Property management is highlighted to help owners capitalise on their investment.
As the property market continues to take a mature direction, there is an apparent need for professional property management bodies. A recent addition to Vietnam, many property management service agencies are being welcomed and well received. Servicing the needs of developers and property owners alike by ensuring that quality prevails to keep a property in good working order, thus affecting their capital value.
Savills have noted this need. Speaking with their property management director, Mrs Tran Minh Ai, and Mr Nguyen Khanh Duy, residential sales director, both based in Ho Chi Minh City, enables us to understand the role of property management.
Q1. What is your opinion on current property management demand? And how does this specifically effect project business operations?
In the current climate, the HCMC real estate market favours business district projects, office buildings, upscale apartments and new urban area developments. Rapid growth across the board naturally leads to a greater need for full service real estate management. And not only in ensuring seamless day-to-day building management, security and resident property maintenance.
Property management has become a granular multi-discipline business. It represents the building owners, apartment owners and lessees. Managing human resources and the essential related financial issues of all involved parties, from developers to owners to the management board. If all these disparate elements work continuously well together a clear outcome is in property value increases for all levels of owner. If the building is managed by an established, experienced professional agency, customer experience leads to belief and buyer confidence enabling higher project appreciation and related developer projects interest and value. (Mr Nguyen Khanh Duy)
Q2. In evaluating a property manager, what criteria should we pay attention to?
As many appreciate the potential in Vietnam is substantial but the truly effective way to exploit it is not so easy. International property agencies attach great importance to transparency, as it’s the foundation of professionalism and most importantly, trust… At Savills Vietnam we lead this trend with resident services applications to make living in a managed building easier and friction free while providing valuable insights on lifestyles, behaviours, needs and specific nationality requirements which in turn informs all involved in building management where and what to improve – even to help guide the developer’s next projects.
In the short term it saves time for all involved and a better living experience for the resident. The people who are ultimately what management services is all about. While property management apps have been very popular in neighboring countries, the majority of residents here still don’t see a pressing need to switch from traditional service methods – but with technology making things more convenient we’re confident this change will happen. (Mrs Tran Minh Ai)
Q3: Can you predict the future real estate management market and upcoming trends in Vietnam?
The real estate market here is in a robust development stage as more and more apartment and office building projects come onto the market. In the last few years, significant market demand encouraged local business owners to expand into property management. Competition between real estate service providers is predicted to grow. Forcing businesses to constantly improve the breadth and depth of service scope and quality of their staff – or lose out. (Mrs Tran Minh Ai)