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.