SUBJECT TITLE: PROPERTY MANAGEMENT (PS 3004)

SUBJECT DESCRIPTION

The subject introduces the basic role of property management in meeting the objectives of property investors, individual or corporate owners. The module covers topics on objective of property management, organization set-up, policy formulation, property management fundamental, service and other charges.

SYLLABUS CONTENT

1. Property Management Profession
   • Development of the property management profession.
   • Definition of property management.
   • Objectives of property management.
   • Scope of property management.
   • The professional property manager.
2. Property Management Economics and Planning
   • Real estate economics.
   • Urban real estate.
   • Real estate investment.
   • Characteristics of real estate – commercial, industrial, residential and special use.
3. Managing Owner Relations
   • Nature of the relationship – joint management body and management corporation.
   • Management contract.
   • Taking over procedures.
   • Property management reporting.
   • Conduct of meetings.
4. Property Management Organizational Setup
   • Property Management Set-up.
   • In-house property management.
   • External property management.
   • The property management team.
   • Staffing requirements and scope of works.
5. Administration Management
   • Property management office administration.
   • Filing system.
   • Procedure system.
   • Stock control system.
   • Complaint management.
   • Renovation management.
   • Car park management.
6. Maintenance Management
   • Basic maintenance procedures.
   • The manager and maintenance personnel.
   • Maintenance programme and plan.
   • Maintenance of common areas and building services:
     • Security and safety management
     • Cleaning and sanitary
     • Refuse disposal
     • Landscape
     • Pest control
     • Mechanical & Electrical
7. Managing Legislation
   • Overview of the legislation related to property management.
   • Strata Management Act 2013 (Act 757).
   • Strata Titles Act 1985.
   • Valuers, Appraisers, Estate Agents and Property Managers Act and Rules.
   • Local Government Act and Building By-Laws.
   • Fire Service Act.
   • Environment Quality Act.
   • Sewerage Service Act.
   • Housing Development (Control and Licensing) Act and Rules.
   • Including any new Acts which are implemented.
8. Financial Management
   • Property maintenance and management budgeting.
   • Determination of service charges and sinking fund.
   • Insurance, taxes, rates and outgoings.
   • Administration of accounts.
   • Financial control and auditing.
   • Debt monitoring and recovery system.
9. Tenancy Management
   • Classification and qualifying of tenant.
   • Negotiation of tenancies.
   • Tenancy proposal evaluation.
   • Tenancy agreement.
   • The management and administration of tenancy.
   • Renewal of tenancies.
   • Tenant mix.
   • Marketing and promotion.
10. Risk Management and Insurance
    • Type of risk.
    • The needs of insurance.
    • Types of insurance coverage.
    • Fire insurance valuation.
    • Renewal of policies.
    • Insurance claim.