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1 year ago

apartament-de-vanzare-piata-unirii359933

Bucuresti Agentie Imobiliara, Apartament de vanzare Dorobanti, Apartament de vanzare Pipera

Good propery management usually costs around 6 weeks of rent per year, but you will loose much more than 6 weeks per year if you handle it badly.

I myself have tried to manage as an owner (not as a Property Manager) & lost 6 months from 12 available months, 2 years in a row with 2 disasterous, tenants in the UK. I now use a local Property Manager there who, if I am generous, are barely worthy of the title & certainly have very few of the best practices discussed here, but I still save more than my outlay as the rent comes in regularly. If I had relied on freinds etc, again, the tenants could take advantage of this, knowing the freind only has a limited amount of resolve to collect the rent on time each month.

Having a propefessional, independant (ie, not a freind) intermediary provides a significant psychologocal advantage. The Property Manager can act as good cop, bad cop & buffer unresonable requests of you whilst being able to amicable apply continuous pressure to get the rent in on time every month.

The Property Manager-tenant relationship is less breakable than the landlord-tenant relationship. If the latter is broken due to broken promises, there is always a tension between them, for the future. Not so between Property Manager & tenant. Each time the rent is paid up to date, the relationship is reset to being on good terms again.

This is the most significant reasons why I beleive Property Management is hands-down better than landlord-self management: for hassle, stress & financial benefits & it is why I myself also hire a Propery Management company for my own property out of my immediate reach. When I have done it myself, as a landlord, I’ve sufferefed missing rent & a lot of stress chasing it.

I will share what I know to be the best practices

Best Practioners Do:

Verify who your PM is by talking to existing clients yourself, not just through reading testimonials
Check fees for each kind of service on offer & ask for the history of those prices. If it is a new company, prices may rise for some years as they find their feet
Make a list of every single type of help & service you are likely to need & see if the PM can deliver them, or recommenda solution for them. See proof of ability though as overconfidence in this industry is rife & often unfounded
Ask for a detialed plan of what the Plan of typical evens for the year
Ask to understand for the tools used in PM, ie, what software, what communication is used in the business to rais repeat reminders etc
Ask what strategy exists for collecting rent, even if late, missing, insufficient
Ask for a full understanding of costs for standard work & for non standard work
Ask what connections the business has with service providers such as plumbers, electricians etc
Ask what network of other agents the PM works with, to ensure an apartment is rented out quickly. You don’t want a poor quality PM to hold your keys from would be tenants found by better agents.
Respond quickly to any request from the PM for rectification or repairs. Seek to understand proof of the diagnosis & proof of the repair where necessary
Adopt a pragmatic approach to bad tenants. They need to be dealt with rapidly, but amicably.

1 year ago

apartament-de-vanzare-dorobanti560206

Apartament de vanzare Herastrau, Apartament de vanzare Pipera, Apartament de vanzare Dorobanti

I now use a local Property Manager there who, if I am generous, are barely worthy of the title & certainly have very few of the best practices discussed here, but I still save more than my outlay as the rent comes in regularly. If I had relied on freinds etc, again, the tenants could take advantage of this, knowing the freind only has a limited amount of resolve to collect the rent on time each month.

Having a propefessional, independant (ie, not a freind) intermediary provides a significant psychologocal advantage. The Property Manager can act as good cop, bad cop & buffer unresonable requests of you whilst being able to amicable apply continuous pressure to get the rent in on time every month.

The Property Manager-tenant relationship is less breakable than the landlord-tenant relationship. If the latter is broken due to broken promises, there is always a tension between them, for the future. Not so between Property Manager & tenant. Each time the rent is paid up to date, the relationship is reset to being on good terms again.

This is the most significant reasons why I beleive Property Management is hands-down better than landlord-self management: for hassle, stress & financial benefits & it is why I myself also hire a Propery Management company for my own property out of my immediate reach. When I have done it myself, as a landlord, I’ve sufferefed missing rent & a lot of stress chasing it.

I will share what I know to be the best practices

Best Practioners Do:

Verify who your PM is by talking to existing clients yourself, not just through reading testimonials
Check fees for each kind of service on offer & ask for the history of those prices. If it is a new company, prices may rise for some years as they find their feet
Make a list of every single type of help & service you are likely to need & see if the PM can deliver them, or recommenda solution for them. See proof of ability though as overconfidence in this industry is rife & often unfounded
Ask for a detialed plan of what the Plan of typical evens for the year
Ask to understand for the tools used in PM, ie, what software, what communication is used in the business to rais repeat reminders etc
Ask what strategy exists for collecting rent, even if late, missing, insufficient
Ask for a full understanding of costs for standard work & for non standard work
Ask what connections the business has with service providers such as plumbers, electricians etc
Ask what network of other agents the PM works with, to ensure an apartment is rented out quickly. You don’t want a poor quality PM to hold your keys from would be tenants found by better agents.
Respond quickly to any request from the PM for rectification or repairs. Seek to understand proof of the diagnosis & proof of the repair where necessary
Adopt a pragmatic approach to bad tenants. They need to be dealt with rapidly, but amicably. Cut out the rot & start agian. Fighting in court is expensive & pointless.
Seek to have a firm but fair relationship with your tenant, just as you do with your bank. You are lending them a valuable assett in return for a fair return.
Seek to acheive fair rents, not peak rents. Owners who seek maximum rents, as most Romanian owners seem to, suffer indefinate void periods & rapid tenant turnover. It must be a win win situation.

