Pros of working with a property management company in Lisbon
Regardless of whether you are buying solely for investment purposes, a second home to live in during the summer months, or to live permanently, your house will need to be managed the right way. So, if you don’t have any previous experience in dealing with tenants, handling the house maintenance, trimming the garden grass, or fixing the broken tiles, you should hire a property manager.
Choosing a good property manager for your house will save you time, effort, and money. You should also be aware of the fact that buying or managing a house in a country that is not yours is very difficult, particularly if you don’t speak the language, and that’s another reason why a property manager could be a good idea. In the following sector, we will cover the main responsibilities that the property manager will handle.
Vetting the tenants
Meeting people interested in renting your property is always exhausting and requires time and dedication. Also, dealing with the tenants and the problems that keep popping up is not easy. A good property manager will know exactly how to get you good tenants and how to follow up with them monthly to make sure that rents are paid on time.
Maintenance & managing repairs
Plumbing, electricity systems, broken equipment, the internet connection, and many other problems will never stop surprising you. That’s exactly why it is a good idea to have an experienced property manager take care of the house repairs and maintenance on your behalf. The property manager will not only fix the problems but will always give you updates on your property, ensure that it is of the highest quality, and make sure that everything is running smoothly.
Dealing with legal issues
When choosing your property manager, make sure to pick a company that has good experience in law, because you will need some advice later. There will always be some legal issues before, while, and even after you rent out your house. Having an experienced property manager will make sure that anything legal will be handled correctly and the company’s extensive understanding of rules and regulations will shield you from potential legal issues.
You may not have enough time to publish ads for your house or to answer the applicants’ messages or calls, which is one of the key reasons to hire a property manager. Property managers will help you market your property professionally since they sure have their own website and social media platforms for online marketing, and brochures and flyers for offline marketing. A professional property manager knows exactly how to take professional photos of your house and list the details in the description with a good knowledge of the strong sell points. A very attractive ad for your house will get you a competitive rental rate and make your property feature on top.
As a landlord, isn’t it great to have your house rented all year long?
This might be hard to achieve without a proper property manager who will know how to make sure that your house is rented out throughout the year so you can earn as much money as possible each month. Property managers usually have the expertise to keep your tenants happy and satisfied. Retaining tenants is always easier than searching for new ones.
Even when the house is available for rent, they can handle the refurbishing side of things for you, so you can quickly rent it out again and again. Isn’t it a good deal?
Access to good vendors
One of the good things about working with property managers is that you will expect them to have an impressive list of good vendors. Whenever you want to deal with a vendor you won’t have to worry because they will have deals with specific individuals that they know, trust, and have already had previous contact with.
An expert property manager will save you the hassle of solving problems related to your house. Not only coming up with proper solutions, but also quick ones because some problems will not wait for you till you have time to analyze them. Experienced property managers are quick decision-makers and fully dedicated to such issues, so you can enjoy peace of mind, while the property manager will handle anything related to your house.
The property manager will be in charge of organizing all the details related to your house, and this will make your life as a landlord easier. Things such as rent receipts, regular repairs, additional fixes, new or missing equipment, and everything else regarding your house will be monitored by the company.
How to choose the best property management company in Lisbon?
There are some factors you will need to consider when choosing a suitable property management company to take good care of your house. To make sure the company you chose will manage your property properly, you should give attention to the following points.
Choose a local firm
Search for a local property management company that knows all the regulations in Portugal and that is familiar with the rules. This will also help you handle all the required elements in your house. A local firm will also be constantly up-to-speed with the Portuguese real estate market and updates that could have a good impact on your property.
Hire a company with specific knowledge
Before hiring the company ask about all the details related to the field, and make sure that they will factor in every little thing your house might need. Also, make sure that the company has previous experience in cases like yours and ask them about their approach to handling different situations and solving various problems.
Evaluate the company’s experience
One of the main points you should cover while choosing your property manager is the previous experience as we mentioned above. And how can you know if they are experienced enough?
You may ask questions such as:
- Can I see your own website?
- Do you have a list of clients?
- How big is your network in the market?
- Which are the main areas that you’re covering?
- How long have you been in the real estate market?
- How many properties are you managing?
- How many employees are there and what are their specialties?
Answers to such questions will help you draw a picture of how big this company is and what its weaknesses and strengths are, and then the decision is yours.
Recommendations and referrals are always the best way to get the best option. If you don’t know the exact company name to contact, you may ask a friend or someone with previous experience for a recommendation. Lisbon has a growing network of expats, and luckily there are many expats communities in Lisbon where you can meet friends and ask for opinions.
You can ask more than one person and start creating your own list of the most reputable property management companies, and then narrow them down according to your conditions. After that, you should pay a visit to each one and have an interview with the company’s representative, so you can finally choose the perfect one for your situation.
Evaluate their customer service
Customer service is crucial, and one of the main points you should take into consideration. When you choose the right company with effective customer service you can finally put your mind at ease. Property managers are not only there for the consistent service for your house tenants, but should also be able to provide you with excellent service as a landlord.
You can measure the efficiency of the company’s customer services by some actions such as: How much time do they take to answer your emails? Can you easily reach them during working hours? How do they react to your concerns or fix your issues? Are you comfortable with the ways of communicating with their customer support agents?
How much does it cost to work with a property management company in Porto?
Most property management companies in Lisbon will charge you ranges between 8-10 percent of your rent, plus the VAT (23%). Considering the time and effort you save; it can be in your best interest to work with a property management company.
Our Lisbon real estate guide is just a brief introduction to the region. If you are looking to know more about properties for sale in Lisbon, you can get in touch with one of our team at Goldcrest, our real estate division, who will be able to discuss your options for buying property in this charming region.
If you’re interested in knowing more about Lisbon, check this article about living in Lisbon ultimate guide created by our partner BePortugal.
If you’re considering purchasing a property in Lisbon with or without living there, you will need the assistance of a property manager. This is how you can make sure that your property will always be rented out and looked after in the right way. Plus, finding a reliable and efficient property manager for your house in Lisbon will guarantee you a steady income straight to your bank account.
The process of finding a house may take some time, and then the step of assigning the management to the proper property manager may take even more time, but it’s worth it. The professional management of your house will give you peace of mind for the rest of the year and beyond.
If you’re not an EU citizen, and you’re considering moving to Portugal, you may have a look at the Portugal Golden Visa scheme which will allow you to get a Portuguese residence permit by investment. Also, check this guide to understand the qualified properties for the Portugal Golden Visa, according to the latest changes implemented by the government.