How well properties are managed has become a central concern among expatriates, investors and international funds
THE ECONOMY IS doing well and giving a lift to the Hong Kong property business, and this has given rise to growing expectations about the way properties are being managed.
Quality property management is now a much sought after service. Three years ago it was a different story. Times were difficult and cost-saving was on everyone's mind. But there has been a shift in values and expectations, and property owners are ready to spend more for better care and maintenance of premises. They are beginning to insist on competent managers to take care of their assets.
The demand for good property management firms has increased sharply, according to Stephen Owens, associate director, property management, Knight Frank Petty, which manages about 90 properties. He said much of the demand came from individual owners of multi-owner residential properties.
Knight Frank Petty has received a flood of inquiries from such owners. Cost was the main reason owners had hesitated in the past to put their properties in the hands of professional managers, Mr Owens said.
Most of them now realised that they stood to gain by appointing professional managers. Economy of scale in matters of procurement and general daily operations helped to cut costs.