Real Estate Agents have their hands full

A local Phnom Penh real estate agent, Kim Heang, commented that real estate agencies have too much on their plates and that the maintenance of buildings, and other services such as security, becomes too much for them to take care of as well. Taking care of valuations, buying, selling, and renting of these properties has its own requirements and responsibilities, and that of maintenance and other amenities are not up to real estate companies.

Heang is also the owner of a property management company, Property Innovation, which is currently in the process of managing the Royal One building.

Property Management and Foreign Companies

Because estate agencies do not have the means or experience to facilitate these services, and due to the fact that they simply do not have enough people to do so, they are looking at foreign companies to invest in Cambodia to offer property management services.

Lack of knowledge and experience

Even though it is a requirement that the development company responsible for building the condo or flat complex, is traditionally held responsible for the maintenance of buildings, it is argued that these companies do not have the know-how or experience to do so.

New Investment Opportunities

The need for property management companies to take care of newly resurrected condos and apartments has brought about a new sector of services in which foreign companies can easily enter the market. A requirement in order for these companies to legally act as property managing companies in Cambodia is for them to have a legal license, allowing them to manage a property.

For more information on other investment opportunities in Phnom Penh and specifically Cambodia, read this article discussing the profitability of entering this market.