1 year ago

bucuresti-agentie-imobiliara246030

Apartament de vanzare Baneasa, Apartament de vanzare Dorobanti, Bucuresti Agent Imobiliar

Invariable, the latter solution either fails at some critical point, or the landlord is not getting the most out of their property. I have seen examples of a landlord charging only 100e per month on an apartment worth 250e in rent only to make it easy for the tenant to be able to pay on time each month & for the landlords friend to have an easy live. The loss of 1,800e per year is almost 6 times what it would cost to get excellent professional help,

Not only are professional property managers experts at handling properties and tenants, they generally take only a small percentage of your property’s monthly rent in exchange for their services. We for example typically charge around 6 weeks rent per year. When you consider what you get in return—a expert resource, hassle-free, landlord-hands-off, passive income stream—the decision to employ a professional property management is a quick & simple one for the smart landlord. Before I started White Mountain Property, I myself was not a smart landlord, it must be said!

While the right property manager can benefit any rental landlord/ property owner, you might especially want to consider hiring a property manager if any of the following conditions exist:

You live further than a couple of short drive away from your rental property
You’re not a home maintenance wizz
You don’t have at least 6 hours per month to deal with tasks related to your rental property
You recognose you will be either too lenient, disorganised, occupied to be an effective landlord & collector of rent each month
You don’t want to make yourself constantly available in case of emergency
You don’t have a good working knowledge of landlord-tenant law
You don’t ever want to have to worry about dealing with difficult or non-paying tenants
You need your spare time for other matters, including focusing on the strategic matters of owning property, such as when to sell, upgrade, renovate etc.

What to expect from a Professional Property Manager?

Below you will find the best & worst practices of managing rental property in Romania, or anywhere for that matter.

I’d like to give you an insight to why I think having a reliable property management company manage your romanian property can be far cheaper than managing it yourself & in addition, much less stressful. I base this on managing a large personal protfolio myself also a larger one for my clients exceeding 3m Euro.

I’m someone that finds it very hard to let go & to depend on others, especially if there is a chance something could go wrong that is somehow important to me. Because of this trait, I left my career as a designer of some of the worlds most truly exotic cars, Aston Martin to come to Romania to manage my own protfolio. In doing so, I have built a business tailored around my needs & the needs of 34 other clients to date, rising by around 5 to 7 per year, every year. Previously though, I tried to balance my career with being a landlord & its not an easy thing to get away with.

I have clients from England, Scotland, Northern & Southern Ireland, New Zealand, Sri Lanka, the Philippines, Belgium, USA & even a few from Yorkshire!

1 year ago

apartament-de-vanzare-pipera629939

Apartament de vanzare Piata Unirii, Bucuresti Agentie Imobiliara, Apartament de vanzare Pipera

I myself have tried to manage as an owner (not as a Property Manager) & lost 6 months from 12 available months, 2 years in a row with 2 disasterous, tenants in the UK. I now use a local Property Manager there who, if I am generous, are barely worthy of the title & certainly have very few of the best practices discussed here, but I still save more than my outlay as the rent comes in regularly. If I had relied on freinds etc, again, the tenants could take advantage of this, knowing the freind only has a limited amount of resolve to collect the rent on time each month.

Having a propefessional, independant (ie, not a freind) intermediary provides a significant psychologocal advantage. The Property Manager can act as good cop, bad cop & buffer unresonable requests of you whilst being able to amicable apply continuous pressure to get the rent in on time every month.

The Property Manager-tenant relationship is less breakable than the landlord-tenant relationship. If the latter is broken due to broken promises, there is always a tension between them, for the future. Not so between Property Manager & tenant. Each time the rent is paid up to date, the relationship is reset to being on good terms again.

This is the most significant reasons why I beleive Property Management is hands-down better than landlord-self management: for hassle, stress & financial benefits & it is why I myself also hire a Propery Management company for my own property out of my immediate reach. When I have done it myself, as a landlord, I’ve sufferefed missing rent & a lot of stress chasing it.

I will share what I know to be the best practices

Best Practioners Do:

Verify who your PM is by talking to existing clients yourself, not just through reading testimonials
Check fees for each kind of service on offer & ask for the history of those prices. If it is a new company, prices may rise for some years as they find their feet
Make a list of every single type of help & service you are likely to need & see if the PM can deliver them, or recommenda solution for them. See proof of ability though as overconfidence in this industry is rife & often unfounded
Ask for a detialed plan of what the Plan of typical evens for the year
Ask to understand for the tools used in PM, ie, what software, what communication is used in the business to rais repeat reminders etc
Ask what strategy exists for collecting rent, even if late, missing, insufficient
Ask for a full understanding of costs for standard work & for non standard work
Ask what connections the business has with service providers such as plumbers, electricians etc
Ask what network of other agents the PM works with, to ensure an apartment is rented out quickly. You don’t want a poor quality PM to hold your keys from would be tenants found by better agents.
Respond quickly to any request from the PM for rectification or repairs. Seek to understand proof of the diagnosis & proof of the repair where necessary
Adopt a pragmatic approach to bad tenants. They need to be dealt with rapidly, but amicably. Cut out the rot & start agian.