Fulfill Your Real Estate Needs with Professional Property Management
05 Jan 2022
living tips
Key to keeping a happy home in your condominium is to ensure you have reliable, dependable property management. Your condominium is part of a larger development that needs oversight and maintenance so that you have security and protection along with operations and facilities that contribute to you and your family's lifestyle.
Property management in Bangkok is not unlike property management around the world. And as you and your real estate brokers seek the perfect residence for your needs, evaluating the property management provided is essential to the process. Then, once you have found your ideal home, you can live well knowing that your property is part of a well-maintained development.
What is property management?
A property may look fantastic from the outside, with impressive common areas and high-end fixtures and gadgets. However, as a resident or unit owner, you should not be expected to clean, maintain, repair, upgrade, or do other work to keep swimming pools, elevators, or security systems. Part of the benefits of condominium life has these facilities cared for and maintained for your convenience. Also, that is why you pay condominium fees.
Companies that provide property management in Thailand take on the responsibilities of juristic persons. The Thai Condominium Act provides that a condominium’s juristic person must maintain the common property of the project. It also allows the unit owners to appoint a manager to handle these obligations. While technically, the law states that an individual can be the manager for professional care, property management companies are best suited for these responsibilities.
The law describes these responsibilities to include:
Managing and maintaining the development’s common areas.
Executing lawful instructions decided by general meetings of owners.
Responding to building emergencies.
Providing condominium security.
Acting on behalf of the condominium.
Maintaining and reporting receipts and expenses as relevant to the unit owners.
Pursuing overdue maintenance fees from delinquent unit owners, and
other obligations as announced by law.
To ensure the condominium development runs smoothly, the law also allows the property management company to hire third-party providers where appropriate.
What to expect from a property management company?
The law is very general when describing the responsibilities of project management in Thailand. However, as many real estate brokers can explain, certain expectations delve deeper into how a property management company should maintain the common property and act for condominium owners.
Professional property managers must know every aspect of a project, literally from top to bottom and inside out, and how to bestcare for it:
Physical care of buildings and common areas
This covers wide-ranging responsibilities. It can include sanitation and waste management – making sure shared areas and facilities are kept clean,landscaping gardens, repairing damages to walls, walkways, and so forth. If there are fitness facilities or swimming pools, property managers must ensure that equipment is functioning properly and that pools and poolside areas are hygienic and suitable for use. This attention to care extends to other facilities or shared areas, including barbecues or playgrounds.
Infrastructure and engineering maintenance
Electricity, communications, plumbing, security systems, and the actual buildings themselves hold the property together. Professional property management companies must attend to a condominium project's inner workings and engineering to make sure the elevators work, lights go on, and the water flows. Every infrastructural operation is under the purview of the property manager.
Managing third-party contractors
Even the largest organization offering property management in Thailand may not have the resources to oversee the responsibilities outlined above. This is why the law allows them to hire outside companies, which may be the best option. For example, a professional property management company knows the importance of security to safeguard the residents, but it does not necessarily need to hire and oversee the guards. Instead, they can contract a reputable security company to protect their property. Nevertheless, the property management company is still legally responsible for contracted parties. This ensures that they select the best contractors to fulfill the various operations they want to outsource.
Manage emergency response
Responding to emergencies must be more than just calling the police or fire services if an incident occurs for property management companies. According to the law, they should have extensive fire and safety management protocols in place, including maintaining alarms and sprinkler systems to prevent or mitigate damage and harm to residents and property.
Ensure laws and regulations kept
Property management companies are not meant to be police, but they should be aware and look for violations to avoid strenuous or criminal situations. They also must follow laws and regulations passed by the government and any resolutions and ordinances legally put in place by the unit owners.
Maintain budgets and costs
The smooth operation of a condominium project requires money, and it is the property management company that collects and disburses the funds as needed for the project. However, since the funds come from the unit owners, the company must provide transparent reporting to build and maintain the owners’ confidence in their work for the condominium project. They must provide the best services while keeping control of costs to stay within their allocated budgets.
Offer advice and recommendations
Condominium unit owners are not meant to be real estate experts. Instead, they rely on property management companies for maintenance and upkeep, and expert informed advice and recommendations from the property managers. From prudent cost-cutting measures to impressive improvements, property management companies should provide added value to their services to ensure the condominium project not only runs smoothly but adds value to the property over time.
Why do you need professional property management?
As you can probably tell by now, property management requires a lot of knowledge and experience, especially for properties with extensive services and facilities. So while some may think that they can get by with hiring a single person or a cut-rate company or even trying to handle things among owners to save money on their maintenance fees, the ultimate cost could end up being much more.
In Thailand, professional property management should ensure that a condominium development runs smoothly and efficiently. This makes residents' lives easier, and it also maintains or enhances property value while appealing to potential new buyers or residents. Without a professional property manager, a property risks deterioration and decline as inferior maintenance leads to breakdowns or cost overruns when minor problems are not detected and leads to expensive repairs. Engaging a skilled property management company means less worry and more living for owners and residents in the long run.
Plus Living Management provides professional property management in Thailand for projects across the country. Our teams are dedicated to offering full-service property management, ensuring talented professionals' highest quality maintenance and operations. You can trust Plus Living Management for comprehensive real estate expertise and consultation for your property needs.
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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.
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