In Bangkok, you will find several world-class condos that could compete with the best in any other major city around the world. The trend and demand for upmarket condos are increasing, but naturally, those looking to purchase these properties demand not only that it is well constructed, but that it is well managed now and in the future. As such, when many of the buildings are handed over to the juristic committees, there is a recommendation that a professional management team is put in place.
In recent years we have witnessed a trend for condos in Bangkok to employ professional management companies to take on the day-to-day running of condos. While committees may have people who would like to hire, this can often be down to nepotism or favouritism rather than because they are confident that they can do the job. With a professional management company, you can benefit from independence and no conflicts of interest. It is purely a business relationship and one which benefits all parties. Here are some of the reasons why.
Professional management teams are blessed with a wealth of experience and often newly instated management teams will be a combination of people with years of experience as well as those who are learning the role. The training that they will have received will be of the highest order meaning that everyone knows precisely what their part is and what is expected of them. They will also have dealt with a vast array of problems and situations in the past meaning that when things do go wrong, and they inevitably will, they know exactly what to do.
2. Support teams
Professional companies will have access to a wide range of support teams. It may be maintenance contractors with whom they have negotiated favourable contracts, replacement office staff or security guards. Whatever, additional services may be required, they will know who to call upon. As they will offer similar services in other buildings, they will already have negotiated competitive rates with organisations and individuals they trust. Often just the name of the management company can hold some sway in negotiations with a group having far more power and influence than any individual.
As we touched upon in the introduction, the fact that they employed on a business relationship basis means that if something does going wrong, it can be dealt with accordingly without concerns about upsetting anyone or misplaced loyalty. Reports should be frequently requested by committees, and the managers should, in turn, provide them. While the condo is your home, it should also be run like a business to ensure that it can be enjoyed now and in the future. When standards start to slip, it can be tough to reverse the trend.
4. Trusted – proven track record
The use of professional management teams has become increasingly common, and as such most companies will have a proven track record. It means that you can request references as well as having information on which you can carry out due diligence. While what has happened in the past does not necessarily mean that it is something that will happen in the future, it is a good indicator. It is worth considering that these organisations will also be concerned about their own reputation, which will result in the high levels of services continuing. Once again, this is something that will be mutually beneficial as the management company will hope to gain more custom via referrals.
Professionalism will come as standard with these types of business. It should be expected that all senior management will speak a good standard of English, be appropriately dressed and know how to conduct themselves in the correct manner. A certain level of computer literacy should also be expected with the necessary checks and balances in place. Most will adopt a clocking system, and it should be evident that the building is run very much akin to a busy office. Management teams are employed by the committee, who in turn represent the residents, and this chain of command should be apparent.
One of the main reasons why some condos decide not to use management teams is because they have the preconceived idea that they will be expensive. In reality, while initial costs may be more, there will be far more significant savings to be made via their connections and support network. They will also mean that less time is wasted by the committee interviewing and making decisions on staffing. Unfortunately staff turnover in many condos is high. However, this is less noticeable in condos run by companies rather than a series of individuals.
As touched upon in the point above, professional management teams are convenient as they deal with problems that would otherwise be the responsibility of the committee who may be well-meaning but lack practical knowledge. All staffing issues and the general day-to-day running of the condo will be the management team’s responsibility. They will more than likely have contingency plans in place for most eventualities. The leaders will also have the support network that they can call upon if required.
8. Integrity and Reputation
If you are a landlord in an upmarket and you are searching for more prestigious tenants, the fact that the building is professionally maintained may make your unit more appealing. A senior business professional does not want to be concerned about unruly neighbours or problems with communal facilities; they will expect them to appropriately managed or maintained. Once again, it is a scenario where the name of the management company alone may carry some weight and give potential tenants the confidence to sign contracts.
9. Contact Us
If you are a member of a committee or a juristic person and would like more information on property management in Bangkok, including retail management, Smart Service has all the services that you need. You can call us on +66 (0) 2261 7788, email on [email protected] or you can contact us directly via our website. We look forward to hearing from you and being of further service.