KUALA LUMPUR, Oct 19 (Bernama) -- Property managers need to reinvent themselves by adopting new technologies and mind set and changing their way of doing things, said Second Deputy Finance Minister Datuk Lee Chee Leong.

The prevailing challenging economic scenario requires the profession to continuously find new ways and methodologies to enhance client services, he said.

"For the property management industry in Malaysia to undergo transformation, it has to be carried out by trained and qualified professionals, especially when the service encompasses managing funds, it must be regulated to protect the interests of the public.

"When we reinvent ourselves, we can expect different and better results," he said in his keynote speech at the Malaysian Institute of Professional Property Managers (MIPPM) inaugural conference entitled 'Towards 1st Class Property Management' here Wednesday.

He also urged the stakeholders to engage registered property managers, who are regulated by the Board of Valuers, Appraisers and Estate Agents under the Ministry of Finance.

He said registered professional property managers are required to comply with the standards, adding the board will act against them if they fail to do so.

"Depending on the severity of the infraction, the property managers may be admonished, fined, suspended or even de-registered. Property owners may lodge a complaint, but the board can also take the initiative to check," he said.

Meanwhile, MIPPM President Sarkunan Subramaniam said it is important to raise awareness among property owners and investors on the importance of good property management in asset value preservation and enhancement.

"We all have heard stories about children losing their feet in escalators, people falling into an empty lift opening or getting electrocuted in a swimming pool.

"These situations can be prevented when proper management is carried out. When consumers start demanding better services, the industry has to move forward," he said.