Property management of any real estate development, no matter residential or commercial, is the key to their efficient use and profitability.
According to property experts, most owners often tend to neglect the basic upkeep and maintenance of their Bulgarian properties. This can be concluded not only for private owners of holiday and residential apartments and villas, but also for many business premises developers.
Total facility management systems are implemented in order to preserve and increasing the value of the immovable property and also to extend to a maximum their life. These systems can guarantee the comfort of the tenants and the owners, as well. Regardless of these benefits, experts say that property management is still poorly developed in Bulgaria.
The main reason many owners reject the offers for management assistance is the price for such services. Experts in that particular field also claim that real estate agents often find themselves explaining and convincing their clients to the positive sides of having someone to take care of their house or apartment. For most foreign customers such services are widely common in their home countries and find them normal.
Many of them even seek only for managed developments. On the other hand, there are still many Bulgarians who would do just anything to avoid paying someone for a job that they believe they can do by themselves. In many cases, such people end up making no improvements whatsoever, but still expecting profit from subletting their Bulgarian properties.
The problem is, experts say, that good management includes not only technical upkeep. It is not enough to purchase a holiday property, for example, and to expect tourists to pour into it throughout the whole season. Even if this happens, someone has to take care of all check-in and check-out procedures, someone has to make sure you get paid for renting your property, someone who can respond to any of the tenants’ needs, requests or complains.
The excellent facility management requires well trained personnel, good communication, know-how of the newest technologies and innovations in the field of hospitality and knowledge of the relevant legislation.
Successful property management depends largely on having good contacts with people and companies specialized in different fields (i.e. travel agencies, real estate brokers, lawyers, technical staff, etc.) and also on having a well organized team of professionals.
Experts say that property management is currently most popular for holiday complexes and luxurious residences. However, they believe it is time people to realize the necessity of these services also for their permanent homes.