This are the benefits of property management

Publication: 27-08-2019

Maybe you’ve got an apartment, studio, penthouse or residence which you would like to rent out to an expat? Do you want to know what you need to take care of and what you should take into account? This blog series will give you insights of everything you need to keep in mind when you’re renting out a place in Amsterdam. This week we will talk about the property management in Amsterdam.

Emergency reparations, a non-paying resident, maintenance that you need to keep updated all the time and taking care of the entire administration.. Things you should take into account while renting out your property. Things you don’t have to worry about when you choose to outsource these tasks. You can read everything that’s involved in real estate management and the biggest benefits, in this blog.

Property management can be easily organized in three categories: administrative management, financial management and technical management. What are the differences?

Administrative management

The entire administration of renting out your property can be outsourced. Not only the details of the lease are kept here, but all the communication with the tenant is taken out of your hands as well.

Financial management 

You’re probably not waiting for financial administration when renting out your place, especially when you’re abroad or busy with other things. The extensive debit and credit administration can be easily arranged by a real estate manager. Financial management takes care of the monthly payments by the tenant and they make sure the payment of the vendor invoices is handled properly.

With the combination administrative and financial management, the property managers are responsible for collecting, maintaining and archiving tenant data. Data about the property will be collected and kept up to date as well. Other than that, the real estate manager will take care of all types of communication between all involved parties. Even the reminders, exhortations and notice of default regarding overdue amounts.

Of course, you’ll be updated at all times with periodic reports about the status of your property and a clear overview of income and expenditure. The real estate agents make sure the tenants pay their rent in time and will take action if this is not the case. In case of arrears, you’ll get our advice about the need for legal assistance. If you wish, the real estate agent will also take care of the collection and if necessary with the help of a collection agency.

Technical management 

There are always some annoying chores that take a lot of time to fix and they always come along when you just don’t have the time. Think of a cooker hood that collapses, the internet that no longer works or a tap that no longer emits hot water. This is all part of technical management, where you don’t have to worry about when you let the real estate agency manage. All defaults and defects will be fixed within a heartbeat and maintenance assignments are carried out by your property manager.

The property will be completely checked by our property managers as soon as a tenant moves out. Damage will be immediately claimed from the departing tenant. Special events that can cause damage to a home, like fire, explosions, burglary, storm and flooding, are reported within 24 hours with an appropriate advise for the landlord on how to settle this.

Management bundles

It’s possible to choose for a combination of either administrative and financial management or a bundle of everything; administrative, financial and technical management. Which bundle is best suited for you, depends on your situation. In addition, think about taking out certain insurances. Not every insurance company will pay when there is something wrong with the property when it is rented out. Make sure you check this beforehand, if your insurer will cover this. That’s how you prevent unexpected surprised and negative outcomes. Contact our real estate agents for appropriate advice and a complete list of things that will be taken out of your hands if you opt for property management.

Advantages

In short, the biggest advantages are easy to summarize. Convenience is at the top. You can enjoy the return of investment without worrying about anything. In addition, you never have to deal with administrative or technical problems. Above all, renting out the property can bring major tax advantages, which makes it very attractive to rent out and let agents manage the property.

I want more!

Do you still have any questions, ideas or do you need a little bit more information about this subject? Send an email to amsterdam@expathousing.com and we will reach out to you as soon as possible!