Definition of Property Management

According to Larry E. Wafford state property management is a supporting activities involving rental property, rent collection, maintenance and budgeting and record keeping.

While according to Edward N. Kelley, definition of property management is a creative skills and abilities to use in controlling the physical, financial, and accounting and related matters with success and return on operation of the assets. In addition, he also said at present a manager is not only responsible for "controlling the operation of the property on a daily basis but plays an important role in planning, budgeting, risk management and other matters related to the management"

While according to Michael Thornroft did he state that property management is a direction and oversight of the property interests intended to obtain optimum returns. Return is not necessarily in financial terms but also in the form of public benefits, status, prestige, political power and some other purposes.

From the definition mentioned above, it can be concluded that property management is an activity which seeks to control property interest having regard to short and long term objectives of the property owner and particularly to the purpose for which the interest is held. Property management also responsible in initiating discussion to negotiate lettings and to initiate rent reviews and lease covenants, property management also to be mindful of the necessity of upgrading and merging interests where possible, property management also to recognize opportunities for the development potential and to fulfill the owner’s legal and social duties to the community.

           Disediakan oleh :

           Shah Hizam

           (Department of Estate Management Uitm Shah Alam)