) preparing budgets and maintaining the financial records for the property; (c) enforcing the terms of leases and other agreements pertaining to the property; (d) advising on sale and purchase decisions; (e) advising on insurance matters; 7

8 (f) advising on the opportunities for the realisation of development or investment potential of the property; and (g) advising on the necessity for upgrading the property or for the merging of interests; "Property Manager" Sinking Fund Sinking Fund Account means a person, a firm or a company who, on behalf of the owner of any land, building and any interest therein, manages and controls such land, building and interest to maintain or increase the investment in, or physical worth of, such property; means the contributions collected to be paid into the Sinking Fund Account; means an account required to be opened and maintained by a developer, joint management body, management corporation or subsidiary management corporation under section 11, 24, 51, 61 or 67, as the case may be, in Act 757; Subsidiary management in relation to a subsidiary management Committee" corporation, means the committee of the subsidiary management corporation elected under section 63 of Act 757; Subsidiary Management Corporate" means the subsidiary management corporation which has come into existence upon the issuance of a certificate by the Director of Land and Mines certifying that the subsidiary management corporation is a body corporate constituted under subsection 17A(5) of Act 318; 8

9 MALAYSIAN PROPERTY MANAGEMENT STANDARDS STANDARD 1 THE PROPERTY MANAGER INTRODUCTION Property management is a regulated professional practice governed by the Valuers, Appraisers and Estate Agents Act 1981 (Act 242) which defines Property Management and the role of Property Managers in the management of properties This Standard specifies the duties, qualification and code of conduct of the Property Manager so that the Client as well as the general public are assured of a high standard of service that will be provided by professional property managers STATEMENTS OF STANDARD The Property Manager shall comply with the provisions of Act 242, Act 318 and Act 757 as well as all relevant regulations, standards, guidelines and circulars issued by the Board and other relevant authorities The Property Manager shall be qualified, competent and experienced in managing real estate and shall be registered with the Board of Valuers, Appraisers and Estate Agents, Malaysia The Property Manager shall ensure that all contracts of the service providers, contractors, vendors and suppliers are signed by the Client unless the Property Manager is required and authorized in writing by the Client to sign any of the contracts on behalf of the Client The Property Manager shall sign important reports and documents prepared by him The Property Manager shall be honest and independent and shall adhere to the code of conduct and ethics under Act 242 and other relevant statutes and regulations The Property Manager shall be adequately covered by professional indemnity insurance. 9

10 1.3.0 EXPLANATIONS Section 19(c) of Act 242 stipulates that no one other than those registered with the Board of Valuers, Appraisers and Estate Agents shall be authorised to practise property management for a fee. The law states that anyone practicing property management without an authority to practice will be guilty of an offence under the Act which carries a maximum fine of RM 25,000 or jail sentence of three (3) years or both Act 242 gives exemptions to property based businesses to be managed by specialist managers other than Property Managers. These property based businesses includes hotels, motels, hostels, plantations, quarries, marinas, ports, golf courses, cinemas, stadiums, sports complexes and hospitals The Property Manager may be appointed as the Managing Agent by the Commissioner of Buildings under section 86 of Act 757 to exercise the powers and discharge the duties and functions of a joint management body or management corporation or subsidiary management corporation, as the case may be The Property Manager shall deliver his services professionally and observe the professional ethics and code of conduct expected of him as a professional outlined as below: i. adhere and advocate within the industry to the spirit of conforming to and complying with all applicable laws and regulations; ii. iii. shall practice his profession with honesty, integrity and shall always act in the best interest of the Client; affirm and commit to a mission towards professional practice above personal gain; iv. continuously improve knowledge and skills, as well as faithfully observe, practice and comply with every standard, directive, circular, guideline and decision of the Board; v. inspire and encourage others to embrace and practice these ethical principles and standards through their own sense of dedication and professionalism; vi. possess a working knowledge of the codes of conduct and ethics propagated by other professional organisations that serves the real estate industry; 10

