Owning rental properties in Bangkok can generate profitable and above all stable returns for savvy investors. However despite the rewards, rental investments can quickly spiral out of control especially if the rental management process is not carefully handled by the landlord!
Tenants and general maintenance issues can often consume time, effort and financial resources turning rental portfolios into potentially stressful affairs. Therefore it is often important for landlords to take a “pro-active approach” to managing rental units and preparing before the arrival of their new tenants by taking certain preemptive measures.
Here are 5 Common Bangkok Condo Management Issues:
1. Lost Keys and Access Cards
It is very common for even the most responsible and well-intentioned tenant to lose their keys and access cards. This can happen after a night out or simply by absentmindedly locking themselves out of the unit.
A quick solution to avoid emergencies is to leave a spare set of keys and access cards with the Management Office of the Condo building!
2. Forgetting to Pay the Utilities
Again it is not uncommon for tenants to default on the electricity bill, inadvertently resulting in a removal of the electric meter (Water supply is usually managed by the building and a default is not usually a major issue).
It is possible for Landlords to setup a direct debit between their Bank and the Metropolitan Electricity Authority (MEA). The landlord can thus automatically pay for the electricity bills and ask their tenant to refund them along with the monthly rent.
3. Broken or Loose Fixtures and Fittings
Modern Bangkok properties especially Condos, are often fitted in fixtures and fittings that can easily wear out as a result of a tenant’s residency.
Before allowing a rental client to move into a property, it is important to conduct a deep and thorough inspection of the unit. Via this inspection, it will be possible to ensure any broken or loose fixtures or fittings are replaced or fixed beforehand.
4. “Stained” Mattresses
Depending on the size, brand and general quality, mattresses can be incredibly expensive items in a rental condo. It is important to note, that most potential rental clients will immediately ask for a replacement if the mattress is visibly stained!
Therefore prevention is always better than cure and landlords are always advised to provide a set of mattress protectors.
5. Late Rental Payments
Although not as common as the issues above, nothing is more nerve racking than late rental payments by a tenant.
Again it is important for the landlord to request that the tenant sends “Proof of Rental Transfers” to his/her e-mail. This should be done at the start of the rental contract to ensure a strong landlord-tenant relationship!
Managing a Rental Property Investment can quickly spiral into a full-time job!
How about delegating day-to-day property management to a professional and dedicated team of experts?
Find out more about Fresh’s Property Management Service!