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very residential building, structure or development represents an investment by/to somebody, somewhere. In order for these assets to retain their intrinsic value, they need to be effectively managed as such. All property, no matter how small or large, simple or complex, requires four basic elements for profitable and effective continuity:
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present. Like any other complex task, property management is an accepted profession requiring key skill sets, qualifications, experience and good character. There are a small number of expert and specialist property management companies that are very professional and extremely
Good location Quality construction Good responsible occupants or tenants Effective property management (using proven methods implemented by a skilled team)
Whether you own a simple studio apartment, an investment property, an apartment building or a compound of villas, the basic principles of property management still apply.
PROPERTY MANAGEMENT COMPANIES AND MANAGERS Looking after or managing property today requires a multitude of skills, disciplines and ethics, many of which are sadly lacking in certain segments of the real-estate market at 56 AH JUNE 2018
competent operating in Bahrain, with capable management and staff that deliver high-quality services. But there are also many lesscapable companies and managers that are masters at overpromising and under-delivering and which try to capitalise financially, directly and indirectly, on every possible situation, to the detriment of the building and its owners, tenants or occupants. These individuals
even dilute their own company’s efficiencies by employing low-level individuals as staff, unskilled and incompetent managers and supervisors and ineffective, unqualified contractors or tradesmen to carry out necessary maintenance and repairs. There’s a quote that springs to mind here. “It seems there is never enough time or money to do the job right the first time and yet there is always enough time and money to do it over again (and in some cases – over and over and over again).” Any reputable propertymanagement company should at least have a publicly portrayed and published enforceable Code of Ethics and belong to the required regulatory body/s, and to the appropriate national and international associations to ensure good governance, as well as carrying an appropriate indemnity and liability insurance. Adhering to a professional Code of Ethics helps companies and individuals build relationships of trust with their customers, employees, suppliers, owners and the communities in which they work. Ethical issues have become more complicated and the need to adhere to
increasingly complex government regulations and the litigious nature of our society has changed how property managers must view their profession. Public trust in fair business practice has diminished and it has become a common occurrence to hear the details of corporate scandals in the media. Now more than ever, it is crucially important for propertymanagement professionals to obtain the validation that comes from belonging to a reputable and statutorily regulated body or organisation that has set a high standard of enforceable conduct for its members.
handsome rogues in fancy suits who use the title “Property Manager” or “Real Estate Professional”. When it comes to property management, it pays to know the difference between rocking horses and racehorses – rocking horses move a lot but go nowhere… The introduction of RERA to the real estate/ property management sector in the Kingdom of Bahrain, where stakeholders can get guidance and clear up any doubts in this competitive and dynamic industry sector, is highly welcomed. If you are in any doubt about property management, consult this authority (www.rera.gov.bh).
GOOD DISCIPLINE Effective property management is a disciplined business that requires constant focus and attention to detail, as well as energy, integrity and intelligence. If your property management company is missing any one of these characteristics, the other two will wreck you. My advice to anyone looking for a property management company is the old Latin term caveat emptor (let the buyer beware). The property world is full of well-intentioned angel property owners on their knees full of scars, poor-quality tenants and occupiers masquerading as responsible lessees, and an over-stocked stable of well-groomed JUNE 2018 AH 57