11 vii. viii. ix. maintain the high standards of his profession and cooperate with the Board to protect the public against fraud, misrepresentation and unethical practices in property management and any other act or omission by persons practising property management which may bring disrepute to the profession; avoid any criminal offence or professional misconduct; shall not express or communicate to the public any criticism or comment on the professional services or conduct of, or professional fees charged by a fellow registered Property Manager. The above guidelines and code of ethics are not exhaustive and serves as a guide. 11

12 MALAYSIAN PROPERTY MANAGEMENT STANDARDS STANDARD 2 APPOINTMENT OF A PROPERTY MANAGER INTRODUCTION The engagement of a professional Property Manager is contractual in nature. Therefore, it is important that the Property Manager ensures that he obtains a written appointment to manage from the owner or the Management Committee of Management Corporation (MC) or the Joint Management Committee (JMC) of Joint Management Body (JMB) or the Commissioner of Buildings (COB), as the case may be (hereinafter referred to as the Client ) followed by an agreement or contract STATEMENTS OF STANDARD The Property Manager shall enter into a written Agreement with his Client in respect of his appointment as a Property Manager The Property Manager shall ensure that the Property Management Agreement includes the following: i. the scope of work in the services to be provided by the Property Manager; ii. iii. iv. the professional fees, disbursements, taxes, salaries and other payments agreed upon; the term or period of appointment; the relevant terms and conditions of his engagement The Property Manager shall ensure that the Property Management Agreement shall incorporate the following fiduciary obligations to the client without any modification to the wording below: i. In the discharge of his fiduciary duties and obligations to the client, the Property Manager shall not receive money or commission or gift or donation for his own personal benefit from any vendor, supplier, contractor or service provider in order to ensure that the client s interest is not 12

13 compromised by his own personal interest. For the avoidance of doubt, the said gift will exclude festive hampers ; ii. In the discharge of his fiduciary duties and obligations to the client, the Property Manager shall be prohibited from receiving any form of commission or money or kickback directly or indirectly from the contracts with or without the awareness of his client in order to protect the client s interest and the integrity and professionalism of the Property Manager EXPLANATIONS An executed Agreement with the Client ensures all scope of work in the services are understood and mutually agreed upon in the interest of both parties. The scope of work in the services covered by the Property Manager may include but not limited to the following: i. Handing/Taking Over; ii. iii. iv. Building Management; Maintenance Management; Financial Management; v. Administrative Management; vi. vii. viii. ix. Insurance Management; Health, Safety & Emergency Management; Tenancy/Lease Management. Facilities Management The fees, charges and disbursements chargeable by the Property Manager are stipulated in the Seventh Schedule (Rule 48) of Act 242 and is the basis for the computation of professional fees and related charges It is the Property Manager s obligation to perform the agreed scope of works to a reasonable standard as per the terms and conditions of the Property Management Agreement. The Property Management Agreement gives the Client the assurance that professional and fiduciary approaches are adopted by the Property Manager in the discharge of his duties and responsibilities. 13

14 MALAYSIAN PROPERTY MANAGEMENT STANDARDS STANDARD 3 HANDING / TAKING OVER OF PROPERTY INTRODUCTION A proper handing/taking over of the property by the Property Manager is the first but essential step in the provision of the Property Management services. It is important to ensure that all the relevant assets, documents and records on the maintenance and management of the property are properly handed or taken over by the Property Manager STATEMENTS OF STANDARD The Property Manager shall prepare and set out clearly a defined checklist to ensure the successful handing/ taking over of the relevant assets, documents and records with regards to the maintenance and management of the property In the taking over of the property, it is important to check and ensure that all the relevant documents and financial records of the property together with the audited accounts are handed over Upon taking over the property, the Property Manager shall carry out a general inspection audit to establish the current state of repair and condition of the building, infrastructure, installation and facilities, required rectification of defects and deficiencies to ensure proper upkeep of the property. This shall be documented in the form of a Building Condition Report. If there is a need to carry out any form of test or investigation requiring specialized knowledge, skill, equipment or instrument, the Client shall, at his own cost, appoint a specialist consultant to conduct such test or investigation The Property Manager shall implement the deed of mutual covenants, house rules or by-laws, as the case may be, established for the property management of the property. As and where necessary, the Property Manager shall advise and assist the Client to review and make amendments to the deed of mutual covenants, house rules or by-laws, as the case may be Upon the expiry or termination of the Property Management Agreement, the Property Manager shall return to the Client or his appointed agent, the said assets, documents and records. 14

