Property management, at least the professional variety, is a nascent business in Phnom Penh, Cambodia. Rather than employ a professional property management firm, owners will typically hire out the looking after and maintenance to family members. Yet, as property values increase, the need for property managers that are insured and reliable have also come into focus.
A good property management firm can not only maintain the value of a property but can also help broker the sale or rental/lease of the property to the right customer. Luxury property and real estate in particular require the ability to target high net worth individuals who can easily finance the purchase. Word of mouth or family referral alone may work but may not be fast enough to achieve significant ROI on the investment.
Property management firms such as IPS are sprouting and offer additional services such as brokerage and valuation. In the future, we anticipate property management firms will diversify to include services specific to nationalities such as Chinese, Japanese, Koreans or British and Australian.
As the real estate sector continues to evolve and increase in value, so will the need for professional property management services – especially for luxury real estate in Phnom Penh.