All You Need to Know About Property Management

Property Management is a specialised service that ensures building users' safety, efficiency, and comfort. According to developers’ requirements, the building Management Team creates on-site key personnel, notably the Property Manager and Chief Engineer, and a Management Team to implement professional and effective operations. 

Technical system and energy management 

Technical system management is divided into two main areas: Building technical management and technical maintenance. 

Technical management revolves around operating Mechanical and electrical systems (M&E), managing outsourced technical service quality, and optimising energy to reduce costs. Because this is a moving system, it is responsible for providing energy to the entire building, such as electrical systems, HVAC and ventilation systems, firefighting and prevention systems, water supply and drainage systems, wastewater treatment systems, etc. 

Technical maintenance focuses on periodic inspection and evaluation of equipment’s operational quality, prompt repairs to minimise business and living disruptions, and ensuring safety for residents and tenants. 

See more: The Vital Role of the Technical Team in Building Operations 

Security management 

Safety in building operational management aims to protect the safety of staff, residents, and tenants and to enhance the experience at the building. Building security management is to manage an interconnected system, including CCTV surveillance, parking control, entrance area security monitoring, elevator access control, fire alarms, etc., aiming to: 

• Asset protection: The prevention of loss or damage to the assets of residents, tenants, and common areas within the building. 
• Goods management: Strict control over goods transport to ensure safety and compliance. 
• Visitors’ management: Verification of identification, monitoring visitors' activities and preventing unauthorised access. 
• Security incident response: Prompt and effective response to security-related incidents for the safety of users and assets. 

See more: Health and Safety in Property Management

Financial management 

Financial management is crucial for ensuring effective and sustainable building operations. This involves: 

• Financial planning: Estimate the building's revenue and expenditures, including revenue from service fees, premises rent, and operating costs. 
• Service fee collection: Timely service fee collection from residents and tenants according to regulations. 
• Invoice payments: Timely payment of expenses to service providers, staff, and other costs. 
• Fund management: Careful and transparent financial record-keeping to ensure the safety of the building's funds. 
• Financial reporting: Regular financial reporting to the building management team and stakeholders. 

Read more: Common budgeting challenges in operational management - Part 1   

Customer management 

• Handling complaints and feedback: Listening, understanding customer needs, and resolving issues promptly, efficiently, and professionally. 
• Communication and interaction with customers: Providing accurate, timely information about building services and regulations; building community engagement activities. 
• Feedback collection: Conducting surveys and interviews to assess customer satisfaction levels and improve service quality. 
• Customer data management: Recording, storing, and securing customer information according to regulations. 

A professional Property Management agent will employ multiple effective communication channels to connect with all residents, such as direct announcements, weekly newsletters, emails, or specialised operational apps. A Management Team with good communication and interaction capabilities will deliver a satisfying experience for residents and tenants at the project. 

Administrative management

Administrative management involves internal and external activities, helping synchronise and effectively manage building operational information. Tasks include: 

• Manage building records and documents, including correspondence and relevant documents. 
• Summarise periodic activity reports. 
• Recruit and manage personnel. 
• Contact and work with outsourced service providers (if any). 

Sanitation management

• Periodic cleaning: Clean the overall building, including common areas such as hallways, stairs, lobby, restrooms, elevators, and parking areas. 
• Waste collection and disposal: We collect household and office waste on time, classify waste according to regulations, transport waste, and treat waste in an environmentally hygienic manner. 
• Disinfection and sterilisation: Periodically disinfect and sterilise common areas, especially restrooms and high-traffic areas. 
• Pest control: Apply effective and safe insect prevention methods to ensure a safe living environment for residents and tenants. 

Landscape management

• Greenery care: Planting, pruning, fertilising, and watering greenery within the premises to ensure a relaxed and pleasant environment. 
• Landscape cleaning: Cleaning litter, sweeping, and cleaning landscape areas to maintain a clean environment. 
• Landscape design and construction: Designing and constructing new landscape features, renovating and upgrading existing landscapes to create focal points and enhance aesthetic appeal. 
• Landscape conservation: Preserving landscape systems, including watering systems, lighting systems, etc. 

Read more: How to Deliver Helpful Property Management Services 

The current market offers various building operations management models, such as establishing a building management team or hiring a professional operational management agent. In fact, investing in a specialised operational team is a complex and long-term issue. Therefore, many developers hire third-party consultants or directly manage projects to reduce costs and personnel and increase operational efficiency. 

Savills is Viet Nam's largest property management agent, with a team of experts and operating procedures that conform to international and Vietnamese operating standards and regulations. Through diverse consultancy packages throughout the project lifecycle, we help developers attract potential customers, optimise investment costs, save resources and operating costs, and enhance long-term competitiveness in the market. 

Learn more about Savills Consultancy and Management services.