15 3.3.0 EXPLANATIONS Good and proper documentation of stock inventory, assets and equipment will assist the Property Manager in the effective management of the property It is important that the Property Manager receives the latest management account and audited account to establish the opening balance upon taking over of the property The Building Condition Report is basically a report on the building condition based on a visual general inspection of all the relevant components of the building or the common property, as the case may be, comprising the fabric, infrastructure, installation and facilities to establish their current state of repairs and condition. If there is a need to carry out any form of test or investigation requiring specialised knowledge, skill, equipment or instrument, the Client shall, at his own cost, appoint a specialist consultant to conduct such test or investigation. It is important that the above is made known to the Client in the scope of work of the Property Manager in order to avoid any form of misunderstanding by the Client If there is any serious defect suspected in the civil and structural components or the mechanical and electrical components of the building or the common property, as the case may be, during the general inspection audit of the building, the Client shall, at his own cost, appoint the original appointed project engineering consultant or any other specialist engineering consultant to carry out a detailed engineering investigation together with proposal for remedial works The Building Condition Report is useful for the planning, budgeting and carrying out of maintenance, repairing, refurbishment and upgrading works; and also for the drawing up of a preventive maintenance plan. A copy of the Building Condition Report duly signed by the Property Manager will be given to the Client Deed of mutual covenants, house rules or by-laws, as the case may be, are drawn up for the proper administration of multi-occupied buildings especially of common facilities and amenities and for their smooth and safe operation It is good practice that all Building Condition Reports, records and documents are updated and reviewed for subsequent handover to the Client or his agent upon the expiry/termination of the Property Management Contract. This ensures a smooth and professional transition to the next Property Manager. 15

16 MALAYSIAN PROPERTY MANAGEMENT STANDARDS STANDARD 4 BUILDING MANAGEMENT INTRODUCTION One of the important tasks undertaken by the appointed Property Manager is to set up a systematic approach for management and maintenance of building A well set up systematic building management and maintenance will ensure the smooth operation of the building facilities and services at the optimum operation cost STATEMENTS OF STANDARD The Property Manager shall set up a suitable conducive Management Office to undertake the management and maintenance of the building, subject to client s agreement and the setting up cost shall be borne by the client The Property Manager shall recommend suitable organisational structure and an adequate number of personnel to undertake the day-to-day management and maintenance of the building in accordance to the contract agreement with the client It is the duty of the Property Manager to design and implement the relevant policies and procedures for the property and ensure all necessary controls are in place The Property Manager shall prepare, review and implement standard operating procedures (SOP) for the administration of the site office, site personnel, vendors and service contractors The Property Manager shall formulate management and maintenance procedures to ensure efficient management and maintenance of the building The Property Manager shall also recommend an appropriate purchasing/procurement procedure for the client s approval. 16

