INTRODUCTION
TO PROPERTY
MANAGEMENT
Prepared by: Dr. Nurul Nadiah binti Zainol
“A set of activities directed at the efficient and effective
utilization of resources in the pursuit of one or more goals”
Van Fleet & Peterson
“Working with human, financial and physical resources to
achieve organizational objectives by performing the
WHAT IS planning, organizing, leading and controlling functions”
MANAGEMENT? Megginson, Mosley and Pietri
“Management is a problem solving process of effectively
achieving organizational objectives through the efficient
use of scarce resources in a changing environment”
Kreitner
Property includes real estate, and it adds
a bundle of rights
A bundle of rights is comprised of five
WHAT IS different rights of the property owner:
The right to possess
PROPERTY?
The right to control
The right to enjoy
The right to exclude
The right to dispose
Residential
properties
Commercial
properties
Industrial
properties
Agricultural
and special-
purpose
properties
The process of managing property that
WHAT IS is available for lease by maintaining
PROPERTY and handling all the day-to-day
MANAGEMENT? activities that are centred around the
piece of real estate.
Handing and taking over
Building management
SCOPE OF Maintenance management
WORK Financial management
PROPERTY Administrative management
MANAGEMENT Insurance management
Health, safety and emergency management
Tenancy/lease management
Negotiating tenancies and their terms and conditions
Establishing a proper tenant mix through tenant selection
Optimizing the income from the property
Exploring the merger of interests with adjacent properties where
possible
ACTIVITIES IN
PROPERTY Maximizing the occupancy rate of the complex
MANAGEMENT Determining the rents, outgoings, service charges etc.
Implementing letting strategies
Implementing advertising, promotional and publicity strategies
Maintaining adequate insurance
Maintaining the building fabric
Preparing investment reports on the property
Building Owners and Managers Association
International Council of Shopping Centres
Institute of Real Estate Management
PROFESSIONAL National Apartment Association
ORGANIZATION National Associated Builders and Owners
National Affordable Housing Management Association
National Association of Residential Property Managers
National Multi Housing Council
