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Ask yourself the following questions • Do you have experience managing rental property yourself? • Are you familiar with fair housing and landlord/tenant laws in the jurisdiction(s) where your property is located? • Do you have relationships with contractors that ensure you can get 24 hour service at reasonable prices? • Do you have a reliable means to determine fair market rent and returns on your investment property? • Do you know and have the proper notices and legal process to deal with non-paying tenants? • Do you have a current, professionally crafted lease and related agreements/forms to minimize your exposure to liability should a tenant sue? Do I need Property Management and how can this help me? Property Management companies take the day-to-day contact and management out of your hands. We control your home regular, pay utility bills, provide rent collections, expenses payments and monthly financial reports to you. We also provide maintenance, late notices and oversee legal, landlord-tenant services. Your property is professionally managed with one point of contact for the tenants and timely reports to you, the owner. Why to have it managed? Managing a overseas private property can be a very demanding and time consuming affair and you may well find that you are unable to give it the neccessary time and attention if you are the owner of a single property or a small portfolio. We will deal with day to day 'crises' such as calling the Plumber, Electrician or the man for the Washing Machine when needed, or dealing with the building's. We will oversee all the repair work for damage caused. We pride ourselves on keeping the tenant happy so that he will: a) Keep the property in good order b) Be pleased to renew his lease. Our aim being to maximise the owner's income and minimise his opportunity costs on the property in any void period between tenancies. If I place my home in property management, how much control do I have in making management decisions? As much or as little as you want. Take for example maintenance decisions. Most owners place about 200 GBP in a maintenance trust to be used in case of minor repairs. They don’t want to be notified every time a faucet leaks. However, if there is a more expensive repair, they do want to be contacted and involved in evaluating the bids and choosing the vendor. We will work out an understanding with you about the degree to which you want to be involved in tenant selection, maintenance and repair issues, setting rental rates, etc. Q: What can I do to assist with the leasing process? A: From experience within our leasing division, we have found that providing some of the following helps to lease a property quicker. • Kitchen appliances (i.e. white goods) • Landscaping to part or all of the garden area • Rent-free period • Direct payment of agency fee Q: Am I required to fully furnish the property? A: Fully furnishing the property is not necessary, however, landlords have found that by supplying some goods helps to lease the property quicker. Q: Can you help me with the handover inspection? A: As part of our Property Management Service, we assist with the handover inspection that is carried out with the developer, providing you have given written authorization to the developer appointing MRT Property management as your representative. We continue to follow up on the rectification of the problems detected during the handover inspection, which can often take several inspections to resolve completely. Q: Can you collect the keys on my behalf? A: Yes, providing you have completed your final payment with the developer, have completed all of the necessary documentation and you have given written authorization to the developer appointing MRT Property Management as your representative, we collect the keys on your behalf. Q: If the tenant has a maintenance problem or has problems with another tenant, whom do they call? A: The tenant contacts us directly with their maintenance problem or any other query relating to the community or property. Our Property Administrators then follow up on any issues reported to ensure that the tenant remains satisfied with their tenancy in your property. We keep you informed of any major issues that occur in your property or with the tenancy itself. Q: Does the tenant have my contact details? A: Most clients request that their contact details are withheld from tenants leasing in their properties. We will only hand your contact details to your tenant/s with your prior approval, however we do not recommend that Landlord's give out their contact details when they have a management company appointed to look after their premises. Q: Do I need to be present for the inspection or handover process? A: Providing that authorization has been given to us in person, you do not need to be present for the inspection process. Q: What information do you need from me in order to manage my property? A: In order to manage your property, you need to provide the following to the Property Management division: • A copy of the first page of your contract, • A copy of your passport, • Signed power of attorney • Copy of agreement of sale • Property completion certificate • Owners contact details (e mail id, mobile no, tel no, fax no, PO bx no) • Receipts of payments made to owner including service charges • Property layout • Deposit and connection charges • Petty cash float • A copy of your management contract • A cheque for the property management fees. Q: Do I need to sign a new Property Management contract and Power of Authority every time I get a new tenant or if I leave the property vacant for too long? A: Provided none of the details have changed, it is not necessary to provide new documents. Q: Can you advise me on how much rent to charge? A: Based on the current market, we provide details of what rent price is suitable. You need to provide the Property Management division with the following details: • Property type • Views • Number of bedrooms • Other features Q: Can I alter the property? A: Minor alterations usually do not require approval from the developer, however, we advise all property owners to seek advice directly from the developer to before beginning work to ensure that they were within the community rules. Q: Am I able to increase the rent? A: The Landlord is permitted to increase the rent as per the market conditions, however Turkish Law advises that the maximum rent increase is to be within 15% per year. Q: If I want to sell my property but the tenant wants to stay, what happens? A: The new owner must be willing to accept the tenant in place under the same terms and conditions. Q: If I decide to sell my property, would you take care of the sale for me? A: