When Should You Work with Property Management Companies?

20 September 2022 | Posted in Content Hub, News | Tagged: Work
Property Management Companies

When Should You Work with Property Management Companies?

Recently, more and more property development projects have increased to fit with the demand of the people in Cambodia. Many local and international investors are investing in property development projects and acquiring existing property as assets. Even with this trend in property investment, not many are familiar with property management services. Adding to that, many are very skeptical of having companies manage their properties without knowing fully about the service itself. Want to learn more about property management services and how this service will grow in Cambodia? Continue reading down below!

What is Property Management?

To put it simply put, Property Management is overseeing the day-to-day management of either residential property, commercial property, or industrial property tasked by the owner of the property to the company. The management tasks may include directly dealing with tenants, collecting rental fees, handling property maintenance, and many more.

How relevant are Property Management services in Cambodia?

Although real estate investment is on the rise, property management services remain slow in comparison. This is due to people’s misconceptions and skepticism toward using property management services from companies. Nonetheless, the industry providing this kind of service is also slowly growing too. As more and more development projects are to be finished in the near future, it is essential that property management services become accessible to property owners.

What should you know about Property Management services?

It is definitely hard to consider having a company to help manage your property if you are the slightest aware of the services. But now that you’ve come to understand what property management service is, you should also know the pros and cons of these services as well. Let us list the pros and cons for you!

These are the benefits of having a third-party contractor manage your property:

  • Help and support from experts: by working with a property management company, you are ensuring that your property is managed and cared for by professionals who have years of experience in dealing with property management
  • Decrease your challenges with legal issues: property management companies are well educated and informed on laws and regulations that will benefit not only your property but also in handling your client as well
  • Time-saving and convenient: working with a management company will help you take time off your busy schedule, especially if you have multiple assets to tend to. Other than this, with the help from the property management companies, you no longer have to deal with stressful daily complaints or issues that will definitely happen when managing a property
  • Investment for both the short and long term: what you should know about these companies is that they also offer great marketing strategies to attract tenants for your property while providing satisfying services and response time to retain your tenant for a long time

There are also some cons you should also be aware as well:

  • All good things come with a cost: working with property management companies means working with professionals and that in turn means it won’t be free! If you want specialized help and support managing your property, you should also be willing to spend
  • Property’s owner less involvement: since you are entrusting the management to the company, you will have more free time but that also means you will have less involvement with your own property. Most decision-making will be done on behalf of you
  • Finding the right one is never easy: it does not matter what you’re searching for, trying to find the right one will be a struggle. This also applies to finding the right property management company

When should you consider working with property management companies?

So when should you really consider working with the property management companies when there are both pros and cons to this service? If you find yourselves checking most of the points from this list, then you should definitely consider property management services from professionals:

  • Your property is at a distance from you
  • You have limited time to manage your property
  • You have multiples property to manage
  • You lack experience managing properties
  • You don’t mind spending money for your convenience

What should you look for in a property management company?

Looking for a property management company is no easy task, so here are a few tips for you when looking for a company to work with:

  • Research for companies with good reviews online
  • Ask for referrals for on-hands experience with their services
  • Look if the company profile fits with the property you want help managing

You do not have to struggle alone when managing your property anymore! Have the experts help you manage your property while you sit back and relax. If you are looking for a property management company at the moment, contact CBRE for their expertise trusted by many property owners by emailing CBRE Cambodia’s Property Management Team

At this email address: [email protected] or simply call +855 85 777 623 for more information

Click here to read about: Residential Real Estate Cambodia – What do you need to know?