Tuesday, 23 January 2018
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Tax & Revenue

Government launches Register of Property Managers

Date: 11 January 2018; Type: Legal News; Source: Bernama

KUALA LUMPUR, Jan 11 (Bernama) - The Ministry of Urban Wellbeing, Housing and Local Government has launched the Register of Property Managers with an amendment of Act 242 Valuers, Appraisers and Estate Agents Act, 1981, gazetted on Oct 17, 2017. Its Minister, Tan Sri Noh Omar said the amendment effectively brings the practice of property management under the ambit of the Board of Valuers Appraisers, Estate Agents and Property Managers (BOVAEP).

"Going forward, all practitioners of property management will be regulated by the board. It ensures that property managers entrusted with the management of properties worth millions of ringgit are regulated by a professional body," he said in his speech at the launch of the register here, today.

Also present was Second Finance Minister, Datuk Seri Johari Abdul Ghani.

With the amendment, Act 242 is now known as the Valuers, Appraisers, Estate Agents and Property Managers Act, 1981.

Noh said the establishment of the register of property managers brings multi-tiered benefits to the profession and ultimately, Malaysian homeowners.

"It firstly elevates the professional status of property management, as it is now recognised by two ministries, namely the Ministry of Urban Wellbeing, Housing and Local Government and the Finance Ministry. "The compulsory continuous education and professional development for all registered property managers will also ensure expansion and versatility to skill-set that is so pertinent for the profession," he added.

Last year, Noh said there were 10 complaints received by the BOVAEP regarding the mismanagement and malpractice by registered property managers, while cases involving illegal practitioners numbered around 116.

While the numbers may not seem staggering, he said that experts believe this was just the 'tip of the iceberg' with many unreported cases.

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