Holiday lettings provide a sure-fire way to earn a profitable income in the real estate field. Unfortunately, the time and effort spent managing your rental homes can eat up profits in a hurry. That's why it's a good idea to seek the services of a professional property management company. Allowing someone else to handle all the minor and major tasks of letting your holiday home in Spain or Bulgaria will not only ease your burden quite a bit but will also give you peace of mind knowing your villa or apartment is being well taken care of.
Some popular hot spots in Spain and Bulgaria include Sunny Beach, Sofia, Costa del Sol, Costa Alm, Nessebar, Saint Vlas, and Bansko. If you already own a holiday home in any of these places or in a nearby city, but live many miles away, you probably realize the time involved in letting and maintaining your property. Besides the typical renter/landlord meetings and rent collections, there are a million and one other tasks to take care of - and it's your responsibility to ensure these get done.
Imagine having to coordinate a cleaning crew before or after every rental event. Imagine having to meet with contractors for plumbing work or minor repairs every time these are needed. Your holiday home will always need some sort of lawn care - mowing, trimming hedges, planting, weeding, etc. You'll also be responsible for furnishing your home with couches, chairs, dinette sets, tables, wall hangings, curtains or blinds, beds, bath accessories, rugs and patio furniture.
If your property has a swimming pool, you'll need to hire someone who can care for and clean the pool on a frequent basis. There are also appliances to maintain, such as refrigerator, dishwasher, washer/dryer, water heater, stove, a/c and heating units, fireplace, etc.
Mentioning these is not meant to discourage you from letting a property, but to encourage you to hire the services of a property management team that can meet all these needs for you. This will enable you to manage all aspects of your holiday property without being there physically for every task. Your property management team will act as your representatives (key holding for your home) for every need.
Financial Needs of Your Holiday Home
Besides all the possible maintenance needs, there are numerous financial needs. Some property management companies offer to pay all the local utility bills for your holiday villa or apartment as well as take care of local taxes, property insurance, and required inspections. If you opt for this type of service, you'll depend on them to do all these tasks and to report to you weekly or monthly with the details. If building a new villa for holiday rental purposes, the company can also perform snagging services, or snagging inspections, to catch any defects in the finished property. These defects or missed details must be corrected by the builder within a certain amount of time to ensure you get the most value from your project.
Be sure to find a reputable company that you can trust with your financial information. Ask for references and do research on the company to find what others are saying about their services. Ask if all repairs to the home will be made by qualified tradesmen. Also, be sure to ask about the company's marketing techniques to increase your potential for more lettings. Some companies offer a full range of rental marketing and advertising services to help you rent, buy or sell a holiday property. These use various resources, including the Internet and newspapers, to promote your property so you can save time and money by allowing them to handle your promotions.
Important: Look for a property management service that allows you to book your own rentals when the opportunity arises. The company can still handle all aspects of the letting process even though you booked the actual rental yourself. If you sign an agreement stating that you will not promote on your own, you might lose out on rental income. If you book a renter on your own, be sure to cross-reference with the property management company to avoid double bookings.
Your holiday home in Spain or Bulgaria can either be a profit-making endeavor or a big headache. Choose the right property management service to minimize problems and enjoy lasting rewards.
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Chris Robertson is an author of Majon International, one of the worlds MOST popular internet marketing companies.
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