TECH DISRUPTION TAKES CENTRE STAGE AT MIPPM CONFERENCE THIS YEAR
The Malaysian Institute of Professional Property Managers (MIPPM) recently held their second annual conference entitled “PropTech: Driving the future of Property Management 2017”, which was held at Connexion@Nexus in Bangsar South, Kuala Lumpur.
As the theme of the event suggests, at the top of the agenda for the one-day conference was a sharing of ideas on the impact of technology disruption in the real estate arena and its implication to the property management market as we progress towards the future.
MIPPM vice president Adzman Shah Mohd Ariffin said this years theme was appropriate in the light of the current rapid change in disrupting technology especially related to real estate and Industry 4.0.
“This is indeed a unique conference aimed at bringing together an array of participants and speakers from abroad and locally to meet and share ideas and stimulate discussions in the area of property technology,” said Adzman in his welcome speech.
Elaborating, MIPPM president Sarkunan Subramaniam said the entire property industry is currently facing major disruptions and the traditional way of doing business is changing.
“The estate agency practice used to print newspaper classifieds to advertise their listings, and today they have moved quite substantially to listing in the various portals and apps that have abruptly appeared, in a way trying to eliminate the need for estate agents, pushing estate agents out of their comfort zone,” he said.
These days, Sarkunan pointed out, front-end tenant/occupant interface can be done online and through apps.
“I can tell you that there is a real proliferation of such programmes and apps that technologist have jumped into, that the property manager cannot ignore. If they do, they will soon find themselves ignored in the future when their management portfolio dwindles,” he added.
Sarkunan also said that clients are demanding real time information at their ease and time and do not want to wait for property manager’s monthly reports or meetings to hear what is happening to their investment. They want to view a dashboard of the key parameters at real time, anytime without having to read a report a month or even weeks old.
“The need for Malaysians Property Managers to embrace PropTech urgently is further compounded with the current move by The Board of Valuers, Appraisers, Estate Agents and Property Managers to open up the profession to other than Registered Valuers (BVAEA) who have [exclusively been] carrying out property management in the past,” he said.
MIPPM supports the Board for lobbying Parliament to approve an amendment to the Valuers, Appraisers and Estate Agents Act. The Act is now renamed the Valuers, Appraisers, Estate Agents and Property Managers Act.
The move is expected to add another 10,000 registrants nationwide to the current 1,000-odd registered property managers.
MIPPM believes this will bring fundamental change to the property management landscape. Those who worked for registered property managers, who lack qualifications but have gained the experience, can now register and form their own companies. Those who were practicing property management in the past without registration, such as allied professions like as architects or engineers, can also now register.
In this landscape, companies that embrace PropTech, will have an edge on the growing competition.
The opening of the MIPPM conference was officiated Deputy Minister of Finance II YB Dato’ Lee Chee Leong, who added his own perspective on the disruptive influence of technology in the property sector.
“Disruptive change is coming. We cannot avoid it. In fact, we must embrace it. The days of walking into a high street letting agent, taking hours to view a property, and searching a spreadsheet for a potential mortgage lender could be dwindling. The property sector is innovating and embracing new technology to improve its offering to customers,” he said.
Rapid urbanisation and tech-savvy population, Lee said, was driving change and Malaysians are presented with an opportunity to play an important role and take lead in the digital transformation of real estate industry.
The conference was attended by approximately 200 delegates and it featured topics such as Enhancing Property Management Using Technology (latest technological trends and implementations), Strata Management Made Easy By Technology (challenges and opportunities), Future of Property Management, and the Challenges of Implementing PropTech in Property Management.
The Conference speakers included: Knight Frank Malaysia’s executive director of property management Natallie Leong; Knight Frank Malaysia procurement manager of property management Lincoln Liew; founder & CEO of iSAP Solution Kelvin Wong; chief technology officer of Vista Kencana Peter Cheong; principal of PropConsult Services Eugene Liu; and technology partner for India, Global Technology Solutions at Cushman & Wakefield Nitasha Sreekumar.
Also serving as keynote speakers were MIPPM president Sarkunan (managing director of Knight Frank Malaysia) and vice-president Adzman (CEO of ExaStrata Solutions).