To be a good steward of your money, you have to be a good steward of your investment.
As owners find themselves concerned about weather, inbound travel delays, cross-borderBy living and the threat of squatters, property management services are growing in demand on Mallorca. Second homes and main residences are in need of continued maintenance and vigilance, especially if they are left empty for more than a week.
What Is the Point? #
People buy a home overseas for many reasons: relocation, retirement, investment, second/holiday home or a combination of these. However, if the property won't be your main residence there will inevitably be significant periods of time when it is empty or being used by others. During this time, you need to be able to rely on someone to ensure that it is kept in the condition you left it in, ready for your next use. Without a doubt you can ask one of your friendly new neighbours to keep a lookout, but whilst these relationships generally start with the best of intentions, things change. People get busy and suddenly it's not convenient for them to check-in a rental guest or they are away when there is a big storm and can't make sure that your fence is still standing or your shutters are still attached to the house!
Having a local dedicated property manager removes this hassle. You have one point of contact who is your eyes and ears on the ground, working for you (not just doing you a favour) and checking on your asset weekly, to ensure everything is working as it should be; there are no damages, pests or damp areas and the property is fully aired. They are also a keyholder should you need to allow access to a tradesperson.
“I have had my home in Palma managed by a property manager since I've owned it. I work away for much of the year, so it's comforting to know that someone is on hand to attend to any issues and to get it ready for my arrival or to welcome my guests.” – David Parker
Organizing Maintenance #
If it is your home away from home and you don't have guests visiting, your property manager can organise maintenance, cleaning and even fill the fridge so that when you turn up to visit, everything is as you left it. You don't have to waste time waiting around for tradespeople. Every day of your time on Mallorca is precious and it would be a shame if you were not able to use your pool because the pH wasn't checked and be forced to wait for the chemicals to make it safe to swim.
We are blessed to live on an island with beautiful weather most of the year, but anyone who's experienced a late summer storm or the early Autumn gota fría knows first-hand how almost inconceivable amounts of water can empty from the sky over the course of a few hours. A slightly blocked drain or a careless guest who left a window open can cause a great amount of damage. Or can you imagine arriving in mid-July to find there is a problem with the air-conditioning that was last used months ago and the engineer can't come for three days because it's a fiesta this weekend!
Managing Rentals #
A professional property manager is also an essential part of your property team is when you are renting your house or flat, either constantly or ad-hoc to cover some of your costs. They can help you with the legal intricacies of licensing, marketing and advertising to ensure you get optimal occupancy and the best rental price. Once you have a booking confirmed they are the ones who deal with the important (and banal) questions that a guest has, are on hand to meet and ID check your guests, and be the 24-hour point of reference (mandatory in Mallorca for an ETV). They are also responsible for collecting the rent, organising and paying the cleaners / gardeners or other tradespeople, leaving you to just enjoy your property when you use it and the extra income when you don't.
How Much Will It Cost Me? #
The short answer is, it depends. As with all these things value is different from cost, the service is designed to reduce your stress and workload and has you benefit from discounted rates on cleaners/gardeners etc. As a rough guide, you could pay as little as €75/month for basic management and between 20% and 30% of the rental income for comprehensive holiday letting management services.
Editor’s note: Affordable Mallorca and Mallorca Expats digital community members are collaborating to share practical information with our respective followers. As an integral member of both the Affordable Mallorca and Mallorca Expats digital communities, Ian Palmer has contributed this article to help readers with his area of expertise in Property Management.
Por Ian Palmer
5 enero, 2023