Any real estate buyer in Tenerife understands that an apartment, villa, townhouse, or apartment in Tenerife is not just a building or a piece of land; it is an investment in a dream, in relaxation, in unique moments of your life.
Of course, when buying property in Tenerife, you dreamed of relaxing from everyday affairs on the veranda of your apartment, enjoying the beautiful view of the ocean, the warm evening breeze, and the sound of the waves.
But what do you do when your paradise corner remains without you for most of the year? In this twist of time, an alliance with those who understand the art of property management is important, with those who will keep it in excellent condition and assist you in solving all issues during your absence.
Oftentimes, when people become owners of a second home in Tenerife, it comes to life only during vacation, spending the rest of the time in the shadow of their homeland.
This creates a need for management that will take care of your precious corner in your absence.
For those who see their property as an investment for rental, and for those planning to do so during their absence on the island, meeting with professionals capable of turning their dreams into reality becomes an integral part of their journey.
Tourist accommodation rental is a complex dance involving key exchange, document exchange, deposit acceptance upon check-in, and its return upon departure. It is important to check the atmosphere in the property after temporary guest stays. This requires skill, it requires a reliable representative.
It is not just an organization engaged in management; it is a creative union of professionals and passionate real estate lovers.
Developers, real estate agencies, independent organizations—all become part of a grand artistic work called "Property Management."
This process involves not only managers but also experts from various fields: tax consultants, accountants, insurance gurus, internet technology masters, advertising and marketing wizards, and many others.
Management companies enter into a symbiosis with legal and construction masters, creating an ensemble in which each note plays its unique role.
Sometimes buyers entrust management to the company where they purchased their property. However, true connoisseurs recommend turning to those focused solely on the art of property management, especially in rentals. After all, in this art, one needs to be a specialist, not just an actor on the real estate stage.
In the search for the perfect guardian of your property dreams, I strongly recommend venturing into the world of specialized agencies that can skillfully dance with rentals.
In such companies, costs are lower due to a large client flow, and the likelihood of successful rentals is higher because they engage in it with special inspiration,"—shares his experience Valery Silvestrov, a great aesthete and founder of a management company.
If you happen to own a piece of paradise in the form of a residential complex, managing apartments often falls on the shoulders of companies with which an agreement was made during the purchase.
If you want to try your hand at renting accommodation independently, the world of international services such as Airbnb.com, Vrbo.com, and others will become your rental training ground. Some of them may even offer you insurance against unpleasant surprises for a symbolic fee.
As for the essence of property management companies, they bear many responsibilities. Renting out, taking care of housing and garden, cleaning, grocery shopping, managing utilities, taxes, overseeing construction work— they conduct the symphony of your property.
But the important question is: how much do these magical notes cost? When renting out, the services of management companies cost the owner from 10 to 35% of the monthly rent. But besides this, you will have to pay for utilities and possibly the services of a tax consultant, lawyer, and builders, so in the end, you may "lose" up to 40% of the rent.
How to protect yourself in this grand ballet of renting? In addition to the owner and the management company, there is a third party—the tenant.
This introduces its share of risk, but large companies, caring about their reputation, offer guarantees in case of property damage.
"Of course, selling your property without your knowledge is impossible. But there is a risk that management may fall into the hands of dishonest people who will rent it out longer than you expected. This is difficult to control, regardless of the company's reputation," warns Valery Silvestrov.
To minimize risks, specialists recommend carefully studying the contract with the management company.
"For complete safety, sign a contract with the management company, carefully read all clauses, add your own if necessary. Also, demand receipts for bill payments and provide a schedule for renting out the apartment", advises the expert.
"Sign the contract, stipulate penalty sanctions in it, and do not hesitate to change the company in case of fraud", adds Irina Kulikova.
There is another way to protect yourself—take a deposit from the tenant for possible damage. It will be returned to you if your tenant fails to bring chaos into your world.
