Many who have invested in property in Bulgaria have done so with a view to earning an income from their real estate assets; and to this end they expect to rent their property out either to the short term holiday let market or to a slightly more long term professional or expatriate client base depending on the location and type of Bulgarian property in question.
When letting property remotely many owners have difficulty maintaining the quality of the apartment or villa’s appearance and it can often be prudent to employ a company or individual who can maintain the real estate. In Bulgaria property management is becoming big business - from specialists who will oversee the build process from the conception of the development to companies who can take over the ongoing management and maintenance of the real estate for the investor or home owner…we examine and critique the Bulgarian property management services available.
Anyone investing in more than one off plan property at a time or who is having a custom home built in Bulgaria and who is not living in the country might like to consider employing the services of an independent property professional who can oversee the build process, keep on top of the project manager’s task list and ensure that great attention to detail is paid to every essential aspect of the construction and completion processes.
Such a specialist could be an architect, retired builder, surveyor or project manager with expertise in the building trade and anyone using their services should expect to receive regular weekly updates with detailed progress reports; furthermore such a specialist should be able to handle the smaller issues as they arise on site taking away so much stress and strain from the purchaser and freeing them up to concentrate their efforts elsewhere.
Those who already have completed properties or who feel they can manage the build process but who are determined to rent their property out and derive an income from their assets should examine the broad range of rental and maintenance packages available in Bulgaria if they are not going to be living within a close distance of their rental real estate assets. The main reasons for this are simplicity, ease and convenience.
It is far easier to employ a trusted property manager who you can ensure will replace a broken window, fix a leaking sink and pay an electricity bill without needing to inform and concern you.
Those who buy property abroad with a view to letting it out usually always end up using some form of property management company for their own peace of mind and sanity even if they don’t set out with a company on board! After all the home owner’s guests or tenants need to know that there is someone locally who they can call on should the fuse blow and the electric trip out or should a pipe burst and flood the kitchen. Those who do not have someone in the vicinity of their property who they can wholeheartedly trust will be receiving and making frantic phone calls in the middle of the night and losing money and potential repeat customers as a result!
There are various levels of property management service available in Bulgaria and other countries where many international investors have profitable real estate assets – there’s the all encompassing level of service that effectively manages every aspect of the property from finding and charging the guests, paying bills and forwarding profits, dealing with tax returns and pool maintenance, cleaning, maintaining and keeping the property perfect, watering and tidying the garden or shared areas, providing welcome packs and even replacing broken crockery or old books and magazines in the property for the guests.
From this level of full on service the services available go down in increment of service inclusions and price. There are management companies who just organize the letting of the property…there are Bulgaria property management firms who simply maintain the external areas of the home, there are companies who will clean inside and out or there are those who will act as travel agents and tour reps for the guests or tenants of the property.
Those who take a role that has direct involvement in the letting of the property usually ask for a percentage of the profits whereas those simply employed to maintain the property usually ask for a flat monthly fee.
Recently certain property developments in Bulgaria have come complete with an onsite management firm which will let the property, maintain the property and ultimately resell it for the owner should they decide to release their equity – sometimes the fees for such a service are included in the asking price of the real estate for the first year but generally most charge a flat fee.
In terms of finding the best Bulgaria property management firm – ask around for recommendations from those already employing such a company and don’t be afraid to haggle over the final price!