17 4.2.7 The Property Manager shall prepare periodic management report on the building maintenance and management to the client in a timely manner as agreed by the client EXPLANATIONS It is necessary to set up a management office where the Property Manager can manage the site operations. The cost of the setting up and operating of the management office is borne by the Client. This shall include, furniture, fittings and fixtures, equipment, utilities, telecommunications and any other cost related to the management and maintenance of the building shall be borne by the client The Property Manager has the responsibility to ensure competent and skilled staff are employed and deployed according to the agreed appropriate organizational structure. The cost of the management office personnel shall be borne by the Client. He shall recommend and propose the appropriate organisational structure for the Client s approval Building operational policies and systems ensure all aspects of building maintenance, repairs and supervision are undertaken within the parameters of the Client s expectations. It lays the foundation for the efficient carrying out of daily operational work. The Property Manager shall also liaise and co-ordinate with other consultants, external contractors and relevant Government agencies on maintenance and renovation works Standard operating procedures provide the guidelines to ensure performance delivery by Management Office personnel, vendors and service providers are consistent. 17

18 MALAYSIAN PROPERTY MANAGEMENT STANDARDS STANDARD 5 MAINTENANCE MANAGEMENT INTRODUCTION Maintenance is a key aspect of property management and it is essential that the building is kept in good condition and facilities in an optimum operable state. As such, a comprehensive maintenance management programme in accordance with the Client s objectives and investment strategies must be devised and implemented A comprehensive maintenance management programme of a property should cover the following areas: i. Corrective Maintenance; ii. Planned Maintenance; iii. Service Providers Maintenance Management should be incorporated into the Standard Operating Procedure to ensure consistent delivery STATEMENTS OF STANDARD CORRECTIVE MAINTENANCE Corrective maintenance requires a systematic process to ensure the effective rectification/replacement of the defective or malfunctioned facilities and equipment. i. Corrective maintenance works must be undertaken in compliance with the Client s objective; ii. iii. The Property Manager shall monitor and supervise all works in accordance with the conditions of the award of such works; The Property Manager shall establish an effective system and procedures to handle repairs and replacements; 18

19 iv. The Property Manager shall establish an effective stock and inventory record system and procedure for utilisation during corrective maintenance activities PLANNED MAINTENANCE A systematic planned maintenance programme is important in ensuring that the building's fabric, finishes, facilities and equipment are maintained and kept in an optimum operating condition. Planned maintenance is a systematic and pro-active policy and procedure of carrying out works and activities in preventing or minimising defects or malfunctioning of facilities and equipment prior to such an occurrence. i. The Property Manager shall formulate and prepare a detailed and systematic planned maintenance schedule in accordance with the manufacturer's recommendations and international best practices; ii. iii. iv. The Property Manager shall monitor and supervise the planned maintenance works to ensure they are being undertaken in accordance with the pre-agreed schedule and scope of work and is completed with good workmanship; The Property Manager shall keep proper records of operating and maintenance manuals and ensure timely renewal of all licenses, permits and certificates; The Property Manager shall also keep abreast and be well acquainted with all relevant laws, amendments or additions to any codes and/or standards introduced and advise the Client accordingly. v. The Property Manager shall implement energy saving measures in the interest of sustainable environment management SERVICE PROVIDERS Effective maintenance of building facilities and services are essential to protect an asset s value. Hence, qualified, skilled and experienced service providers are necessary to ensure high quality and standards of services are being provided for the building. i. The Property Manager shall ensure that only qualified, skilled and experienced specialist service providers are appointed for the provision of the specific services. The Property Manager shall manage, administer and supervise all appointed service providers, taking necessary action to 19

