Bulgaria Real :: Property Management

The service packages, offered by Property Management to our customers comprise each aspect of the management process from the moment of completion of the property or its purchase, through its reconstruction, furnishing, categorization, putting-up for renting out, proper advertisement, collection of income, payments, maintenance, security, servicing of companies, etc. These service packages are properly combined with view of the overall satisfying of the customers’ demands so that they can get advantage only and solely of these services, which they need and consider important and useful for each of their properties.
Full Maintenance, Management and Letting of a Real Estate
Annual Fee – 500 EUR
Property Management Ltd. offers this service to ease the owners of properties in our country, and guarantee significant return on their investment. We take care of the whole maintenance, management and letting for you, which saves you a lot of concerns and gives you the opportunity to have a property working for you while you are away.
This is the most applicable and most popular service of ours. We attend to the maintenance of your property, paying your current bills, as well as the annual local fees and taxes, to advertising it and to the tenant accommodation for short-term or long-term rent. We keep contacts with tour operators, providing attractions and entertainment to the tenants/tourists during their stay.

How do we execute this service?
The team of Property Management Ltd. has at its disposal a qualified stuff of technicians, hygienists, gardeners, and security companies, who take care of the property maintenance. Property management includes: partial repairs, cleaning, refreshment, bed making, airing of the rooms, washing towels and linen, cleaning the tiles in the bathroom, cleaning the windows, cleaning carpets and furniture.
Through our marketing department we run different marketing campaigns on local, as well as on international level, we keep constant contacts with prominent tour operators, which represent Bulgaria as a piece of paradise, suitable for any kind of tourism.
We assist tenants, engaging ourselves with meeting them at the airport / railway station providing a bus, or we help them to rent a car.
Our team keeps constant contact with insurance companies, and as the property should be insured against any risk, such as burglaries, earthquakes, floods and fire, we make this insurance. Moreover, we co-operate in the preparation of the health or life insurance of the tenants as well.
We keep constant contact with the municipal authorities, and if you decide to rent the property out, we prepare all the necessary documentation for the issue of a license for this kind of activity which is to be received from the municipality.
We represent the company/owner in front of the local police station and we provide assistance in the timely registration of the tenants.
Our experts co-operate with bank institutions and pay the received rental income to the owner by a bank transfer to the bank account in Bulgaria or abroad. The rental amount is to be negotiated with the owner in advance in case of a short-term rent (1 – 29 nights) or we charge a commission of 50% of the first monthly rental amount in case of a long-term rent (29 or more nights).
The team of Property Management keeps constant contact with the property owner, keeping him/her informed about current, past or future reservations, about the expenses incurred, about the income, and about other important circumstances related to the property, by way of weekly or monthly reports.
Representing the property owner, we pay all kinds of bills to the Electricity Company, Water Supply and Sewerage, telephone operators, cable operators and internet providers. Furthermore, we pay on behalf of the owner the fees charged by companies hired to take care of the hygiene, the maintenance and the security of the property.

It is important to note that the annual fee for the service we offer does not include the amounts for the charges and bills referred to above.

The owners may use their property for as long as they want, they should inform us about such an intention in advance, so that we can take it into consideration with regards to future reservations made by tenants on a long-term basis.

There are specific requirements concerning the properties which are object to the service “Full Maintenance, Management and Letting”. They should be complied with as their fulfillment ensures high quality management and profitability of the property. Please, read the requirements below:

