Property management services - residential

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In a strong market there are many residential properties (largely flats) being acquired by investors who have previously had experience of the buy to let market in the UK. Clearly the returns in terms of capital growth seen over the past few years have rewarded those well who were able to do this see our comments on residential market. Average property prices are approximately 45,000 GBP.

Care however must be exercised as this market is not the same as that in the UK. One should not assume that the concept is the same here as in the UK market. For example, investors need to think carefully about:

Attitudes to letting in the country or region of acquisition

Who lets and who does not

Tenant profile and demographics of ideal tenant

The lack of a comparable credit reference system

The balance of power between tenant and landlord enshrined within legislation

What types of properties let better than others

The effects of the phasing out regulated rents (expected to be complete by 2010)

How future possible environmental factors may alter the market e.g. government political stance and taxation policy

Having bought to let in the UK and Czech ourselves, we are well placed to comment on the differences arising. Clients using our letting service are able to gain our opinion in respect of the above and other relevant market factors.

Our letting service is similar to that provided in the UK. We are pleased to undertake the following:

Marketing the property (cost of advertisements are charged as disbursements)

Assessment of suitable tenant candidates in line with chosen tenant profile and presentation to client

Provision of tenancy agreement in accordance with up to date legislation, commissioned by us and drawn up by property lawyers with whom we co-operate

Collection and holding of bond

Collection and forwarding of rent to owner (if client bank accounts not required)

Full record keeping, budgeting and cash flow monitoring and payment of invoices, bank maintenance

Regular client statements

Repairs and maintenance up to a limit of Euro300, repairs undertaken and costs deducted from the rent received. Repairs expected to cost more will be agreed with client before commissioning, with the exception of emergency repairs. We will arrange for such works to be undertaken in accordance with tenancy agreement, overseen by us using reliable tradesmen.

Overseeing inspection at end of tenancy, dilapidations review and agreement and return of bond

Our services are subject to our contract for management services and applicable terms which are available on request. We will introduce potential candidates for consideration by the owner. The owner of the property will always take the decision as to who is chosen to take up a tenancy of an investment property.

 

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Czech before you buy s.r.o. Converting requirements into reality