We have a very active and experienced sales division who can help you sell your property. Q: If I am unhappy with the tenant, can I evict him? A: If the tenant has breached their contract, action may be taken in extreme circumstances. Q: If I am not happy with the condition of my property before handover, can I request the developer to do extra work? A: If the property has not been built to the required standard and there are quality defects, you are entitled to ask the developer to rectify. Q: Why should I hire a property management company to manage my rental property? A: Many landlords let and manage their own properties without the assistance of an agent. This can work well if you have the time, knowledge and live close by to your properties. If you lack the time or expertise needed for day-to-day management of your real estate investments, and especially if you live far from your rental property we believe that hiring a local property manager is a must. The manager can keep an eye on your rental property to make sure that the tenants are taking good care of it. Local property managers tend to find problems sooner and correct them more efficiently. In addition, local property managers often have contractors they work with and trust for various repair jobs, which can save rental property owners money and time. And last but not least there are many legal and financial requirements a landlord must fulfill and failure to adhere to these could result in you being prosecuted. Q: How do you make sure the tenant is taking good care of my home while renting? A: Above all, careful tenant selection from the outset protects your property from being rented to irresponsible people. During the lease term, We have periodic inspections at which time we check to see that the tenants are taking good care of the premises and that they are not violating any terms of their lease. We also take these opportunities to go over any general maintenance the property may require. Q: What do you do if they are not taking care of my property as they should, or you discover unauthorized pets? A: Your property manager gives the tenant an opportunity to correct the situation and usually they will. If a problem persists, we will make a decision based on that specific situation. Q: What happens if a tenant refuses to leave? A: You will need to instruct your solicitor to act on your behalf to issue proceedings to gain possession of the property. We will assist in those proceedings as much as we are able. Q: How informed will I be about what happens with my property? A: If something may cause a potential interruption in your ordinary cash flow (loss of tenant or non-emergency repair in excess of EUR 100), we will let you know about it right away. Other than that, the saying "no news is good news" is most appropriate. Non emergency items will be communicated along with your monthly statements and, of course, we encourage you to contact the property manager anytime you have a question or wish to discuss something. Q: Who does your repairs? A: We have arrangements with a wide variety of vendors and who we hire as independent contractors. Q: Who pays for repairs? A: Our maintenance men are trained to identify problems caused by normal wear and tear (the owner pays) versus damage caused by tenant abuse or neglect (the tenant pays) Q: Do you use the cheapest maintenance people you can find? A: No. Our people are middle of the road in price and are competent and reliable. We think we have developed a very sensible approach to handling maintenance and repairs and that you will realize cost savings that other property managers simply can't deliver. Q: How much security deposit do you charge the tenant? A: As a general rule of thumb we usually get 1 month rent for deposit. This is what will be asked for by most property owners and property managers in Bodrum. Q: Who holds the tenant's security deposit? A: All security deposits must be held in our deposit trust account. Q: How and when do I get my rental income? A: We provide you with monthly statements of all receipts and disbursements not later than the 25th day after each quarter year, simultaneously we initiate the wire transfer of the net amount to your given bank account. Q: How soon can you start managing my home? A: We can start the process immediately. We don't always know when we want to use our property - if we rent it out will we be free to use it when we please? Our prime consideration is you the owner and the enjoyment of your home. To be as flexible as possible we require that you give us an indication of the weeks that you will require for your own use and we will make sure that your home is free and waiting for your arrival.Any changes to this we will try to accommodate - all we would ask is that you telephone us and either write or email us to ensure that we have not placed any rentals in your home for that period and then we will be happy to block it off for you. We are always mindful that it is your property and you should be free to enjoy it whenever you wish. How do I know that there will be no damage to my property? All rental clients leave a damage deposit in the form of a blank credit card slip - this is only returned to them after the property has been thoroughly checked. We will assist you in providing secure cupboards for any personal belongings and our inspectors will be delighted to provide a full inventory check at the start of each rental season. Full in-going and out-going cleaning will ensure that you property is maintained to the high standards you expect for yourself. Accidents, however, do happen and for your own peace of mind we require all rental properties to have full insurance cover. How will I know when my property is to be occupied? Because of our unique online booking system which assumes unless you have advised us otherwise that your property is available, rental clients may be able to book your property at all times 24hrs a day. As soon as we receive a confirmed rental we will inform you either by e-mail, fax or post. Should you wish to double-check dates or make a booking of your own, you can email, fax or phone us and we will block off those dates for your personal use. Why You Need a Professional Property Manager The Benefits of Hiring a Professional Property Manager Saves you time, work, and stress: • You don't have to hire someone to clean, paint, or make repairs. • You don't have to advertise, take rental calls, and show the property. • You don't have to screen applications and be apprehensive about who to pick. • You don't have to execute a rental agreement, worry about adding addendums, fill out the move-in inspection report, and deposit money. • You don't have tenants calling at all hours of the day and night. • You