Entrusting the management of your real estate assets to a professional is a guarantee of safety. Its mission is to protect the value of your property. For this, he will in particular choose the tenant, manage relations with the latter, or even take care of the administrative part.
What is rental management?
Rental management consists in delegating to a professional the steps related to the rental of one or more of its properties. By choosing to use an agency, the owner can opt for several types of rental management:
● Delegated rental management: this is the most common form. In this case, the owner appoints the manager as sole administrator of the property in question;
● Semi-delegated rental management: here, the owner chooses to delegate only part of the prerogatives related to the rental of the property.
The duties of the rental manager
Rental management requires time, but also knowledge in the legal, administrative and accounting fields. In order to preserve and enhance a real estate heritage, the rental manager performs many missions. In particular, he can take care of:
● The search for the tenant: this stage begins with the distribution of the ad, the organization of visits, then the selection of solvent tenants.
● The drafting of the rental contract, in other words the lease, and its annexes.
● The establishment of the entry and exit inventory, the restoration of the property if necessary, and the return of the security deposit.
● The collection of rents and charges, but also their annual review.
● The payment of sums due to the owner of the property.
● Accounting management at the condominium level if this is the case: here, the rental manager is responsible for regulating charges, settling calls for funds, etc.
● Represent the owner at the various general meetings of co-ownership.
● Guarantee unpaid rents and monitor any disputes.
Choose your rental management agency in Monaco
Several criteria must be taken into consideration when choosing the rental manager for your property. The reputation of the agency is a significant element. This means that it performs well and satisfies its customers. In this case, it is regularly recommended through word of mouth, or benefits from positive opinions from its customers on the Internet.
Tips for choosing an agency
The professional responsible for the management of the property must also master the local real estate market, know his environment well. It is therefore best to turn to a professional in the sector. He will be able to estimate the rental value of the property and present the advantages linked to its location.
Finally, it is essential for the owner to trust his feelings. The relationship of trust is essential, because the rental manager will be responsible for the majority, if not all, of the management of the rental property.
The 3 key points to remember:
● Rental management makes it possible to delegate all or part of the prerogatives linked to the rental of a property;
● The manager takes on a large number of tasks, from finding the tenant to the exit inventory;
● The choice of rental manager must take into account his reputation, but also his knowledge of the real estate market.
Opting for a rental management mandate has many advantages for landlords. On the one hand, this allows considerable time savings and the assurance of being in good standing with the legislation. On the other hand, delegating the management of your property offers significant guarantees to the owner. Thus, more than 35% of owners choose to be accompanied by a professional for the management of their property*.