Why Property Management Is A Big Issue In Residential Condominiums
The demand for properties in Thailand is becoming relatively high that is why more condominiums, offices, hotels, serviced apartments and retail centers are being constructed in Bangkok. However, there is one challenge that condominium and apartment owners have to face – the lack of competent personnel to fill in the position of property management staff. There is only a limited pool of resources that can deliver quality service that property managers are looking in order for the properties to run smoothly. Property managers have to compete for the limited pool so that they can provide quality and efficient services.
In Bangkok, there are four educational institutions offering undergraduate courses in property management but it is still on the initial stages and on-the-job training is a very critical component to improve the skills of personnel involved in the industry. If serviced apartments and hotels are affected by the lack of qualified staff, more so with residential condominiums because of their limited budget for property management. With smaller budget, they face difficulty in finding the right key personnel. Meanwhile, serviced apartments, hotels and retail centers have bigger budgets meaning they are managed by high caliber property management teams.
Another problem faced by condominiums is the restraint imposed by co-owners of the building. Majority vote is required for key decisions like appointing a property manager and setting up management fees. The right property manager is a critical to the operations of a condominium because it can affect service. A property manager must have good communication skills with the ability to resolve day-to-day issues to minimize staff turnover.
Because of the issues in property management, many real estate developers in Thailand like Sansiri, Ananda, Gaysorm and Charn Issara have established their own property management teams because they understand that it is crucial to the maintenance and increase in property values.
It will be quite daunting to find a condo or apartment unit that gives real value for your money if you are not particularly familiar with Bangkok real estate market. Allow experienced real estate professionals to apply their knowledge and experience in helping you find a condo you will enjoy as your second home in Bangkok.