don't have to confront tenants on tough issues like collecting rent or taking better care of the property. • You don't have to collect NSF checks. • You don't have to serve legal notices or start an eviction. • You don't have to schedule and fill out the move-out inspection report. • You don't have to mail the tenant's accounting report and refund check. • You don't have to start the process all over again. You don't have to worry about the property or be shocked by its condition when you hire a Professional Property Manager. Professional Property Managers are dedicated to selecting quality tenants and keeping your investment in good repair with minimal cost. They want your real estate investment to be a success not a failure. One last benefit - your leasing and management fees are usually a tax deduction. What Distinguishes a Professional Property Manager from other Landlords? • Do you know all of the landlord/tenant laws for your city, state, and federal government? • Do you know rent values, vacancy factors, and time on the market in your area? • Do you have a rental application and consistent screening policies that meet all of your legal obligations? • Do you take the time to perform thorough move-in/move-out written inspections and routine property inspections? • Do you personally know reputable painters, electricians, roofers, chimney cleaners, carpenters, furnace and appliances repairmen who are licensed, affordable, and reliable? • Do you effectively confront and negotiate with the tenant and enforce the terms of your rental agreement? • Do you have the ability to recover NSF checks, evict tenants, and collect bad debts? Do I lose control of my property once you start to manage it? No. We work for you and you set the parameters not defined by law. Do you manage only residential property? No. We are specialists in the management of residential and commercial properties. Our portfolio contains single family, duplex, tri and 4-plex and small multifamily properties not requiring a resident manager. We also manage commercial office properties, medical buildings and warehouse space. Do you charge the tenant a security deposit? What about a pet fee? Yes. Our policy is that the security deposit is approximately 70-100% of one month's rent. Pets are not allowed without your permission. When pets are allowed an additional pet fee of $250 for each dog or other animal that is allowed and $100 for each cat is charged per pet. What happens to the tenant's security deposit? Do you send it to me? No. In compliance with Turkish Law, the tenant's security deposit is kept in an escrow account registered with the Turkish Real Estate Commission. The move?out survey documents the condition of your property. Any damage expenses beyond normal wear are deducted from the security deposit along with any other money owned by the tenant. The balance is returned to the tenant within 30-60 days of move out. Do you insure my property when you manage it? No. You maintain your own insurance coverage. However, we will gladly recommend insurance companies interested in writing insurance on your property. Will I know what is going on with my property? Yes. We will communicate with you throughout our contract. We will contact you at reasonable times to discuss repairs and notify you of any tenant requests to vacate. Plus, throughout the contract, we will keep you aware of other issues that may arise. Will you help me find a qualified tenant without having me sign a full management contract? Yes. Many Owners have the time and ability to manage the day-to-day operation of their rental property but lack the resources to attract and screen qualified tenants. We will assess and market the property, screen the tenant, sign the lease, document the move in, collect security deposit and the first month's rent, and then return the property to you for daily management. Our fee for this is one month's rent. If the owner pays the advertising costs, our fee is 75% month's rent. Do you qualify all applicants that want to rent my property? Yes. Our application is designed to generate complete information from each prospective tenant. We process all applications and verify information on each application. In general, an applicant must have good rental history (not from friends or relatives), have three (3) times the rent rate in verifiable household income, and possess an acceptable credit history. Do you advertise vacancies? Yes. We start marketing the vacancy as soon as we receive notice from the tenant of their intention to move. We will place a sign on the property. We then advertise in the Denver Post, the Rocky Mountain News and the internet. We also receive referrals from current and former tenants and owners and from other agents with whom we network. Do you handle problems late at night? Yes. Tenants are given our number when they move in and in the case of an emergency they are directed to page us. We will talk with the tenant to determine how best to proceed. Many times we can solve the problem over the phone. Can I still use my favorite plumber, AC Company or handyman? Yes. We will gladly contact the companies or individual(s) you specify as long as they are actually licensed, insured and in the business of performing the required work. Do you pay the bills for me? Yes. We will gladly pay expenses and repairs for you. There must, of course, be sufficient cash flow from the property to cover such expenses and we may require you to set up a reserve fund for this purpose or send a check to cover the expense. Are your management fees competitive? Yes. The old saying, "You get what you pay for," is always true. There are other companies that charge less than we do. There are other companies that charge more. We are somewhere in the middle. Our Full Service Management fees for residential properties are 8% to 12% of the gross collected rent each month. All repair and advertising costs are passed on to the owners. We feel we offer a very comprehensive service package and our rates are very competitive. Does your management agreement give you exclusive right to sell my property? No. We can sell your property if you would like us to, but it is not a requirement of our management contract. Are you licensed? Yes. We are licensed by the Bodrum Real Estate Commission. Can you start managing my properties today? Yes. We can start the process immediately. Contact us today to set up a no obligation consultation to discuss your property in detail. If you have a question that was not answered here or require further information about our services, please feel free to contact us at +90 537 427 35 27 or by email at: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it and we will gladly respond within 24 hours. |
