Have the property management services become popular with property owners yet or are they still distrusted?

After-sales services with residential properties in Bulgaria are still underdeveloped unlike commercial properties where clients even insist on fully managed property. Whereas with residential properties of the luxury class, property management is one of the aspects of the services package, property management companies seldom offer such services with medium-class homes, and almost never with mass homes. The reason lies in the lack of both a long tradition and knowledgeable and established specialists who can offer expertise in the various aspects of property management. Today in Bulgaria there are as many as five property management companies specialized in managing properties in holiday destinations or in enclosed complexes, where the services are binding and cost-effective for both parties.

What are the biggest advantages and disadvantages of property management services? 

Professional property management has three main advantages: it saves time, it saves efforts, and it saves money. It’s that simple and it’s most essential for people leading a dynamic life. In exchange for the service they provide, property management companies charge home owners every month and send them a report once or twice a year.
One possible disadvantage, especially with homes within a common property, is the possibility that property owners might become dependent on somebody else. They might depend on the determination of their property manager, or they might depend on the other owners. If any of them refuses to pay his monthly charge, then this could cause problems to all home owners.

What property segments has property management already been established in and why?

The commercial properties remain an unrivalled leader and this is particularly true for office buildings. The holiday properties are the first runner up, although such services are much more complex and varied due to the short periods of renting them out and the wide range of services provided.
With commercial properties the interests of both tenants and landlords coincide. With holiday properties the service is compulsory for commercial investors, and their number is not only the biggest, but it is steadily growing too.

Does it prove profitable for residents living in a block of flats to hire a property management company?

When the landlords have signed the contract with the property management company, this is very profitable because the company is tasked with the responsibility to find tenants for them, as it is included in the services. In this way, owners are freed of their responsibilities. Another part of the services package is the offer for maintenance and use of the property, and owners can take advantage of preferential prices with sub-contractors, reductions, benefit programmes or funds, or municipal initiatives. There are numerous opportunities for the property management companies to identify and then offer some to their clients.

What are the prospects for growth in the property management sector?

It seems unlikely for contracts for property management to become common practice in the short term, especially with old residential buildings. However, it is becoming more and more popular with properties under construction, and it is compulsory for enclosed residential complexes and luxury properties, even when they are single. If you are really interested in our property management services, you can learn more at our site www.propertymanagementbulgaria.com