Development of Knowledge Management Strategies for Property

DEVELOPMENT OF KNOWLEDGE MANAGEMENT STRATEGIES FOR PROPERTY MANAGEMENT COMPANIES IN MALAYSIA

Muhammad Najib Bin Mohamed Razali

Universiti Teknologi Malaysia

ABSTRACT

The concept of knowledge management (KM) is a common concept in management theory. It has been practised in many fields such as business, human resource management, engineering, medical and science. Although it is a common concept in management, it can practically be implemented in property management industry particularly in Malaysia. The property market in Malaysia has shown a tremendous growth due to the strong economic growth. This has put Malaysian property market in the radar from the investors' point of view. From the global property performance, Malaysia contributes 0.7% and ranked at number 18. Real Estate Investment Trusts (REITs) has been introduced in Malaysia since August 2005 and it contributes 0.3% of global market and 2.4% of Asian market. Malaysia is ranked at no. 14 in the world REITs market. Malaysia also listed one of the transparent property markets in the world as a result of a good performance in property sector. This indicator gives a significant impact to property management industry in Malaysia. As property sector gives a significant impact to economic growth in Malaysia, these properties needs to be managed as it will give good implication to the industry especially in REITs business. Furthermore, property management as part of the services in property industry also affected by the rapid growth in this sector. Thus, it is believed KM concept can assist property management players to give a significant impact to the property industry. This research attempted to develop KM concept among the property management companies in Malaysia. The model based on nine KM strategies that have been developed through several processes as well as validated by the major respondents in this research. The strategies are identified as the major KM concept that needs to be developed in the property management companies in Malaysia. The KM strategies model for property management are divided into 4 main models, KM area (in concept), 4 major strategies (in concept), 9 main strategies (in details) and property management good practices. Overall, this research has highlighted the existing of the KM concept in property management companies in Malaysia. With the competitive advantage of real estate business is become more challenging due to globalisation process in the future, property management companies in Malaysia needs to be evolved in order to stay in the business. It is believed; the concept of KM in real estate will not only give a better way of management but also will generate more profit which is the main target in any business in the world. This research has widened the knowledge of KM concept theory into real estate area particularly in property management business. The model formulated from this study will give a better idea for property management companies to strategise the KM strategic management model into practice.