20 ensure a high level of competency and professional service is provided and that the Client s interests are protected; ii. iii. iv. The Property Manager shall maintain proper records of contracts, licenses, insurances, manufacturer s guidelines and warranties to ensure the services are provided effectively, efficiently and timely; The Property Manager shall formulate a comprehensive scope of work, specifications and tender/quotation process that are transparent, clear and enforceable; Upon a successful tender or quotation exercise, the Property Manager shall ensure that a letter of award and/or contract stipulating the specified terms and conditions is issued by the Client to the successful contractor/tenderer unless the Property Manager is required and authorized in writing by the Client to sign the letter of award and/or contract on behalf of the Client. v. It would be a good practice for a Property Manager to obtain a minimum of three quotations for consideration save for proprietary items or small items or pre-agreed contractual items as the case may be. It is also a good practice for the Property Manager to put in place a limit of authority based on the Client s requirements and approval PROCUREMENT The Property Manager shall recommend an appropriate purchasing/procurement procedure for the client s approval in implementing maintenance plan EXPLANATIONS CORRECTIVE MAINTENANCE The Property Manager shall have an effective Corrective Maintenance Plan to ensure that the rectification and remedial actions on defects, failures and malfunctions are dealt with effectively and efficiently. Corrective measures taken by the Property Manager must be thorough, transparent, timely and undertaken at an optimum cost PLANNED MAINTENANCE The Property Manager must not only understand the building he is managing but also the services provided therein. He must have a good working knowledge of the manufacturer s guidelines, industry best practices and the recommended 20

21 maintenance requirements in accordance to the manufacturer s recommendation (e.g operating hours, maintenance, warranties, etc.) All maintenance personnel and service providers must be made fully aware of the Planned Maintenance Programme SERVICE PROVIDERS The Property Manager is required to recruit relevant personnel to perform services or to outsource some of these services to external service providers. The engagement of in-house personnel or external service providers shall be with the approval of the Client. The Property Manager shall formulate job specifications in order to recruit the most suitable candidate. The Property Manager s duty include the preparation of scope of works, estimated cost and inviting tenders & quotations and conducting tender exercise or request for quotations. Tender opening/ Quotations and tender interview for the short listed tenderers are subject to the Client's policies and procedures. The Property Manager is to forward his recommendations and analysis in a tender report to the Client for his consideration. A letter of award / purchase order must be issued to the successful tenderer or contractor upon receipt of the Client s approval. The service contract is an agreement between the Client and the service provider. It is the duty of the Property Manager to enforce the terms of the contract for service. He must ensure that all works are done in accordance with the stipulated terms and conditions. The Property Manager shall ensure that the Client's interest is protected in the event of any claims arising from the failure or negligence on the contractor s part to fulfil the terms of the contract. Any deviation from the terms and conditions and specifications should be attended to and any defects should be immediately rectified. The common types of Building Services include but are not limited to the following:- 1) Air conditioning system 15) Landscaping 2) Building automation system 16) Lifts & escalators 3) Car parking 17) Advertising & signage s 4) Cleaning & sanitary 18) Pest control 5) Communications 19) Plumbing 6) Construction & engineering 20) Refuse disposal 7) Electrical & mechanical systems 21) Roller shutters 8) Fire protection system 22) Roofing 21

22 9) Flood gate 23) Security 10) Water features 24) Sewerage 11) General repairs 25) Supervising engineer 12) Gondola 26) Swimming pool 13) Insurance 27) Water features 14) IT equipment 28) Water proofing 22

23 MALAYSIAN PROPERTY MANAGEMENT STANDARDS STANDARD 6 FINANCIAL MANAGEMENT INTRODUCTION Financial Management is a crucial function of the Property Manager. In carrying out his duties as a Property Manager, he must ensure that he has in place proper accounting methods and systems to enable him to discharge his fiduciary duties satisfactorily The Property Manager s fiduciary responsibilities include the following: i. Issuing invoices and receipts. Collecting rental income, service charges or Charges, sinking fund and any other charges legally imposed; ii. iii. Monitoring outgoings for the property and making the payments out of the income or charges derived from the property or as approved by the Client; including payment of GST, quit rent, and other relevant taxes; Preparing budgets, maintaining financial records and submitting financial reports for the property STATEMENTS OF STANDARD The Property Manager shall administer the finances of the property on behalf of the Client according to the contractual requirements and obligations as agreed between the Client and the Property Manager. The Property Manager owes the Client a duty of care and must conduct his duties diligently and responsibly in accordance to his fiduciary obligations The Property Manager shall assist his Client to maintain the property management account operated by his Client, unless instructed otherwise For subdivided or intended subdivided building and land under the Act 757, the Property Manager shall assist the Client to open and administer a trust account which is operated by the Client known as the Maintenance Account for the collection of Charges and other recoverable charges imposed by the developer, Joint Management Body, Management Corporation or Subsidiary Management Corporation, as the case may be, and the disbursements thereof. 23

