See below the announcement in the newspaper on the removal of registration of RV, REA and RPM issued by BOVAEP Aug, 2022. Names are cut-out here as to avoid sensitive information being published (although in law, BOVAEP has rights to publish the names).
- RV number = 7
- REA number = 18
- RPM number = 264
Hence, you can see that the profession of Property Manager is in the decline facing challenges, which could have been the result of:
- Many of them earlier on got registered without examination. See below Advertisement on Registration of PM - 17 Nov, 2017. Indeed, when the amendment to the Act 242 were presented to the Parliament, they were the first batch admitted into the Register. The ACT 242 inserted S.22F for Property Management and was gazetted and enforced on 02 Jan, 2018.
- Some of them got admitted to the register without active practice - they are the Valuers and Estate Agents who expected to gain the benefits of this profession by default.
- The challenge of the Strata Management Act and Ordinances that allow "Managing Agents" who put bond RM50,000 to assume the role of Property Management for the lack of qualified Property Managers in some part of Sarawak (different law). These managing agents compete for the same biz with the qualified Property Managers.
Advertisement 17 Nov, 2024