ORDINARY REQUIREMENTS
A very important requirement is that your property must been granted Act 16 and a permission for use, so that it can work and be serviced in a legal way. For this purpose it is necessary for the procedure of the issue of these documents to be started, but this requires the preparation and filling in of a set of documents, as well as their submitting to different public institutions and departments.
Our team can do this for you.
We keep in touch with the municipal officials of the region, where your property is situated. If you desire to rent it out, you should have a license for this kind of activity. We are able to prepare the necessary paperwork and apply for a license on your behalf and to receive it from the City council, representing you as an owner of the property. The fee for this service is 50 Euros, which also covers the cost of the license.
Another essential requirement for the quality management of your property is that it has “Insurance for movable and immovable property”. For compensation over this insurance are liable damages (including damages, loss and expenses) of the insured property as a result of: fire, explosion, hailstorm, flood, freezing, landslide, demolition, earthquake and actions of misuse by a third party. We are an authorized representative of a leaders in the field of insurance and re-insurance.
We can assist in this insurance.
Health/life insurance of your tenants must be arranged to ensure their untroubled and secure stay in the property. We are able to arrange this insurance on your behalf.
If you wish to rent your property out, it must be fully furnished according to the legal requirements, which cover the standard of its categorization. To find out about all necessary furniture and items which should be present in you property, please, look here. We recommend using the professional services of our partners, who will offer you different attractive furnishing packages for your apartments. They are at a very reasonable price and include everything necessary for your home to be ready to live in and be rented out.
Please, have in mind that when we accept the property for “Full Maintenance, Management and Letting”, we make just minor repairs, arisen while using your property. This presupposes your property to be in excellent order, free of any building/structural problems, etc. All electrical appliances must be in good technical condition, working and safe for use. Quite often with new developments, "snagging" problems appear, so please make sure that you have dealt with, and fixed all of them before you offer your property to us.
Please, see the inquiry for potential "snagging" problems.
Fill in this enquiry and send it to us to the marked e-mail address. The information in it will give us an idea if your property answers our requirements for maintenance and letting.
An important requirement is also the maintenance of the communal areas of the property, as well as its attaching gardens, swimming pools, children playgrounds, and parking lots. These all must be fully completed, in excellent order, regularly cleaned and maintained. These are of great significance for the vacation apartments which are to be rented out. We will not accept properties in apartment buildings/gated complexes which are not maintained and looked after.
Our team may do this for you.
It is very important for your property to be safe with view to its successful management. Here we should note that we will not accept properties in an undesirable area or properties which are not guarded. If is difficult for you to fulfill this requirement, you can turn to us and our team will deal with the full security of your property.
In case of short-term letting, the property must be regularly cleaned, refreshed, and the linen changed and washed several times a week. This is for the sake of the calm and pleasant rest of your tenants. With our service “Washing and cleaning”, we can take care of the regular hygiene of your property for you.
Regarding the receipt of the rental income, we recommend that you open an account with a Bulgarian bank to receive your rental amount there. Thus you can save the bank charges from the international money transfers. To have a bank account is a prerequisite as we only pay the owners by way of bank transfers in a Bulgarian bank account or a bank account abroad. For opening such an account, you can turn to us for help.
An important requirement is your property to be registered in The Territorial Tax Administration with a view to its legal servicing and management. The annual tax should be paid too. According to the Bulgarian legislation the owners should pay tax on the rental income they receive. Using our service “Accounting, administrative service and return of taxes” we can provide these accounting and administrative services on your behalf, so that you comply with all laws of Republic of Bulgaria.
We reserve the right not to accept a certain property for “Full Maintenance, Management and Letting” if we consider that the property do not answer our requirements referred to above, and it cannot be put in proper order.

For management of single properties within an apartment building we charge a management fee of 9 Euros per sq.m. per annum,but minimum 500 Euros or minimum 850 Euros for Sofia and Varna.
For properties in apartment buildings which are entirely managed and maintained by our company we charge a fixed fee of 9 Euros per sq. m.or minimum 500 Euros per year(including VAT). Sofia and Varna make exception.There the fee is 850 Euros per year,(this is due to the higher operational costs in these cities) in order to provide the above services.
For houses, situated in resorts, which our company manages and maintains, we charge 9 euros per sq.m. Payment is made in advance upon signing the contract with the property owner.
IMPORTANT: If you own your property through a Bulgarian registered company, there’s an additional charge.
Click here for more info.
It covers the cost of the accounting and administrative services of your company.These services are performed by qualified financial experts who prepare all documents of yor company, issue and receive invoices, warrants, receipts, bank references on your behalf and in your name; they prepare and supply a monthly report of incomes and expenditures; inform you about the current financial state of your company. Moreover, our Financial Department provides annual tax reports for your company, submits a tax return in the Tax Administration before 31st March each year, and also pays the local fees and taxes due in compliance with the deadlines, representing you as a legal entity. We can also provide useful advice about the way these taxes and fees can be decreased for your company.

Property Letting
This service is meant for owners who have ensured the maintenance and the cleaning of their property personally or by using the services of another broker agency, and they want to return their investment by renting their property out.
What does it include?
Property Management Ltd. as your tour operator accommodates tenants both for long and for short term rent.
Through our marketing department we run different advertising campaigns on both local and international level and we do this through the press, internet sources, brochures, news bulletins. We keep contacts with famous international tour operators, who represent Bulgaria all over the world as a piece of paradise, suitable for all kinds of tourism.
Our team assists tenants engaging itself with meeting them at the airport / train station, ensuring bus transport for them, or helping them to rent a car. Apart from that, we organize parties and attractions during their stay by being in contact with local tourist agents, who offer sightseeing tours of local attractions – “Nature-climate” and “way of life and customs”. Our team is in contact with spa and sport centers in the winter resorts - with ski instructors and companies who service ski tracks and ski lifts; and in summer resorts we are co-operate with companies who offer a variety of sea sports. All this is offered to the tenants for amusement and entertainment.
Property Management Ltd. is constantly in contact with the property owner and keeps him informed about current, future or past reservations and the rental amounts.
Our commission is from 15% to 30% from the gross rental income in case of a short rental term (1-29 nights); or in case of long rental term (29 nights and more) we charge a commission of 50 % from the first monthly rental or the amount of one full monthly rental.
NOTE: If you have signed a contract with our company for the service”Letting” we will not be responsible for the maintenance of your property. This means that we will not be obligated to take care of cleaning, refreshing, washing and current bills payment. That is why you must have organized all that in advance. We hope and expect that you or an authorized representative of yours will be available 24 hours in order to assist the tenants of your property and also to provide everything that they will need (including their registration in the local Police Station).
If you want us to take all these obligations for you, please, do not hesitate to find out what we offer here.
For more information, please, contact us.