24 6.2.4 For subdivided or intended subdivided building and land under the Act 757, the Property Manager shall assist the Client to open and administer a trust account which is operated by the Client known as the Sinking Fund Account for the collection of sinking fund contributions imposed by the Developer, Joint Management Body or Management Corporation, as the case may be, and the disbursements thereof The Property Manager shall be responsible for the preparation of the Annual Budget covering income and expenditure of the property for the Client s approval The Property Manager shall advise and determine the appropriate rate and apportionment of service charge or Charges and sinking fund contributions to be levied in accordance to agreed amounts and relevant legislations for the Client s approval The Property Manager shall prepare and maintain proper and accurate financial records which shall be transparent and accessible to the Client and other authorised persons The Property Manager shall prepare a Financial Report on a monthly or other periodic basis as agreed by the client and submit to the Client The Property Manager shall prepare the Annual Account and ensure that this is professionally audited by an approved company auditor appointed by the Client at the Client s cost The Property Manager shall implement proper measures for credit control and debt recovery on a timely basis including taking appropriate actions such as issuing of reminders, imposing of interest charges and advising on the necessity of taking legal action EXPLANATIONS Whenever the scope of work in the service provided by the Property Manager includes the billing, collection and disbursement of monies, the property Manager shall act in a responsible and transparent manner. In such cases, the Property Manager shall put in place a sound accounting system that accounts for all monies collected and expended In all cases, a separate property management account should be opened and maintained for each individual project under property management to maintain transparency and avoid confusion. 24

25 For subdivided or intended subdivided building and land, Act 757 provide for the following accounts to be opened and operated by the developer, Joint Management Body, Management Corporation or Subsidiary Management Corporation, as the case may be:- i. Separate and independent accounts Every stratified development area must have two separate and independent accounts comprising Maintenance Account and Sinking Fund Account ii. Maintenance Account Pursuant to Act 757, the developer, Joint Management Body, Management Corporation and Subsidiary Management Corporation are required to open and operate a maintenance account for each individual project known as the Maintenance Account. The collections of Charges and other recoverable charges imposed by the developer, Joint Management Body, Management Corporation or Subsidiary Management Corporation, as the case may be, shall be deposited into this account. Expenditure for the general maintenance and management of the common property, services, utilities, administration and meetings for the purposes as provided under the Act 757 are paid from this Maintenance Account. A financial report shall be submitted to the Client on an agreed periodic basis and the annual account at the end of each financial year. iii. Sinking Fund Account Pursuant to Act 757, the developer, Joint Management Body, Management Corporation and Subsidiary Management Corporation are required to open and operate a capital expenditure account for each individual project known as the Sinking Fund Account. The collections of sinking fund contributions imposed by the developer, Joint Management Body, Management Corporation or Subsidiary Management Corporation, as the case may be, shall be deposited into this account. Expenditure for the major structural repairs, building refurbishment and upgrading works, asset acquisitions, repainting of common property, replacement of plant and machinery and other forms of capital expenditure for purposes as provided under the Act 757 are paid from this capital expenditure account. A financial report shall be submitted to the Client on an an agreed periodic basis and the annual account at the end of each financial year The Property Manager should prepare a financial report on a monthly or other periodic basis as agreed with the Client in respect of the Maintenance Account and the Sinking Fund Account; and submit to the Client outlining the income and expenditure for the month with details of major expenses and debtors ageing report. These reports will provide the financial status of the property to the Client. 25

