Property Management Services
Perfect Homes Chiang Mai Property Management Service protecting & enhancing the asset value of your condo
With a ready market for secure, carefree, amenity-rich residential real estate coupled with the opportunity to profit from a steady cash flow and typically healthy returns, it’s little wonder that those who own one or more condos in Chiang Mai prefer to let out their units for long-term habitation. But as many an individual condo owner will testify, the reality of managing a condo as a rental space independently is nothing short of a minefield. With so much involved and at stake, it’s hardly surprising that the overwhelming majority of owners who lease their condo in Chiang Mai for all or part of the year opt to leave the management of their real estate asset to the professionals – introducing Perfect Homes Property Management Service.
THE SCOPE OF OUR PROPERTY MANAGEMENT SERVICE & FEES
Whether you live in Chiang Mai, reside elsewhere in Thailand or indeed out of the country altogether, Perfect Homes provides an all-inclusive, fully co-ordinated professional property management service exclusively for owners of residential condo units located within the city municipality of Chiang Mai.
A summary of the specifics:
Preliminary assessment of the property
A comprehensive appraisal of the condo in order to accurately gauge a fair rental valuation as well as the provision of guidance on any improvements so to optimise the rentability of the property.
Marketing of the property
Implementation of any approved structural or cosmetic enhancements and publicisation of the condo as a featured listing through our own advertising channels as well as additional exposure through other accepted letting agents. Following expressions of interest from prospective tenants, arrangement and execution of assisted walkthroughs of the property.
Selection & placement of tenants
Following the uptake of a candidate, preparation and endorsement of a pre-negotiated and legally binding fixed-term rental contract together with an itemised inventory and schedule of condition for the condo and its contents. As both collateral and as a deterrent against any damage, breakages, outstanding bill payments, cleaning fees, or unauthorised additions or modifications to the property originating from the leaseholder during the tenancy, collection of a security deposit and its retention. If required and as permissible, support the tenant upon checking in by facilitating an installation of private home broadband, supplying utility invoice remittance instructions, introducing the condo juristic person and related assistance. Observation of the current legal requirement to report the tenant as resident within the condo by submitting “Notification form for house-master, owner or the possessor of the residence where alien has stayed” (TM.30) to Chiang Mai Immigration within 24 hours of their taking up occupation.
Receipt & disbursement of ongoing rental monies
Maintenance & remediation to the property
Orchestration and, where necessary, supervision of the upkeep and any repairs or replacements to the property and its contents with recourse to our network of local contractors and vendors.
Enforcement of the lease terms & conditions
In the event any violation of the rental contract occurs (in particular rent arrears or accidental damage to the property or its contents), initiation of immediate and appropriate corrective action; should such an infringement persist, offer counsel to the owner (or their nominated representative) as how best to resolve the matter before taking the necessary further steps.
Access to monthly financial statements for the property
Effortlessly track all your rental income and expenditure transactions in real-time via secure cloud-based online technology.
With affordable, transparent pricing and no hidden fees, our rate for each lease agreement granted to a new tenant is equivalent to one months’ rent for an annual tenancy or else pro rata. To property manage your condo while it’s under contract, we charge just 5% commission of the rental revenue received for the duration of the tenancy.
THE BENEFITS OF USING OUR PROPERTY MANAGEMENT SERVICE
A better calibre of tenant
At Perfect Homes, we’ve convened with thousands of prospective renters over the years so know exactly how to spot the red flags and inconsistencies to weed out potentially problematic tenants that might otherwise default on rental payments or carelessly cause injury to your property or its contents.
Increased retention of tenants
Based on our experience, leaseholders who enjoy a trouble-free, well managed living environment together with receiving responsive and capable support from their property manager are infinitely more likely to extend their tenancy resulting in a more sustained rental income for the owner while avoiding the time-consuming and costly process of having to continually turn over the condo.
Shorter vacancy cycles
By establishing the optimal rental price, presenting the condo in the best possible light and maximising the market reach of the unit, a larger pool of prospective tenants can be gathered in a shorter period so minimising the time the property remains empty.
Earlier turnaround of property viewings & repairs
Understandably, private landlords are frequently constrained in their availability due to personal or professional obligations so to prevent losing a prospective renter’s interest or to keep the resident tenant satisfied, we react in fast-time to requests to tour the condo and the carrying out of any fixes to the property.
Tighter control of rental payments & other tenant commitments
Through the application of a mutually agreed and legally binding lease agreement underwritten by financial penalties for late payment of rent and, if sufficiently overdue, the threat of eviction, tenants are clear about the consequences of breaching the terms and conditions; not to mention that Perfect Homes only deducts our condo management fee once the rent has been successfully received so we too have a vested interest in collecting on time and in full. Employing the services of a property manager also creates distance between the owner and the tenant so you don’t have to make any tough decisions or risk being exploited by an otherwise dishonest renter; and because our relationship with the tenant is kept strictly on business terms, there’s a much greater likelihood of the renter abiding by their lawful duties and liabilities.
Preservation or appreciation of the property value
By virtue of conscientious long-stay tenants as well as efficient preventative maintenance and repairs to the condo and its contents, your property will hold or indeed increase its resale worth which, in turn, will help boost your future Return on Investment (ROI).
Not having to deal directly with the day-to-day operation of your own condo is guaranteed to save you a mountain of headaches; instead, revel in the peace of mind that comes with never having to chase rent payments, struggling to source competent and dependable maintenance and repair services without paying inflated rates, over- or under-valuing your own property, neglecting to make a positive first impression by adequately staging the condo prior to advertising, receiving that middle-of-the-night emergency call from the tenant, worrying constantly as to whether your property is being kept in good order, needing to be conversant with required –and often complex- legal protocols or, worse, having to engage in expensive and lengthy litigation to evict a wayward tenant. With an entirely hands-off approach to servicing your own property, you have complete freedom to live and travel anywhere you wish without needing to be on standby every minute of every day to tend to your any issues that arise with your condo or those dwelling therein. Equally, if you don’t care to sacrifice your leisure time with friends and family or jeopardise growing your Thai real estate portfolio, let us bear the burden of looking after your condo on our own shoulders.
WHY CHOOSE PERFECT HOMES TO PROPERTY MANAGE YOUR CONDO
At Perfect Homes, we’ve been letting and managing residential condominium real estate throughout Chiang Mai with a passion for almost a decade. Fully attuned to the needs and mindset of property owners and tenants alike (foreign and domestic) and with an intimate –and ever current- knowledge of the local condo market, we’re a dutiful, communicative, service-minded and personable multilingual team of real people backed by proven third-party maintenance resources as well as a group of hotshot lawyers who live and breathe Thai property law to keep us fully compliant and up-to-date with applicable legislative matters. Operating in accordance with industry best practices and subscribing to a professional ethic of fairness and integrity at all times, you can have complete confidence that we’re wholeheartedly dedicated to safeguarding our condo owners’ best interests and warrant that your asset will be administered capably, safely and sustainably. As one of Chiang Mai’s most highly regarded and trusted names, we’re privileged to have received so many favourable Google Reviews from past and present customers in recognition of our consistently delivering to the highest standards of service.
For further information or any enquires about our Chiang Mai condo management service, please don’t hesitate to contact us.