Trust Can Only Be Built Once: Why Care from Property Management is Crucial

Trust Can Only Be Built Once: Why Care from Property Management is Crucial

            If we compare choosing a residence from a particular project to a romantic relationship, the courtship phase, often referred to as the promotional period, is akin to the 'pre-marriage' stage (or the period before making a purchase decision). The initial sweetness can be deceptive, and trust is built during this time. However, once this phase passes and the partner changes, it feels as if that trust has been shattered, making it difficult to rebuild. This phenomenon mirrors the feelings of consumers who feel their trust has been 'broken' after 'marrying' a particular project

            It must be noted that the real estate business involves selling 'products' alongside 'services'. The first impression significantly impacts the purchasing decision, but maintaining trust is paramount for referrals and sustaining customer relationships. One clear observation is that consumer satisfaction levels before purchasing are often higher than after moving in, similar to how relationships tend to lose their initial spark over time.

How important is care from property management for residents?

TerraBKK invites you to explore the findings of an independent study on factors influencing the purchase of high-rise condominiums (over 8 floors) in Bangkok, conducted as part of the MBA program at Thammasat University (2015). The study begins by examining the reasons why respondents chose to 'date' (or decide to purchase) a particular project. It was found that the primary reasons for purchase stemmed from factors that enhance convenience in life, such as improved transportation access (314 people), easier cleaning compared to single houses (136 people), and access to shared facilities (123 people). Notably, the use of common areas remains a significant reason for choosing to buy a condominium (accounting for 34.5% of all factors).

            Certainly, factors like convenient transportation and easier cleaning are tangible before making a purchase decision. However, the aspect of utilizing common areas, while visible through 3D images or project models, is still not a realized and tangible benefit. It represents a promise and trust between the project owner and the consumer, who believes that these benefits will be delivered upon purchase.

            Beyond common areas, the factors of post-sale care and quality are of utmost importance to the sample group of 400 consumers. These include high construction quality with no cracks or leaks, effective management by the property management team, friendly and professional service from the staff, which significantly affects consumer satisfaction.

            From this, we can preliminarily conclude that consumers have considerable expectations of projects and place significant weight on those expectations. Naturally, when one considers loving someone, they wish for that person to always be good to them.

So how can project owners, as beloved partners, meet the expectations and trust of consumers?

            The primary issue that often leads to consumer 'disappointment' with a project is the after-sales service, which is a response to the trust established from the outset. Issues such as incomplete project quality, leaks, cracks, and breakages are common problems that can arise in any project. While these may cause some disappointment, they do not necessarily destroy 'trust'. The real trust is broken afterward.

            When consumers encounter problems with the product they purchased, they naturally expect accountability and prompt responses. This is the essence of responding to trust. Before marriage, promises are made to take good care of each other, but why does that change after marriage? Such disappointing experiences occur frequently, eroding trust and potentially leading to its complete breakdown.

            The factors that generally lead to consumer dissatisfaction with projects often revolve around communication with service or repair requests, where timelines for completion are unclear. Worse still is delayed or nonexistent responses, or poorly maintained common areas that do not meet expectations, are dirty, or lack care. Additionally, the demeanor and service quality of the property management team contribute to negative feelings that linger in consumers' minds and are difficult to erase when similar incidents occur repeatedly.

So what should be done to maintain trust?

            Research on the management of safety in residential condominiums, case studies of projects awarded for outstanding building safety management by the Faculty of Architecture, Chulalongkorn University (2018) includes three projects: Lumpini Place Ratchayothin, Lumpini Place Ratchada-Rama 9, and Lumpini Place Phaholyothin-Sapan Khwai. These projects received awards for outstanding building safety management due to comprehensive management across three criteria: health and hygiene risk, safety risk, and security risk.

            All three projects excelled in safety management, with LPN establishing LPP specifically to focus on post-sale project management. Their care is thorough, with a property management team and technical staff, and a 24-hour incident reporting center for maintenance and building systems, with frequencies ranging from daily to annually, depending on the system. Additionally, they foster resident participation and continuous inspection of unit conditions.

            In an era of intense competition in the real estate market, attentive care for consumers at every stage and moment is crucial for project owners to avoid mistakes. These factors significantly impact trust and confidence, not only for current customers but also for future clients and the general public. Just as in the early stages of a relationship, promises of care should not change drastically, as lost trust is difficult to regain once broken - เทอร์ร่า บีเคเค

References

- Research findings: Management of Safety in Residential Condominiums, Case Studies of Projects Awarded for Outstanding Building Safety Management by the Faculty of Architecture, Chulalongkorn University (2018)

- Independent research findings: Factors Influencing the Purchase of High-Rise Condominiums in Bangkok, MBA Program, Thammasat University (2015)

Article by: TerraBKK Investment Tips

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