Prop2morrow Expands Business Line with New PlatformPROPACHILL (Propachill) through the website www.propachill.com offers rental housing services for houses, condominiums, and apartments without requiring a full security deposit, making it the first of its kind. This aims to solve the problem of tenants needing to pay a lump sum when signing a lease and addresses landlords' (owners and agents) concerns about potential damages within the property by partnering with “Bangkok Insurance – Digital Butler - Fixzy”. Additionally, it prepares comprehensive supplementary services to cater to urban lifestyles, set to launch on June 15, 2018.

Mr. Kornkwin Peeradechpaisarn, Executive Director of Prop2morrow Co., Ltd., the real estate news website www.prop2morrow.com, revealed that the company has studied the business model of the PROPACHILL platform through the website www.propachill.com for over two years, developing a business formula that satisfies all parties involved. With a team that has over 12 years of experience in the real estate industry as operators, investors, agents, and marketers, they identified that the weakness in the rental business lies in the three-month security deposit, a long-standing practice that forces tenants to wait for a lump sum before renting, thus slowing down the business process. The team questioned whether it was possible to rent properties without requiring a security deposit. Meanwhile, agents, who play a crucial role in the rental business, would still receive their commissions as usual, and property owners would receive rental income from their investment plans, including real estate developers having assistance in clearing completed condominium stock that has yet to be sold.

Partnering with “Bangkok Insurance” to Design Special Coverage Policies

The solution is to provide insurance coverage for property damages. PROPACHILL has collaborated with Bangkok Insurance Public Company Limited to design special coverage policies for property owners intending to rent out their properties, covering various damages such as damage to furniture, walls, flooring, and electrical appliances, with a maximum coverage of 500,000 Baht. It also includes compensation for loss of rental income during repairs or costs for moving debris, making the security deposit unnecessary. If damages occur, property owners can directly contact Bangkok Insurance to claim damages immediately. With the PROPACHILL system, tenants only need to pay one month’s rent in advance, whether by credit card or bank transfer. PROPACHILL will only charge a service fee based on the rental rate, with no commission deducted from agents or property owners. This advance payment will be disbursed to the advertisers on the website after verifying its accuracy.

Comprehensive Supplementary Services to Meet Urban Lifestyles

Moreover, we are preparing additional services from strong partners in various fields to provide further convenience, such as DIGITAL BUTLER, a personal assistant for moving belongings from the old place to the new one, along with cleaning services. Additionally, we have considered customers who may need professional repair services for plumbing, electrical systems, or structural work, with ongoing support from FIXZY. We also offer free tickets from Air Asia, free BTS or MRT tickets, free movie tickets from Major, and many more supplementary services. Currently, several business partners are interested in further enhancing PROPACHILL.

              Mr. Kornkwin emphasized that the company complies with all legal regulations governing rental contracts, does not allow daily rentals, does not collect security deposits, and collects rent in advance for no more than one month, with full services available starting June 15, 2018.

Furthermore, the executives of Prop2morrow stated that from 1996 to 2021, approximately 1 million condominium units will be completed and registered as condominium buildings, with about 30% or 300,000 units being purchased for investment purposes, either for rental or resale. This represents a significant business opportunity. Additionally, there are supporting factors from foreign tourists visiting Thailand and multinational corporations looking to invest in Thailand, seeking rental apartments or houses for their executives. The company aims to create a more liquid real estate business system. Currently, operators are interested in renting out ready-to-move-in units through PROPACHILL, including both listed and non-listed real estate companies, as they believe that PROPACHILL will help boost sales of completed projects ready for transfer.