Quality Customer Service is the Key Factor behind Luxury Products
The key to selling any luxury product is offering quality customer service and this becoming more and more apparent when it comes to finding tenants for rental properties. Of course, it would be foolish to suggest that customer service is the only driving factor but it certainly plays a huge role. We have witnessed this in Pattaya with the most popular and lucrative investments being in 5-star hotels around the city.
Pattaya has changed significantly in the last decade with short-term rentals to holiday makers, a sizeable proportion of whom are families, now being to most highly sort after. If someone is looking for a good investment in Thailand, they would need to choose a property that matched the demand in this sector and catered for their needs. As we have seen, quality hotels that come with quality service seems to be the order of the day in satisfying that demand.
The management companies of major hotel chains such as Centara, Ramada and Best Western have realised the potential that there is in this market. Not only do these hotels offer prime locations and a quality all-round product, the quality of customer service is world-class, often far greater than you would receive in some of the smaller, boutique hotels. These are the hotels where people want to stay so to meet that demand more hotels need to be built, not just in Pattaya but in other tourist destinations in Thailand too.
Of course, when the hotels and their management companies are looking to build new hotels they will also be looking for investment. This is where offering rental guarantees has really proved successful. Anyone looking for a good investment in Thailand will be impressed by the rates offered that range from anything from 5% p.a. to 10% for anything up to 20 years. These are low risk investments in quality hotels that naturally offer the high-quality service that we have talked about.
It would be fair to assume that the demand for quality is something that visitors to Thailand will continue to demand. Thailand has made a big issue of trying to attract ‘quality tourists’ and to achieve this they must offer a quality product, and that includes quality service. The major hotel chains have years of experience, not just within Thailand but globally in providing that quality service. Luxury, high-end condominiums still have their place for long-term rentals but the market is shifting more and more towards the short-term rentals.
If you were looking for a good investment in Thailand, something that would provide you with a secure monthly income, surely you would look towards getting that return from investing in a 5-star hotel. The prime location gives buyers the opportunity to generate genuine capital appreciation whilst the attraction of the quality hotels will bring a constant stream of guests. Thailand is excellent at shifting to meet customer demand and the offering of rental guarantees in 5-star hotels is just another prime example of that. Where else could you get this sort of return from a low-risk investment?