The number of active strata schemes in Malaysia is about 22k served by close to 600 property management companies (managing agents). Singapore has close to 4k of active schemes served by about 150 managing agents. The ratios of the strata schemes to managing agents in Malaysia and Singapore are estimated at 36:1 and 26:1 respectively.
One of the key responsibilities in strata maintenance is to preserve and enhance the buildings. In doing so, we are protecting their property values. The very least we could achieve, is to preserve to protect the property value. A particpant cited one very badly maintained residential estate, with lifts grounded and swimming pool dried up, that caused its property value to fall by 5 times.
As strata managing agent, it is our duty to present true transparent financial report. Like every other organisation, the importance of proper financial management and control cannot be further emphasised in a strata community. With hundreds and even thousands of stakeholders to answer to, strata managing agents and strata managers need to manage every dollar and cent carefully and prudently such that there is no room for misgivings. We have every duty to keep watch of the finances for the MCSTs and ensure that all funds are sensibly directed into the right areas to meet the needs of the strata community.
One of the major functions for Management is “Control”. In order to control, there is a need to maintain discipline, especially self discipline. To carry out a good job, a strata manager is first required to learn to take care of himself, both maintaining good physical and mental health. We are managing high value assets worthed hundreds of thousands, millions or billions dollars. We require a good and healthy body in order to overcome challenges and stress from the strata environment.
Heated exchanges with customers should always be avoided. No company can exist without customer. Customer is always right. There are two possible scenarios when a customer is wrong. One is, that customer terminate us. The other is, we terminate that customer. In both scenarios, we would end up losing a customer. What professional conduct is expected when we meet with a very difficult occupant? It has to be based on what customer service policy we adopt and how we view customers and customer relationship.
More than 70 participants attended the Masterclass in Strata Management in Puchong, Malaysia (17 Jan 2024) where the above 3 topics were taught: Mastering the Day-to-Day Operations, Mastering Financial Controls and Mastering HR and Clients Management. A quiz was conducted at the end of each session. Three winners for each session were each presented a copy of my book: “A Practical Guide to Strata Management in Singapore”.
