Managing Property in Asia - Real Estate Article

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By:Wantanee Khamkongkaew

The economic reform found in most of the Asian nations has led to a rapid expansion of real estate sector, of which property management is an indispensable segment. Although, it is a significant sector in many of the western countries, managing property is quite a new concept in Asia.

However, managing property in Asia is now more than rent collection and repairs services. With the technology advancements and improvement in property law, it has now evolved into a science covering several aspects such as formulation of value accumulation stratagems, enhancement of revenue flows and renegotiation of tenancies.

An important segment of facility management services - managing property in Asia represents the effectively organizing property by providing required services to owners, tenants, and other relevant people. The prime goal of managing a property is to ensure long term sustainability of asset value. One of the prime benefits of property management is that it helps to preserve the investment value of the building. It also helps to improve the quality of the property. Further, a great benefit of managing property is that it enables to make the property environmentally-friendly.

Managing property in Asia is categorized into three levels: basic property management, level 2 property management, and full property management. Included in the basic level are fundamental services such as repairs and maintenance. Level 2 covers a continuum of services such as accounting procedures, repair and maintenance works, and other related services.

Everything from repairs and maintenance works to leasing services and vacancy management are covered under managing full property services. The services in connection with managing property are further categorized into residential property management and commercial property management, of which former includes managing residential spaces ranging from small houses to premium and luxury houses, and the latter is offered primarily in connection to large commercial areas.

Among the services rendered with regard to managing of residential property are concierge services, renovation and repair services, provision of management, and maintenance services. In addition, there are service providers exclusively providing services for luxury homes and villas such as pool cleaning and maintenance, garden upkeep, and house keeping and pest control.

Prominent of the services offered in connection with managing of commercial buildings involve maintenance of common areas and facilities, installation of drainage system, operation as well as coordination of plant and equipments, operation and maintenance of electrical and mechanical systems, services with regard to the maintenance of fire system, plumbing services, repair service, and routine maintenance. Commercial services are also sometimes inclusive of provision of effective security system, cleaning services, environmental and landscape services, and hygiene and safety management.

Apart from these, there are firms providing excellent services for office and industrial sectors. Some service providers even render simple tenancy management services, in addition to managing property services, such as providing dealing with standard forms and notification letters, assisting people in filling tenancy related forms and applications, and arranging meeting for tenancy related purposes. Let it be of any type, property management services also include plumbing maintenance system, thereby ensuring the people with a stable as well as reliable water supply system.

However, the executants of property management services vary from countries to countries in Asia. For instance, the major executant of services related to managing a property in Hong Kong is Hong Kong Housing Authority. Apart from these, a large number of private service providers also operate here.

Some countries in Asia even have special laws for the regulation of management of property. For example, China recently amended a property management regulation in order to ensure the smooth implementation of the property law, which will come into effect from October. Further, a good number of firms specializing in management of property can also be found in such global Asian nations as Singapore, Malaysia, and Japan.

As mentioned earlier, a plethora of professional real estate firms as well as public and private service providers are now in the scenario to render the best in connection with managing a property. However, the quality of their services depends on the reputation and expertise of their staff. With the introduction of the internet, searching for a competent service provider in Asia is no longer a tedious process.

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Article keywords: real estate, hong kong, china, condo, condominium, property, management, land, asian, asia, research

Article Source: http://www.articles2k.com

Wantanee Khamkongkaew is an independent author evaluating and commenting on leading International Property Consultants in Asia and Greater China, especially CB Richard Ellis.