THE property market has slowed down and is expected to remain soft for a while.
In this kind of market, how properties are managed becomes more conspicuous as it will affect its value.
Take two similar projects and asset types and have them side by side. The one that is better managed will naturally fetch a better value. Besides that, a good property manager is able to cut costs and wastages as the operating environment gets challenging amid rising costs.
This may sound straightforward but many home buyers and investors overlook some of their rights in ensuring that their properties are in the hands of good property managers. Under the revised Strata Title Act, effective last June, property management has taken a new perspective.
In an interview with StarBizWeek, Malaysian Institute of Professional Property Managers (MIPPM) president Sarkunan Subramaniam (pic) reminds house owners to understand their rights under the new regulation and exercise them accordingly.
To begin with, developers, who are usually the first property managers of a strata project, are now required to list down service charges, item by item, in the sales and purchase agreement for the primary market.
The amended act also stated that 0.5% of the construction cost of the project should be deposited and used for the common area defects upon a handover.
Should any dispute arise, the case can be taken to the Commissioner of Building.