There are more than 421,000 condo units. On average, each condo unit is valued at more than $ 1 million. Altogether, the residential strata developments are worth more than a combined value of $421 billion. This has not taken into account the value of the commercial and industrial strata developments. Strata practitioners are managing very high-value assets. It is natural for Management Corporations to therefore expect their appointed Managing Agents able to bring value to the table. To meet this expectation, Managing Agent Individuals must be adequately trained.
The ASM Accreditation Scheme is designed to train Managing Agent Individuals. For a strata firm to be accredited by ASM, their Managing Agent Individuals must pass 4-course modules: three-course modules conducted by ASM’s approved training partners plus another module by BCA Academy (BCAA). A Managing Agent Individual who has passed all the above 4 modules and provided he has at least 2 years experience in strata management, may apply to ASM to be conferred as an Accredited Strata Manager. More than 600 Managing Agent Individuals have been trained by ASM.
Up to 30 June 2022, any strata firm with 30% of Accredited Strata Managers (against their total operational staff in the company) could apply to become an Accredited Strata Firm. This requirement has been raised to 50% since 1 July 2022. From 1 July 2023, the requirement will be further raised to 70%.
Up to date, 380 of the Managing Agent Individuals have been conferred by ASM as Accredited Strata Managers. 17 strata managing agent firms are now known as Accredited Strata Firms.
All Accredited Strata Managers are required to attain 8 hours of Continuing Professional Development (CPD) each year. The CPD courses are intended to enhance further insight into specific aspects of strata management, providing face-to-face training so that the attendees would have better interaction with the trainers.
In her speech at our recent Gala Dinner 2022, Senior Minister of State for National Development, Sim Ann stated that strata managing agents will need to enhance our productivity. One way to do this is by making good use of technology. The Government provides generous funding support for firms that adopt advanced or smart technology, including workflow automation tools, and smart monitoring solutions. These programs are open to strata-managing agent firms. We should make use of these programs to upgrade our capabilities.
It is not uncommon for any person to question the benefit of joining an association.
ASM has written a practice guide on Frequently Asked Questions (FAQs). These will be available to members only. ASM wants to build this library so that members could benefit by using the guide to respond to challenges. ASM has signed an MOU with the Royal Institution of Chartered Surveyors (RICS) and the Singapore Institute of Buildings (SIBL). Together with the two associations, ASM wants to conduct courses that are practicable to equip our members. ASM wants to represent the voices of the strata practitioners.
A new NTUC-UA Social Membership Card has been launched by ASM. This new social membership card brings every individual member of ASM the following 3 Key Benefits:
- Link Rewards Programme by NTUC Link
- Ready Experience Programme by NTUC
- Career Enhancement Programme by NTUC
Click here to sign up! (Only applicable for members)
There is still a lot more that ASM wants to do. ASM and its Committee would do our utmost to grow ASM. We invite more Managing Agent Individuals and Managing Agent Firms to join ASM. With a larger membership, the more resources ASM would have and therefore more programs and benefits for members.