Managing a rental flat takes time: finding tenants, drafting the tenancy agreement, coordinating repairs, dealing with problems as they come up. If your property is a long way from where you live, or you have several flats in your portfolio, outsourcing the management can be the difference between a passive investment and an unpaid second job.
What a property manager does
The full service includes: marketing and listing on property portals, screening and vetting applicants, drafting and signing the tenancy agreement, collecting the rent every month, handling problems and repairs, and check-in/check-out.
How much it costs
The most common model is a monthly commission of 8-12% of the rent + IVA (Spanish VAT). For a rent of €700/month, that's between €67 and €101/month including VAT. Some firms also charge 1 month's rent every time they find a new tenant.
When it makes sense to hire one
- Your property is in another city or country
- You have more than 2-3 properties let out
- Your free time is very limited
- Your property has a high turnover of tenants (holiday lets, students)
Analyse your portfolio: RadarPro helps you identify assets with the ideal profile for professional management. See also which renovations increase rental yield.
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