Property Management
Many non-resident property owners on the Costa del Sol and in Andalucia like to rent out their properties to generate income and avoid leaving them empty for part of the year. Other owners prefer not to rent out their homes and would rather not worry about their property being left unattended while they are away. Fortunately, property management companies offer a variety of services to provide peace of mind while you are away.
Whether on the coast or inland, your Spanish property is a valuable asset that can generate additional income with minimal effort if managed sensibly. Since you will probably not be in Spain when you rent out your property, it makes sense to use a property management company. Even people who live in Spain and own two or more properties often prefer to leave some or all of the maintenance, administration and marketing to the professionals.
Professional Property Management company providing affordable, personal, and flexible Property Management and Rental Management.
When choosing a property management company, there are many important considerations, including:
- The company's past experience / client base
- Legal knowledge of rental contracts, deposits, payment, etc.
- Capacity to market your property to full advantage (where applicable)
- Local knowledge / Spanish and English spoken
- Different combinations of management contract on offer
- Specific services and charges - for example:
- Advertising your property for rental
- Organising bookings
- Cleaning before occupancy
- Laundry
- Garden/Patio maintenance/irrigation
- Pool maintenance
- Meeting and dropping off at airport
- House maintenance and emergency contact for renters
- Welcome pack
- Security checks
- Car care and cleaning
There are many advantages to using a specialist property management company. Whether you need straightforward property care or someone to look after your home while it is rented out in the short or long term, hiring a good company to manage your property can be a sound investment.
It should be noted that an absentee property owner is required to nominate a representative to be point of contact for the Administration and in particular AET (Spainsh Tax Office). Profits from property rentals are taxable income in Spain. If a property is not rented than an imputed rental tax is payable.
Holiday Rental Management - companies offer a variety of services to help owners rent their properties to tourists. These include marketing the property, collecting payments, providing a key-holding service, offering a meet-and-greet service, and acting as a point of contact for tourists in the event of a problem with the property. More>
What will be expected of you?
Once you have chosen the property management company to look after your property, their representative will carry out an inspection visit to your property and may even ask you to make some modifications to the house or garden. For example, if you have a private swimming pool, you may be asked to have the pool depth clearly marked or even fenced off. See Swimming Pool Safety. Electrical, gas and water installations should be checked to ensure everything safe and in working order. You will be expected to make your own detailed inventory. Whereas a rental agent or property management company may arrange this through the services of an inventory clerk, this is not normal practice in Andalucia. You may, however, be required to provide extra bed linen, towels or even crockery, depending on the number of people who can stay in your property.
Things to look for in a rental agency or management company
A professional management company with a good track record will probably think of many things that may not have occurred to you to make the rentals run more smoothly. An experienced company should be able to foresee problems and where possible avoid them. They should check out the renters and ask for a deposit to cover possible damage and breakages. They will also ask for a deposit on the rental price, which should normally be in your possession before the people take up residence in your house. Some companies pay you the full amount up front and others work on a monthly accounting basis. Usually contracts offering many services will take the management fee from the rental money and then make a transfer to your bank account.
What should you expect to pay?
Most companies in Andalucia take between 10% and 15% of the rental price for marketing and general management on long and short-term rentals.
A good property management company with its local knowledge can sometimes offer extra services, such as overseeing a building project for home improvements, recommending other professional services such as consultations with a lawyer, architect, or builder and translation services etc., booking green fees or even organising babysitters. If your time is limited, you don't speak much Spanish and you are not well acquainted with the Spanish law on property rental, the full service of a good property management company could be the answer.