The Malaysian Institute of Professional Property Managers (MIPPM) launched their 2nd annual conference entitled ‘PropTech: Driving the future of Property Management 2017’ that saw over 200 delegates.
Sarkunan Subramaniam, President of MIPPM said: “The entire property industry is now facing major disruptions and the traditional way of doing business is changing. The estate agency practice moved to listing in the various portals and apps that have abruptly appeared, pushing estate agents out of their comfort zone.”
He goes on by saying that clients today are demanding real time information at their ease and time and do not want to wait for property manager’s monthly reports or meetings to hear what is happening to their investment. They want to view a dashboard of the key parameters at real time, anytime without having to read a report a month or even weeks old.
He also mentioned that the need for Malaysian property managers to embrace PropTech is further compounded with the current move by The Board of Valuers, Appraisers, Estate Agents and Property Managers. The move was to open up the profession to other than Registered Valuers who have carrying out property management in the past.
The move is estimated to add 10,000 registrants nationwide to the 1,000 old registered property managers, which is going to change the entire property management landscape. Those who worked for registered property managers, who may have lacked qualifications but have gained the experience can now register and form their own companies.
In the meantime, who were having companies undertaking property management in the past without registration and those from other allied professions can also register. Subramaniam adds that in this landscape the property management company that embraces PropTech, using it to its benefit will stand out amongst competition and withstand the wave that is going to hit the profession.