As a foreigner or an expat in Thailand, you are legally allowed to own one or more condos under a freehold agreement, which means that you have complete ownership of the unit (this is unique for condominiums because foreigners are only allowed to buy villas or land on leasehold agreements). In fact, you are able to purchase many condos in the same building as long as 51% of the building has Thai ownership.
If you are interested in becoming a landlord in Thailand by purchasing multiple condos and then renting them out for a profit, you may want to consider hiring a property manager. A property manager is someone that the property owner (you) will hire to take care of and maintain your property for you as well as deal with all occupancy and rental issues. For some property and condo owners, this may sound unnecessary but depending on the scale of your ownership, there are many valid reasons why an expat condo owner would hire a property manager.
Why Hire a Property Manager?
- If you are an expat and have to leave the country often, having a manager that knows your property inside and out can give you peace of mind, regardless of how long you are away from.
- If you have a full time job, perhaps the one that brought you to Thailand in the first place, but have since purchased properties as investments. You may not have the time to manage them to the extent needed.
- If you own many units in different locations there will be a lot of paper work and organizing to work through as well as constant maintenance. Depending on how far apart the units are, you may need to hire different local companies to handle the same kind of tasks.
- If you are comfortable with a degree of separation from your tenants. Perhaps you do not speak their language and want to work with someone who does.
- You purchased the properties strictly for an investment, and do not want to have to take on the lifestyle change that comes with being a landlord.
- You need to ensure that your property is rented out at all times to get the maximum return, but are new to the region/can’t speak the language and therefore can’t find tenants on your own.
- You don’t want to have to constantly update your online listings for rental properties in Thailand because you don’t have time, or don’t enjoy working with technology.
How to Find a Property Manager
There are many property managers in Thailand, and if you have decided that you want to find one you can contact an industry directory online or at your local land office. However, as is true for most services in Thailand, the best way to hire someone is through a solid word of mouth reference.
Ask other people you know who own property in Thailand and ask who their property manager is. Maybe you can use the same person, but if not chances are that the property manager your friend has hired can recommend someone for you. If you do not have any connections to other home owners in Thailand, you can always try asking on expat forums and chatrooms, where you can find recommendations for just about anything in Thailand.
Have you ever hired a property manager? What has your experience been? Tell us about it in the comment section below.