What Is Professional Property Management?

Professional property management has helped several people who are interested in renting out their property as a way of income. But, there are many problems that could arise when renting out a property such as managing it. Do you have the time for that? Do you know how to handle tenants? Can you maintain the property yourself?

Here are some ways professional property management services can help you to rent out your property successfully. 

What is Professional Property Management?

Professional property management is a service that helps property owners take care of their rental properties. When you hire a property management company, they handle all the tasks that come with renting out a property. This includes:

• Finding Tenants
• Collecting Rent
• Maintenance and Repairs
• Handling Tenant Issues

Types of Property Management Services 

These professional property management services help ensure properties in Phuket are well-managed, tenants and guests are happy, and owners get the best return on their investments:

Residential Property Management

• Villas and Houses: Managing individual villas and houses for long-term or short-term rentals, including tenant placement, rent collection, and maintenance.

• Condos and Apartments: Overseeing multi-unit buildings, ensuring common areas are well-maintained, and managing individual unit rentals.

Commercial Property Management

• Retail Spaces: Managing shops, retail units, and shopping centres, including lease negotiations and property upkeep.

• Office Buildings: Handling office rentals, tenant relations, and facility management for businesses.

Vacation and Short-Term Rentals:

• Holiday Villas: Managing luxury villas and holiday homes, handling bookings, guest services, and turnover cleaning.

• Resort Properties: Overseeing the management of resort units, providing hospitality services, and ensuring a high standard of guest satisfaction.

Real Estate-Owned (REO) Property Management:

• Managing properties owned by banks or financial institutions after foreclosure.

• Preparing this professional property management for sale or rent, handling legal compliance, and maintaining the property.

HOA and Community Association Management:

• Gated Communities: Managing residential communities, enforcing rules, collecting fees, and maintaining shared facilities like pools, gyms, and parks.

• Condominium Associations: Ensuring condo buildings comply with regulations, managing finances, and maintaining communal areas.

Asset Management:

• Property Portfolios: Managing a portfolio of investment properties, focusing on maximising returns through strategic planning and improvements.

• Market Analysis: Providing insights and advice on the Phuket real estate market to help investors make informed decisions.

5 Benefits of Property Management Services

Self-managing the property or using professional property management services. You may be wondering what the benefits of using a property manager are.

Handling Paperwork

A residential tenancy agreement is a legal contract and should be treated seriously. Having a professional property management handle this ensures the lease terms are clear, complete, and legally binding. A property manager also prepares other important documents, such as the move-in and move-out condition reports. A good professional property management will meet with tenants to thoroughly review the lease agreement, making sure all expectations and terms are understood.

Advertising for Your Property

Professional marketing and advertising methods help reduce the time your property stays vacant. Professional property management can assist in quickly and efficiently leasing your property by:

• Advertising on the professional property management agency’s website
• Advertising on top property sites 
• Installing professional signs at the property
• Taking photos of the property for advertising
• Creating detailed property descriptions
• Hosting open houses and inspections

Screening Tenants

Choosing good tenants can be tough, especially if you’re doing it alone. You want reliable and responsible people to rent your place, but it’s hard to judge from just a paper application or a single chat. This is where professional property management can step in. They’re skilled at screening applicants and have access to helpful resources like tenant databases and rental histories. They’ll also check references thoroughly to make sure applicants are trustworthy.

Fixing Problems

If you manage your own property, tenants will reach out to you for any questions or problems. But if you hire a professional property management company, your property manager will handle all tenant communication from the start. When tenants have issues, they’ll talk directly to your property manager, who will sort out problems for you.

Day-to-Day Operations

Managing rental properties involves many tasks, more than you might think, especially if you’re new to professional property management.

Here’s what a property manager handles every day:

• Collecting rent and dealing with late payments
• Doing regular property checks
• Organising repairs and upkeep (using trusted contractors)
• Handling bills and fees like strata charges and council rates
• Creating reports and financial statements.

Want to Hire a Property Management Company?

Having a property manager in Phuket take care of your rental property every day can make your life easier. They handle things like rent, repairs, and bills, so you don’t have to worry. Even though you pay a fee for their services, it’s worth it because they save you time and stress. Plus, you can claim this fee on your taxes. Using professional property management helps you manage your property smoothly and get the most out of your investment with Ourvillas.

Frequently Asked Questions