Property Management: The Secret Behind Happiness and Harmony of Tenants
17 Mar 2022
living tips
Property management companies are vital to ensure the satisfaction of condominium owners and residents, including tenants. As an owner or a tenant, you have certain expectations regarding the entire property, from the front gate to your unit and up to the rooftop. While adequate property managers will keep things running at a bare minimum, excellent property managers will ensure everything functions smoothly and offer value-added service wherever possible.
Property management firms in Thailand are much like elsewhere in the world. However, not everyone is fully aware of the many roles and responsibilities that property management companies could undertake to provide optimum services for tenants and owners. In this article, Plus Property would like to discuss the main highlights that both owners and tenants should be on the lookout for and how property management adds more value for investment.
What Does a Property Management Company Do?
While it may seem that the term “property management” is self-explanatory, in Thailand, the responsibilities of a property management company often begin with a legal obligation under Thai law. For example, as it relates to condominiums, a juristic person is legally bound to certain tasks by the Thai Condominium Act. A property management company is hired to handle them.
So, what does a property management company do? By law, property management companies acting as juristic persons must, among other duties:
Manage and maintain common areas. This could include gardens, lobbies, corridors, and recreational areas such as fitness rooms and swimming pools. Maintenance often means keeping these areas clean and functional, making sure that equipment and facilities are in working order.
Execute instructions from owners and act on the condominium’s behalf. Suppose unit owners agree to such actions as upgrading equipment or other such activities in a general meeting. In that case, they can task property management companies to ensure that those decisions are completed. In order to accomplish this, property management companies are often given the power to act on the condominium’s behalf.
Provide security and emergency responses. Property management companies must ensure that the property and its residents are safe in most instances. This includes hiring security personnel or engaging with a third-party security firm, to prevent illegal or inappropriate activities and behaviors. Furthermore, they must maintain equipment safety and infrastructures such as fire alarms, sprinklers and be prepared to liaise with first responders in case of an emergency.
Handle condo finances. Since they can act on behalf of the owners and the condominium itself, the property manager must keep good accounts of payments going into and out of the project. This includes providing reports on expenditures as well as collecting maintenance fees from unit owners. They must also chase payments from delinquent unit owners to ensure proper accounts and cash flow.
This is just a summary of a Property management company's various roles for a condominium project. Furthermore, as an extension of the responsibilities as mentioned above, property management companies may also provide value-added services such as:
Maintain building infrastructure. While some may consider it part of the “common area” remit discussed above, it is worth noting that an effective property management company will pay attention to the very inner workings of the complex, including plumbing, electricity, and elevators. This extends to functions within individual units as well.
Engage third-party contractors. Again, it has been mentioned that property managers could hire a security company to handle the safety and protection of the property and its residents and guests. They could also sub-contract for cleaning and repair services. This would also speak to the efficiency of a property management company as it plans for the best services while being fiscally responsible.
Provide advice and suggestions. The property management company handles the day-to-day operations and so most likely develops relationships with tenants and owners. This means that they are well placed to evaluate situations and make recommendations to improve how the property is managed, but they can also suggest enhancements to the quality of life for tenants and owners living in the property.
How can a Property Management company make tenants happy?
As discussed, a property management company has various responsibilities and obligations for the smooth functioning and maintenance of a property. Nevertheless, as the agents or face of a condominium, they can play a pivotal role in making tenants happy. While some may say that keeping things running should be enough to satisfy residents and owners, a truly successful property manager should maintain decorum and competence while creating a warm atmosphere at a condominium that people call home.
First and foremost, a property management company should act professionally, respond to queries and matters promptly, and resolve issues for all involved without alienating tenants or owners. They must act as a community liaison, enforcing rules and regulations. Most importantly, property management companies ought to respect tenants, treating each person equally while maintaining privacy standards.
These are all key to keeping tenants happy, which should be a fundamental goal of a property management company.
How can Plus Living Management satisfy your tenants and help your property?
Plus Living Management is a full-service property management company that understands tenant happiness is at the heart of a successful real estate project. All the time and money invested in a condominium could be wasted if tenants are not attracted to a property or, if they are, they are dissatisfied and move out. Plus Living Management is dedicated to maintaining and improving every property under our care to create an appealing location for people seeking their ideal home. With superb service and value, occupancy rates and demand would increase, which enhances property value and appreciation. Owners select Plus Living Management so that their investment increases in value as tenants prefer our properties, knowing they will be happy living there.
Contact us today if you would like to learn more about how Plus Living Management enhances condominium project values with our outstanding service and attention to detail and care.
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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