Property management: A guide for condo owners in Phnom Penh
Why do you need property management? Property management is the regular supervision of a real estate property by a third party, usually a property management company. Tenant screening and selection, lease negotiation and drafting, rent collection, maintenance and repairs, security, bookkeeping and accounting, marketing and leasing, building inspections, and compliance with all applicable laws and regulations are all responsibilities of property managers.
If you are thinking about investing in a condo in Phnom Penh, you should think about hiring a property management company to help you manage your property. A qualified property manager can help you optimize your revenue while preserving the value of your investment.
Here are some common benefits of hiring a property manager:
- Peace of mind: Managing property on your own could be time-consuming, especially when you have numerous properties. If you don’t have the time or expertise to manage your own property, a property management company can do it all for you.
- Reduced stress: Property management can be stressful, especially if you have to deal with difficult tenants or maintenance issues. A property management company can help you reduce your stress levels by taking care of all the day-to-day tasks.
- Increased income: A skilled property management company can help you enhance your income by negotiating better lease terms and managing the property properly.
- Preserved value: Property managers can assist in protecting a property’s value. They keep your property in good condition and appropriately manage it.
Common tasks that a property manager does on your behalf:
- Screen tenants: Property managers can do background checks on potential tenants. They make sure they are trustworthy and have a solid rental history.
- Negotiate leases: Property managers can assist you in negotiating lease conditions that are favorable to both you and your tenants.
- Collect rent: Property managers can collect rent from your renters on schedule and in full.
- Handle maintenance and repairs: Property managers can handle all of your property’s maintenance and repairs.
- Provide security: Property managers can assist you in putting security measures in place to protect your property and tenants.
- Keep track of finances: Property managers can keep track of your rental income and expenses.
- Market and lease your property: Property managers can help you promote your property to potential tenants and lease it promptly and efficiently.