How to Manage Your Thai Condo For Rent While You’re Away

December 21, 2018 Thailand

No Time Managing Your Thai Condo For Rent? Get Professional Help

You see how this Thai condominium for sale has a great location with high rental yields and potentially high price appreciation. You see that it’s a property suited for a prosperous Thai property rental business, so you buy it. And then what?

How to Manage Your Thai Thai Condo For Rent While You're Away

Most overseas buyers of Thai Condo For Rent tend to overlook the fact that there are a lot of things to fulfil after buying a property. The amount of time and effort needed for a rental business could be surprising for first times.

How do you think you are going to get tenants or furniture? Do you even know your obligation as well as your tenant’s?

With a lot of patience and time, you could do all these by yourself. However, if you are not always in the area, it’s best to get professional help from a property management agency. Your apartment for rent whether it be for vacation rentals, office space for rent, or residential rentals, they got you covered.

Problems That Could Arise With Your Rental Business

How to Manage Your Thai Thai Condo For Rent While You're Away

You’re probably thinking, “What could go wrong when renting?”

Fresh Bangkok gives examples of things that could turn bad in an instant:

  • Extended rental vacancy period
  • Lack of reliable and efficient rental agency
  • Lack of time in furnishing condominium with essential appliances or furniture in a short period of time.
  • Overseeing tenants.
  • Tenants who fail to pay rent.
  • Emergencies that require immediate attention such as burst water pipes, locked-out tenants, or pest control issues.
  • Needed renovation and redecoration after a difficult tenancy.

Vacancy can further be a problem when your chosen property for rental business has a location with an on and off-peak season. Other concerns also include the inability to pay taxes properly.

These are but examples of what could go wrong with your rental business. Problems like these could possibly arise because of language barriers, lack of knowledge regarding local customs, or the geographic distance.

With all these given, the importance of having someone to manage the daily needs of your property while you’re away is further highlighted. Here enters the job of property management agencies, tenancy agencies, or condo facilities management.

Types of Professionals for Managing Your Thai Condo For Rent

Rental Agency

– Relaying maintenance or tenancy issues to the Landlord.

– Advising and providing suggestions to the Tenant or Landlord on how to resolve issues.

– Providing basic check-in and check-out support.

Condominium Facilities Management

– Can conduct basic maintenance works (I.e. Repair broken fittings, checking water and electricity).

– They can usually assist with all condo fixtures or fittings; however, their service does not cover standalone furniture or electrical appliances (I.e. Fridges, Microwaves, TVs, etc…).

Professional Property Management Agency

– Full tenant management such as rent collection and on-going support.

– Assisting in coordinating repairmen, contractors or technicians in case of maintenance issues.

– Coordinating repair and/or replacement of electrical appliances and furniture.

– Complete check-in and check-out services.

What Could These Professionals Do to Help You?

How to Manage Your Thai Thai Condo For Rent While You're Away

If you’ve realised just now that having a rental business is tedious, here’s how property management agencies could help you.

Managing Properties with Low Occupancy Rate

A good Thai Property Management Service should have the capacity to advertise and market your property well by having your property seen through well-known property websites.

What’s more is that established agencies usually have access to a network of clients thanks to their co-agent network. This benefits both agency and landlords as your property adds to the agency’s portfolio while your property gains more exposure.

Overseeing Tenant Relationship

Finding a tenant is relatively a small part of managing a property. A more challenging task is to manage tenants — from their requirements, demands, and expectation.

Due to your lack of presence in or near your rental property, it will be difficult to acknowledge and attend to tenant problems such as a busted light, lost keys, or a malfunctioning air-conditioning unit.

With a tenancy manager at your service, these things could be fixed before they escalate to bigger problems.

Maintenance and Redecoration

As a foreigner in Thailand, you probably do not have connections to trusted plumbers, contractors, pest control, or technicians. This may pose as a problem especially when the need arises. If you randomly get a service provider, you may even be at risk of paying more than you should have, or worse, fraud.

So, to keep your Thai rental property it’s best to seek help from a property management service that has more local knowledge regarding these kinds of services.

Landlord Obligation

Thai landlords are usually bound to governmental policies, tax, and city-specific laws. A property management service can help you have a detailed grasp of these things. They could even offer legal, financial, and tax advice and suggestions.

Having them at hand would offer you full support and care for your rental business which in turn could contribute to your overall success.

Resale Services

Thailand usually allows foreigners to “own” a condo for 30 years which is renewable when approved (read our Ultimate Thailand Property Buying Guide for more information). So if you’re ready to part ways with your property, a professional property management agency could help you find buyers through advertising and marketing campaigns.

Already Considering Hiring a Property Management Agency?

Before rushing in hiring an agency, you should look at their credentials carefully. Do they have a positive review from past customers? Are they transparent with their offerings and charges?

With more and more investors engaging in rental business, having an agency gives you an edge. But be sure to choose the right one. One agency is Fresh Property. They offer property management service for Bangkok condominiums and homes.

Wherever you choose to do your property rental business — be it in Bangkok, Chiang Mai, Pattaya, Phuket, or Hua Hin, having a trusted property management agency will keep your business alive.

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