Bangkok Property Management: Maximizing Your Real Estate Property’s Profitability
After so many years of investing in real estate property, you’ve finally come to a point when you realize that you have more rental and leasing property than you can handle. To ensure that all your investments continue to work for you, why not consider getting assistance from a property management firm? Whether your investment is a vacation villa in the outskirts of Bangkok, or a house just a couple of blocks away from where you live in Sukhumvit, you can use the service/s of these firms to ensure that you’re doing the right thing with your properties. Let’s find out what these firms really do and what the benefits of using their services are.
What services does a property management firm offer?
Property management firms offer services such as selection and screening of tenants, marketing property, accounting assistance and maintenance. In a nutshell, they take care of the daily activities of real estate investments. Many real estate brokers also work as property managers but there are firms that concentrate on property management services.
Why do you need a property manager?
Because each situation is different, you might want to assess if you would benefit from property management. Below are some of the common considerations when deciding whether hiring a property manager would be advantageous.
1. Proximity to your investment.
Let’s look at your vacation villa in Bangkok. Assuming you reside in the US, it will be very expensive for you to fly over to Bangkok often to check on your property. To save on time and travel cost, you can find a good Bangkok property management firm or manager to handle all your real estate needs. In general, the farther the distance of your property from where you stay most of the time, the bigger your reason to hire someone to look over your property while you are away.
2. Number of rental or leasing units you own.
The more properties you own, the bigger your management challenges grows. If you are not able to manage your office units in Greece well, chances are you will end up selling them until such time that you feel that you have enough property that you can handle efficiently. However, you might not need to end up in that situation if you hire an experienced property manager who will take care of all the necessary paperwork.
3. Willingness to confront tenants about late rental payment or possible eviction.
Remember that a successful rental business is not about charity and therefore you will really have to reinforce the rules one way or another even if this is the hundredth time that you have faced a tenant who pays rental fees late and also the hundredth time that you have made an exception. If you don’t want to be the bad guy in these types of situations, then you will benefit from a property management firm who can handle these situations better and can use the perception that they are only doing their job to their advantage.
4. Minimizing your vacancy rates.
Showing the property to potential tenants, some advertising, and maybe a few recommendations can help in acquiring tenants, but these can be time-consuming and costly in the long run. Maximize your exposure by getting help from a property management company who know about the best avenues to market your property. It can also arrange a hotline number for interested tenants to call for more detailed information.
5. Assess your how well do you manage stress.
Property management can be very stressful especially when your neighbors start coming up to you to complain about the partying at night at your rental apartment or about the innumerable fights your tenants have picked in the neighborhood. Property management firms will take care of screening tenants for you, thus minimizing the chances of getting inferior tenants or even “professional tenants” who think they know so much about the law and end up using the property for free at the landlord’s expense. Generally, property management is really easy once you fully understand how it is to be a good landlord. But until then, a property management firm or manager can take care of everything for you and make sure that your real estate property is maintained to ensure maximum profit while keeping your tenants happy.