Property management involves ensuring smooth and stable operations that satisfy all stakeholders, from developers and management boards to occupiers and residents. Professional property management agents collaborate with developers and management boards to create comprehensive management processes that suit the unique needs of buildings, their facilities, and those who use them.
The building management process is separated according to different phases in a property’s life, including the development phase, pre-opening and handover, and operations. To ensure effective and cost-efficient operations, developers should cooperate with a professional property management agent to create systems and budgets that maximise both profitability and quality.
1. Handover or Pre-Opening
The property management agent will establish an on-site team, with key personnel such as a property manager or chief engineer. These teams will work with the developer to create processes that are efficient, cost-effective, and professional.
1.1. Human Resources
Professional property management agents will often have a dedicated team off-site, who will work with them and the developer and management board in preparing all the documents and processes. These include creating and implementing HR processes, from recruitment and training to organising uniforms. By creating uniformity and standardised procedures, the property management teams will deliver high-quality services and build a solid reputation for the property.
1.2. Financial Resources
A good property management agent helps developers create sound annual financial budgets and a list of proper expenses. Developers must ensure that comprehensive systems are created long before operations begin, ideally from the development phase. This will facilitate a realistic budget overview and cash flow planning. During handover or pre-opening, the property management teams will create accounting processes, including procurement procedures, standard forms and management reports, and necessary operating budgets.
1.3. Procedures and documents
Property managers optimise procedures by reviewing existing systems, developing additional functions, and adjusting irrelevant procedures. These procedures relate to internal regulations, resident/occupier handbook, purchasing equipment and materials for operations, M&E systems operation and maintenance, subcontractor management, emergency response, and customer service.
1.4. Subcontractor Management
Effectively managing outsourced services such as security, cleaning and landscaping is essential to delivering high-end experiences and ensuring quality. The management team must regularly communicate with the developer about contractors, and help them select suitable contractors at appropriate prices. The management team will also supervise quality.
2. Operations
The goal of property management is to ensure projects operate efficiently, affordably, and to a high level to ensure long-term value. A professional management agent also helps optimise costs, energy usage and resources. They should provide suitable management methods, service standards, transparent plans and periodic reports.
2.1. Service Management
Property management agents like Savills directly manage daily operations, including security, cleaning, pest control, garbage collection, landscaping; managing M&E systems, and parking lots.
Operations must be accurately and regularly measured and reflect real costs, resource use, and electricity and water consumption. This allows for strategic planning.
2.2. Occupier and resident services
Comprehensive, friendly, and high-quality customer service is fundamental to operations. The management team must proactively connect virtually through emails or proptech applications like Property Cube and offline through events and direct availability. Services include resolving requests, managing moving, facilitating goods and deliveries, registering visitors, and supervising the implementation of internal regulations. Given that many properties offer facilities that require booking, this is also important for property management teams to monitor.
2.3. Equipment management
Upholding operating standards and performing regular maintenance to machinery and equipment not only supports safety and smooth operations but also prolongs the life of the equipment.
Office and apartment buildings have complex technical systems that operate at high capacity. Making sure equipment is run according to its intended use reduces repair or replacement costs and saves energy. Regular maintenance also helps residents or customers feel secure. Technical teams frequently monitor equipment according to the approved maintenance plan, and when necessary, they also advise on when equipment requires major repair.
2.4 Financial Management
Most tenants and occupiers pay management fees, which go toward covering operational expenses. Transparency is essential in this process so that all parties feel confident that funds are being spent wisely. The property management agent must keep comprehensive records and documents on revenue and expenditure to ensure accuracy in the periodic check, inspection, or audit reports. Financial management can also include establishing annual operating and maintenance budgets, calculating and collecting service fees, and reporting revenue and expenditure.
2.5. Risk Management
Risk management identifies potential risks and develops solutions to reduce them. The management unit must develop contingency plans in case of emergencies like fires, floods, storms, system damage, epidemics, and other threats to the operations.
2.6 Reports
Property management reports are a collection of any financial, service, or maintenance issues and also document changes in residents and occupiers and an energy assessment. These reports can be monthly, quarterly, or yearly. These reports allow stakeholders to evaluate the effectiveness of the management, identify issues, offer solutions, and plan.
Property management comprises a myriad of complex processes and requires the coordination of many different specialised departments. Developers should select reputable property management agents with highly qualified personnel and the ability to deliver high-end services with integrity and transparency.
Savills Viet Nam manages nearly 8,000,000 m2 in Viet Nam and is skilled in delivering quality services that meet international standards and ensure long-term value and tenant retention. Find out more about Savills Property Management.
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