Key Factors to Consider Before Choose Property Management Company

18 พ.ค. 2022 เคล็ดลับการอยู่อาศัย


Real estate is an excellent investment. However, once you obtain a house, condominium, or other property types, you need “property management” to ensure that your real estate is appropriately  maintained and that residents’ needs and obligations are handled. Some may think that the work of a property or condo management company is easy – pay the bills, make sure the lights and lifts work, collect fees and payments where necessary.

However, there is much more to property management than that. While a good property management company will ensure that your real estate runs smoothly, a great property management company will help you achieve the highest returns while making your location highly sought after by tenants or future investors.

So, how to choose a property management company? Here we present some key considerations when contemplating a property or condo management company.

What a Property Management Company Can Do?

In Thailand, as in other countries around the world, there are laws and regulations that property owners must comply with. From maintenance of common areas to overseeing and responding to tenants and residents, property owners may find themselves faced with obligations that they may not have been aware of. And, in many cases, they may not have the time or resources to handle it. 

Furthermore, just because you are investing in real estate does not mean that you want to manage the day-to-day minutiae. This is where a property management company can be a great asset and value-added to any real estate project.

There are certain fundamental responsibilities that a property owner must undertake. This includes:

  • Maintaining common areas and building infrastructure, including shared facilities, plumbing, electricity, waste management, pest control, and so on.

  • Managing security and safety operations, including fire and emergency prevention and response as well as safeguarding property, and so on.

  • Handling property budget and finances, including maintaining any accounts and cash flow as well as collecting any fees and payments.

This is just a broad overview and summary of the obligations required by Thai law. Nevertheless, even this shortlist contains many facets that need scrupulous attention and care to ensure not only legal compliance, but also smooth operations for resident satisfaction.

A premier property management company should be able to handle all the regulatory requirements and provide additional benefits to the owners.

Benefits of a Property Management Company

As mentioned already, owners can take care of these responsibilities themselves, but a professional property management company can offer further advantages which far exceed any worries about expenditures in hiring them.

Since it is their area of expertise, a property management company will be up to date on what is required as it relates to legal and regulatory requirements. Furthermore, they would be better aware of best practices in managing and maintaining property developments and projects. This means that they can:

  • Maximize your budget while maintaining the best services. Whether they have in-house staff or third-party providers, an effective property management company can do better without spending more. This includes appropriate deployment of high-tech solutions such as IoT applications.

  • Prevent issues and expensive repairs. Proper maintenance may ensure that things run smoothly, but a property management company that can anticipate and avoid such issues as expensive breakdowns and failures is ideal.

  • Suggest optimal improvements. Once everything is running excellently, an accomplished property management company does not stop. As they act on behalf of the owners, they should take a vest interest in the success of the development, assessing as only a real estate expert can, and offer suggestions and advice on how to improve things. This could be with innovative services or equipment, as well as streamlined processes and functions.

Owners can have great expectations of their condo management company, but how will they know they picked the right one?

Key Factors to Consider in a Property Management Company

When searching for the ideal property management company for your real estate investment, there are some important factors you should keep in mind. First and foremost, you should find a company with a proven track record that you can independently confirm. They may have a flashy website or brochure with impressive addresses and brands, but they should not shy from letting you ask for references. Independent site visits and conversations with clients should help confirm whether a property management company is reliable and experienced enough to meet your specific needs.

Additionally, you may want to evaluate whether the project management company has a management system that aligns with your priorities. Will they be able to handle all the responsibilities that you expect them to? Are they service-minded and willing to make themselves available to owners and residents during and after work hours? Do they have experience in the categories that are most important to you, such as property security or updating facilities? Will the staffing they provide be dedicated to your projects alone and are they qualified and experienced in their respective responsibilities?

Another criterion you may want to consider is what recognitions and certifications the property management company have. There are many global standards and awards for property management on different levels, such as ISO for management and Fitwel for building resident’s health, as well as national recognitions from the Thailand Innovation Awards, Bangkok Metropolitan Council, and Building Inspectors Association.

Plus Living Management is a World-Class Property Management Company

Plus Living Management is a well-recognized property management company. After receiving the ISO 9001:2015 standard certifying their quality management systems, Plus Living then achieved ISO 41001:2018 for their facilities and amenities management. As a further confirmation, Plus Living also received a Fitwel 3-Star rating for maintaining and promoting the health of their buildings’ occupants, and a National Innovation award recognized the cutting-edge LIV24 full-service security command center that Plus Living developed. 

These are just a few of the awards and recognitions that verify Plus Living Management as a world-class property management company. Furthermore, a look at our portfolio of properties and services will show the vast breadth and depth of our real estate experience, from family-friendly housing to super-deluxe luxury high-rise condos. Every day, our entire staff strives to exceed the expectations of property owners and residents by providing the best services while leveraging the latest technology for the most comfortable living experience possible. Contact us to find out how Plus Living Management can help you make the most of your property today.

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Plus Property is a real estate agency that provides first-class property services to those looking to buy or rent out property in Thailand. Our highly experienced team also offers professional consultation on request. For information on condominiums that address the needs of your lifestyle and cater to your personal rhythm, call 02 688 7555 or click here to browse units currently available for sale and rent.

Explore how PLUS can help manage your property, Property Management, Bangkok Condo For rent, Condo Juristic Person


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