26 6.3.4 As the financial accounting is done on behalf of the stakeholders whose money is managed by the Property Manager, the Property Manager should ensure that the accounts are audited by approved company auditors Prompt collection of rentals and/or service charges or Charges is vital in ensuring available cash flow and efficient management of the property. The Property Manager is required to be diligent in the collection of arrears and take appropriate action on defaulters. 26

27 MALAYSIAN PROPERTY MANAGEMENT STANDARDS STANDARD 7 ADMINISTRATIVE MANAGEMENT INTRODUCTION In addition to maintenance and finance, general administration forms part of operations and this may include helpdesk and customer service functions, maintenance of accurate and updated plans, drawings, service contracts, servicing and equipment maintenance records as well as tenant, contractors and consultants contact details, application and renewal of licenses, permits and certificates and handling of petty cash The Property Manager has to put in place an administrative system with suitable personnel to handle the above functions Subject to prior agreement with the client, the Property Manager may assist the Joint Management Body, Management Corporation or Subsidiary Management Corporation to organize and facilitate the committee meetings and/or the general meetings STATEMENTS OF STANDARD The Property Manager shall compile and keep proper records, manuals, drawings, service contracts and all other necessary documents The Property Manager shall compile and keep proper records and inventory listing of office equipment, tools and stocks used for operations and maintenance The Property Manager shall setup proper procurement procedures The Property Manager shall ensure the application and timely renewal as well as adherence to conditions of relevant licenses, permits and certificates. 27

28 7.2.5 The Property Manager shall ensure the timely settlement of statutory payments, utilities bills, outgoings and expenses The Property Manager shall implement a system of handling and recording enquiries, complaints and feedback The Property Manager shall keep an approved petty cash account and ensure its proper utilisation and control The Property Manager shall have proper system for human resource management selection, recruitment, employment, administration, records, training, payroll and statutory contributions The Property Manager shall provide a list of emergency contacts for owners, tenants and occupiers In a stratified development area, the Property Manager will assist the Joint Management Committee, Management Committee or Subsidiary Management Committee to convene and facilitate the committee meetings in compliance with the Second Schedule of the Act Subject to an agreed fee with the developer, the Property Manager may provide consultation, advice and assistance to the developer so as to convene and facilitate the first annual general meeting for Joint Management Body or Management Corporation pursuant to the Act Subject to agreed fees with the Management Corporation, the Property Manager may provide consultation, advice and assistance to the Management Corporation so as to establish the Subsidiary Management Corporation and to convene and facilitate the first annual general meeting for Subsidiary Management Corporation pursuant to the Act 757 and the Act Subject to prior agreement, the Property Manager may provide consultation, advice and assistance to the Joint Management Body, Management Corporation or Subsidiary Management Corporation in the convening and facilitating of its general meetings pursuant to the Act

29 7.3.0 EXPLANATIONS A systematic and efficient administrative system will help the property Manager to ensure the smooth operation of the building s facilities and services. With effective and comprehensive records and documents, the property Manager is able to make recommendations and decisions on property management matters It is prudent for the Property Manager to inform the Client if there is insufficient fund or cash flow to meet any payments due in respect of bills or for the purposes of renewals of licenses, permits and certificates and the consequences thereof The Property Manager being an expert professional in property management practice will be in the best position to provide the necessary advice and consultation to (a) (b) (c) the developer in the convening, facilitating and conduct of the first annual general meeting for Joint Management Body or Management Corporation pursuant to the Act 757; the Management Corporation in establishing the Subsidiary Management Corporation and in the convening, facilitating and conduct of the first annual general meeting for the Subsidiary Management Corporation pursuant to the Act 757 and the Act 318; the Joint Management Body, Management Corporation or Subsidiary Management Corporation in the convening and facilitating of its general meetings pursuant to the Act

