Bangkok Property Management: Benefits and Services
After investing in rental or leasing property, your next step is to acquire tenants and ensure that the property is maintained and well-taken care of. If it’s the first time that you’re doing this and you live quite far from your rental property, say your rental property is in Bangkok in Thailand and you live in the United States, chances are you will need the a property manager. Now before you even start choosing from the numerous Bangkok property management firms out there, let’s make sure you have a clear understanding of what property management is and see if your situation deems it necessary.
What is a property management?
Property management is the process of supervising a real estate investment and involves maintaining daily activities that involve the property, such as tenant selection, rental payment collection, repairs, and legal advice. There are firms that specialize in property management services; however, there are also numerous real estate brokers that function as property managers.
What are the services and benefits that a property management group offers?
Every investor is pre-disposed to various challenges, so here is a list of the common services that most property management groups offer.
1. Determine a fair rental rate.
This is especially important in the example that we mentioned above. If you are not familiar with the Bangkok market, then a reputable Bangkok property management firm or manager should be able to assist in determining the most competitive rental price for your property. The firm should also be able to come up with recommendations on how to maximize the size, location and aesthetic value of the property for a quicker return of investment.
2. Advertise and market your property efficiently.
Property management groups will take care of the cleaning and preparing of the property for viewing. They will also be the ones to create ad listings and other advertising media for more exposure. They can also contact leasing agents and realtors to expand their reach when looking for tenants. This maximizes your coverage and will help in finding potential tenants quicker and more efficiently.
3. Screening tenants thoroughly.
You may know of friends or potential tenants, but how sure are you that they are “good” tenants especially when it comes to paying the rent? This is something that will require a lot of experience and this is one of the reasons why you need a property manager who is skilled at performing background check and grading tenants according to specific criteria. With better and more responsible tenants, you are assured of regular rental payment, lesser headaches and fewer problems in general.
4. Reinforce rental collection.
Property managers become the mediators who will take care of collecting the rent no matter what excuse tenants give. They are also perceived as people who are only doing as required and therefore they can use this to their advantage to reinforce the agreed rental terms especially if the time comes that a tenant may need to be evicted.
5. Handle repair, maintenance, and remodeling.
As a good landlord, preserving your investment involves good maintenance and repair. This will keep your tenants happy and increases the chances of longer stay, less vacancy and turnovers. A property management firm can provide you access to contractors and maintenance staff who are best qualified to ensure that your property is always in good shape. You will definitely save more than hiring a handyman out of your yellow pages listings. In summary, your real estate investment might not be as easy to maintain as you thought it would be. But with the help of property management firms, your life will be easier and you will definitely get the most out of your rental or leasing property.