Updated
GL-P-07
01 / In 30 seconds
The short answer
- What it is
- Professional management of your property: finding tenants, maintenance, payments
- Who needs it
- Owners who live in another country and cannot deal with the property in person
- Cost
- Usually a percentage of rental income, plus separate works
- What to look for in the contract
- Reporting, authority to incur costs, termination procedure
- The main risk
- Opaque reporting and costs you learn about after the fact
02 / In plain words
What Property management means
Property management is the professional management of real estate. The management company takes on finding and vetting tenants, concluding agreements, collecting payments, maintaining the property, dealing with everyday problems and liaising with utility providers.
For an owner living in another country this is not a luxury but a practical necessity: dealing remotely with a leak or a tenant who has moved out is impossible. Payment is usually structured as a percentage of rental income, while separate works — repairs, cleaning, replacing equipment — are paid for on top.
The main thing to look for in the contract is transparency. How often and in what form reports arrive, what costs the company can incur without your consent and up to what amount, how major works are approved, and what the termination procedure is. Without clear limits on independent spending, the owner regularly learns of expenses only after the fact.
A case from practice
An owner received verbal assurances that all was well with the property, while in fact unpaid bills and minor breakdowns had built up. After switching to a company with monthly documented reporting, the picture became transparent.
When a management company is needed
- A property in another country
- Long-term letting
- Short-term letting with high turnover
- The property stands empty between visits
- Several properties in a portfolio
- No time to deal with the property in person
03 / What it covers
What management includes
Tenants
- Finding and vetting
- Tenancy agreements
- Collecting payments
Property
- Routine maintenance
- Minor repairs
- Monitoring the condition
Finance
- Utility bills
- Reporting to the owner
- Remitting income
Treaty
- The fee
- Spending limits
- Termination procedure
04 / How it works
How to choose a manager
Compare several companies
Study the contract and the limits
Agree the reporting format
Hand over the property under a certificate
Monitor the reports
05 / Key facts
What you need to know
01
The fee is usually calculated on rental income
02
Repairs and separate works are paid for on top of the fee
03
Limits on independent spending are set out in the contract
04
Reporting must be regular and documented
05
Handover of the property is recorded in a certificate with an inventory
Common mistakes
- Choosing a company only for a low fee
- Not setting limits on spending without approval
- Accepting verbal reports instead of documents
- Not recording the property’s condition at handover
- Not checking who is actually living in the property
06 / Expert advice
How to prepare in advance
Before signing, several companies are compared on the contract, not on promises: the fee, what is included, what is paid for separately, and what costs are possible without your consent. The format and frequency of reports are fixed in writing. The property is handed over under a certificate with photographs and an inventory — this protects you when it is returned.
What we do for you. For clients who buy a property under a programme and live in another country, we deal separately with the question of management: who looks after the property, how they report and what they can do without your consent. Without this, remote ownership turns into a source of constant surprises.
Igor VentsHead of real estate, Title Deed and property checks
07 / Questions
Frequently asked questions
It finds and vets tenants, handles agreements, collects payments, maintains the property and deals with day-to-day matters on the owner’s behalf.
Usually a percentage of rental income. Repairs, cleaning and separate works are, as a rule, paid for on top of the fee.
The format and frequency of reporting, spending limits without your approval, the procedure for approving major works and the termination terms.
If you live in another country — as a rule, yes. Even with a trouble-free tenant, someone has to deal with everyday matters on the ground.
Through regular documented reporting with supporting documents for expenses, and periodic independent checks of the property’s condition.
The condition, contents and meter readings — in a certificate with photographs and an inventory. This protects both parties.
INITIAL ASSESSMENT
Tell us what outcome your family needs
We will design a solution for your case, choose the country and the right status, and take the whole process through to the result.