30 MALAYSIAN PROPERTY MANAGEMENT STANDARDS STANDARD 8 INSURANCE MANAGEMENT INTRODUCTION The Property Manager may assist the Client in the procurement of adequate insurance cover to protect the interest of the Client Various insurance policies are available for insuring property against perils. The Property Manager must have knowledge of such insurance policies as well as an understanding on the adequacy of coverage, insurance premium and insurance claims STATEMENTS OF STANDARD The Property Manager may assist the Client on the various perils that affect the property and types of coverage available The Property Manager may assist the Client to procure adequate coverage for the different perils to protect the interest of the Client The Property Manager shall enable for proper and timely billing of the insurance premium to be made to all owners who are liable to pay for it based on an agreed apportionment The Property Manager shall report damages and losses as and when they occur and assist to make the appropriate claims to the insurers in accordance with the insurance policies and procedures The Property Manager shall ensure that monies received from any claim is fully utilized for the purpose for which it was claimed for and all monies received are deposited into the appropriate Client s or trust account, as the case may be. 30

31 8.3.0 EXPLANATIONS Types Of Insurance Policies The Property Manager shall coordinate with the Client to procure the relevant insurance policies to insure the property against the various perils. He must ensure the proper types of insurance policies are taken out. The joint management body, management corporation or subsidiary management corporation may, apart from the fire insurance, insure against such other risks as the parcel owners or proprietors may direct by a special resolution in a general meeting. These other insurances may include but not limited to the following:- i. Public liability insurance; ii. Error and omission insurance or management liability insurance; iii. Plate glass insurance; iv. Machinery breakdown insurance; v. Burglary insurance; vi. Money insurance (onsite and in transit); vii. Fidelity guarantee insurance; viii. Office contents and equipment insurance; ix. All risk insurance; x. Personal accident insurance. The common types of insurance policies available include the following: i. Fire insurance Fire insurance cover shall include cost of demolition and removal of debris and reinstatement or rebuilding. The Property Manager shall recommend to his Client to seek the advice of the relevant professionals in ascertaining the insurance value of the property. In such an event, the Client may commission and bear the cost of a valuation report prepared for fire insurance purposes. In the case of strata titled building, the Act 757 under subsection 94(2) provides that, for the purpose of determining the reinstatement value of the building that is required to be insured for fire insurance, a reinstatement valuation of the building shall be obtained from a registered valuer at least once every five years. Subsection 93(2) of Act 757 provides that the fire insurance of strata titled building must cover the perils of the building being destroyed or damaged by fire, lightning, explosion, bursting or overflowing of water tanks or pipes and windstorms. In the case of strata titled land parcels, section 97 of Act 757 provides that each parcel owner or proprietor shall be responsible to insure his building 31

32 on the land parcel as the building is deemed to be his private property. Depending on the Client s requirement, the fire insurance policy may also include provisions for any possible consequential loss of rent payable for the period during which the building is unusable or only partly useable whilst it is being rebuilt or repaired in the event of the property being affected by fire. ii. Public liability insurance Public liability insurance is to indemnify the Client, the Property Manager and the Client s agents against claims by third parties for damages arising from acts of negligence or omission by the Client and/or his servants/agents. iii. Error and omission insurance or management liability insurance Error and omission insurance or management liability insurance is to indemnify the Client, the Property Manager and the Client s agents against claims or legal suits arising from the acts of negligence or omission by the insured parties. iv. Plate glass insurance Where the property has glass front or glass external cladding or roofing, a plate glass insurance policy should be bought to cover the cost of replacement of any plate glass that is accidentally damaged or broken. v. Machinery breakdown insurance Machinery breakdown insurance covers claims and damages due to unforeseen breakdown of the insured machinery. vi. Burglary insurance Burglary insurance covers losses, claims and damages due to burglaries of the insured items. vii. Money insurance (onsite and in transit) Money insurance (onsite and in transit) covers the loss of moneys kept onsite and in transit to the bank up to the limit of the insured sum. viii. Fidelity guarantee insurance Fidelity guarantee insurance covers the theft of moneys by the management staff up to the limit of the insured sum. 32

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