It may come as a surprise for many overseas buyers to discover that Property Management as a turnkey rental service, is a relatively new business concept for condo landlords in Bangkok!
The vast majority of buy-to-let investors in the Capital are overwhelmingly Thai and they often tend to shy away from Professional Property Management Services for the following reasons:
- They are often based locally and can attend to on-going condo issues rapidly.
- They do not trust Property Management companies to deliver cost-efficient and reliable service.
- Sensitive to additional rental costs.
However foreign landlords based overseas, may often find peace of mind knowing that their asset and tenant is being assisted and monitored in a timely manner!
So what are the current available management options in Bangkok?
1. Rental Agency
While technically Property Agencies charge for a “tenant finding service only”, many will go out of their way to service the landlord and the tenant throughout the term of the Rental Agreement.
However it is important to note, that their support is limited to relaying issues to the concerned parties and advising on any potential solutions.
Scope of services:
– Relaying maintenance or tenancy issues to the Landlord.
– Advising and providing suggestions to the Tenant or Landlord on how to resolve issues.
– Providing basic check-in and check-out support.
2. Condo Facilities Management
All Condominiums tend to have a Facilities Management or Juristic Person Office. They are usually here to offer general property support to the condo’s landlords; with some large condos conveniently staffed with repairmen and technicians.
Scope of services:
– Can conduct basic maintenance works (I.e. Repair broken fittings, checking water and electricity).
– They can usually assist with all condo fixtures or fittings; however their service does not cover standalone furniture or electrical appliances (I.e. Fridges, Microwaves, TVs, etc…).
3. Professional Property Management Agency
Simply relying on the Rental Agency and Facilities Management, generally offers basic cover that is ideal for landlords that are based locally or have access to local assistance (I.e. Friends, family or contacts).
However there are additional issues beyond the scope of “Option 1 and 2” that may create undue stress and complications, especially if a landlord is based overseas. So for additional peace of mind, some landlords may opt for a Professional Property Management Agency.
They offer the full scope of rental management services notably:
– Full tenant management such as rent collection and on-going support.
– Assisting in coordinating repairmen, contractors or technicians in case of maintenance issues.
– Coordinating repair and/or replacement of electrical appliances and furniture.
– Complete check-in and check-out services.
Whether you decide to self-manage or engage a company, ultimately the key to a successful rental portfolio is efficient and cost-effective rental, tenancy and property supervision. Owning a rental property can be extremely profitable, provided a healthy turnover of tenants is maintained and the property’s condition is carefully managed!
At Fresh Property our dedicated Team can help protect and grow your investment!
For more information visit: Bangkok Property and Tenancy Management Service