MANAGING AGENT OR IN-HOUSE TEAM FOR THE MAINTENANCE AND MANAGEMENT OF OFFICE BUILDING

Abstract

As the building industry evolves into a more sophisticated one with the erection of high rise bui1dings, the need for professional property management arises. Professional property management is important not only to ensure that the building retains its physical integrity throughout its economic life but also to maximise the financial returns to the building owner throughout this period. The functions, roles and obligations of both managing agent and in-house team, which are expounded, clearly point to the fact that the legal and technical aspects of property management require an abundance of managerial and technical knowledge. Thus, the job is one for a full-time professional and not for the dilettante. The study also examined various factors that determine the choice between engaging a managing agent and an in-house team. It was found that besides considering the pros and cons of the two forms of property management teams, the choice made is dependable on several other factors such as the policy and needs of the organisation and the extent of its real estate activities. It is of extreme importance that property managers maintain a high level of knowledge and expertise to move forward with the advancement of the society by providing an impeccable service.