The Criteria You Need to Pick the Perfect Property Management Agency

1. Operational Expertise and Track Record

Before selecting a property management agent, developers must always assess the level of expertise, operational experience, and reputation. This includes operational processes, scale, and service details.

A good way to understand scale, experience, and services is to assess the agent’s portfolio and track record, which will reflect their capacity and reputation. Each project in their portfolio will have unique designs, scales or functionalities, which all require specialised knowledge in many fields, including engineering, finance, human resources, or compliance.

For example, properties that uphold green standards will need strict processes for design and operational efficiency. Green certifications like LEED or LOTUS require implementation from the construction stage to ensure optimised efficiency and maximised resource use and savings. Different green certifications assess different markers, including energy performance, usage and consumption to the impact a property has on its occupiers. Therefore, the project management agent must be skilled and knowledgeable enough to implement operational strategies that uphold the different criteria.

Different real estate projects offer diverse property types, architecture, construction characteristics, and legal regulations. For instance, commercial and office projects, high-rise or low-rise residential projects, or mixed-use schemes that combine low and high-rise housing may require different personnel and management structures. A professional and reputable property management agent can calculate and advise on suitable and cost-optimised management models, while meeting the expected service standards.

Developers should also consider the certifications and qualifications a property management agency has. Renowned international property management certifications include CPPS (United States) or CPM from the Institute of Real Estate Management (IREM). In Viet Nam, there are certifications such as Condominium Management Certification and Building Director Training Certification.

2. Global Trends

Property management standards are not only limited to each asset but are also influenced by factors such as the economy, society, and technology. The management agent must be able to adapt to new standards and keep up with market trends.

As the world races to achieve net zero goals, green real estate certifications are being used to help meet these targets. Given that operations contribute significant emissions and use consumable resources, property management agents must know how to implement environmentally friendly strategies.  Energy consumption metrics such as electricity and water use, wastewater, lighting, and air quality must be monitored constantly to measure the effectiveness of green operations and should be measured against predetermined criteria. For example, property management agents can make use of energy-efficient light bulbs or sensor lighting in communal sections like staircases and toilets. Considerate property management agents also participate in green campaigns such as Earth Hour.

Proptech, the use of technology in property management, is another prominent trend. A successful real estate technology strategy requires two elements, including the Internet of Things (IoT) and database development. IoT monitors real-time operations, measures space utilisation, and helps management teams detect and resolve issues promptly. Building a synchronised database with single management software will assist the Management Board in making an overall assessment of the project.

Savills homegrown Property Cube app is an example of applying technology in building management. This proptech solution allows residents and occupiers to communicate with the management teams quickly and transparently and also allows them to utilise bookings and notifications and make payments with ease. Chris Marriott, CEO, Savills South East Asia, shared: "Buildings with operational data will quickly start to outperform those without. Buildings without operational data on resource use will quickly become obsolete."

Focusing on enhancing the customer experience at destinations is also a global trend. According to a McKinsey & Company study from the first half of 2022, the future of business activities will prioritise the customer experience. This not only helps retain current residents and tenants but also attracts new customers, ensuring the project's long-term success.

3. Managing Third-Party Operators

Property management agencies should take the hassle out of operations for developers and real estate owners. A significant part of this is the recruitment, management, and monitoring of third-party suppliers and operators that deliver services like cleaning, security, landscaping, and pest control.

4. Transparency and Communication

A professional property management agent has standardised and specialised tools and systems to ensure that diverse departments work together to uphold quality control. A part of this includes frequent communication with developers, residents, and tenants to ensure all parties are aware of maintenance schedules, events, or any changes that might influence them.

One way property managers ensure clear communication is via multiple communication channels to connect with all residents and tenants, such as direct notifications, weekly bulletins, emails or through a specialised operating application like Property Cube. A property management agent that communicates clearly will often deliver superior customer experiences

Savills provides Property Management consultancy and operational services for diverse properties, including commercial centres, residential projects, office buildings and mixed-use schemes. The portfolio comprises more than 100 real estate projects nationwide, including the BRG projects in Ha Noi and Hai Phong, Starlake Tay Ho Tay, Mailand Hanoi City, Imperia Sky Garden, Imperia Smart City, The Matrix One, Hoang Huy Grand (Hai Phong), Alphanam Luxury (Da Nang), Gateway and Masteri Thao Dien (HCMC). Leading office buildings include BRG Tower and Techcombank, BIDV (Ha Noi) and Techcombank Tower, Friendship Tower, F-Town (HCMC). Professional and experienced teams provide effective management solutions that meet international standards and uphold market trends, helping developers and customers enhance the value of their assets in Savills-managed projects.

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