Having a second house is a sweet dream that many people spend most of their lives trying to achieve. If you have a house in Porto or are planning to buy one, you should also be familiar with how to find a property manager in Porto.
If you’re lucky enough to get a second house in Portugal, and you are planning to manage it from abroad, this might be a little complicated. You will need a property manager in Porto to handle things on your behalf, especially 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.
In this article, we will cover the main reasons why you need to find a property manager in Porto. And if you’re still in the phase of searching for a house, you can check our ultimate guide to buying property in Porto.
Pros of working with a property management company in Porto
It’s great to have a vacation house, or a second house, as an additional source of income, but this also needs to be managed the right way. So, if you are not living in the same country, or you don’t have enough time to take good care of the house, you should hire a property manager.
Choosing a good property manager for your house will save you time, effort, and money. You should know that the property manager will handle many crucial responsibilities on your behalf to maintain your property and help you get a stable income.
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 who are 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 to 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, hence the property manager is needed. Property managers will help you market your property professionally since they sure have their own website and social media platforms for online marketing, and their brochures and flies 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 selling 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 keep your house 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 cheaper than searching for new ones.
And 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 any vendor you won’t have to worry because they always deal with specific names that they know, trust, and have already had previous deals 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 your peace of mind, while the property manager will handle anything related to your house.
The property management will always 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 equipment or missing ones, and everything in your house will be monitored by the company.
How to choose the best property management company in Porto
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 they will provide you with 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 the 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?
- How many properties are you managing?
- Which are the main areas that you’re covering?
- How long have you been in the real estate market?
- 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. Porto has a growing network of expats, and luckily there are many gatherings for expats in Porto 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 will be able to 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 your 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 also should 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 Porto 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.
Interested in Portugal real estate?
Our real estate division located in Portugal — Goldcrest — works as an independent buying agent to help you find and acquire the best property investment suited to your needs. Goldcrest leverages local connections to ensure correct property reviews have been conducted, which is a key requisite for buyers unfamiliar with the Portuguese property market.
For non-residents landlords in Porto, it will be a little difficult to manage your property and look after it while being away. You will need to find a reliable and efficient property manager in Porto, and this will guarantee you the best service for your house and ensure steady income in your bank account.
The process of choosing a property manager in Porto may take some time, but once you choose the suitable one, you can rest assured that someone professional is handling your house on your behalf, and you won’t need to worry about anything related to your property.
If you’re not an EU citizen, and you’re considering obtaining a Portuguese passport, you may have a look at the Portugal Golden Visa scheme which will allow you to get a Portuguese residence permit by investment. And also check this guide to know exactly the qualified properties for the Portugal Golden Visa according to the latest changes by the government.