Having a house in Lisbon is a beautiful dream. But if you’re not living in it full-time and trying to manage from abroad, things can get complicated. If you’ve no experience in property management, you might find it difficult to handle tenants, take care of the maintenance, and many other duties.
All these issues can be solved with the help of a reputable property management company. Fortunately, the property management business in Lisbon is highly developed. Many businesses speak English, which can make your life much easier. But how can you find the best property management company in Lisbon to take care of your property? In this article, we’ll give you some points to look out for when you’re vetting property management companies in Lisbon and why you should opt for one.
Pros of Working With a Property Management Company in Lisbon
Knowing exactly what you need is the greatest approach to knowing how to hire a property manager who can handle everything. It’s also crucial to know exactly what they can achieve for you. The following responsibilities are typically handled by property managers in Lisbon.
Vetting the Tenants
You don’t want to deal with tenants that cause property damage or fail to pay their rent on time. A good property management company liaisons with potential tenants to make sure that you are matched with responsible and trustworthy tenants.
Maintenance & Managing Repairs
When you work with a reputable property management company, you can rest assured that they will handle all repairs and maintenance, including plumbing, electrical systems, and equipment. The manager will not only arrange the work but will also closely oversee it to ensure that it is of the highest quality and per rules.
Dealing With Legal Issues
A bad tenant can lead to a variety of unpleasant situations, including significant financial and legal difficulties. Here, the property management company uses its extensive understanding of rules and regulations to shield you from potential legal issues.
Better Marketing
Property managers will help you market your property professionally and efficiently. Some have their websites while others use platforms and listing sites. Most will take photos, write up the details, and recommend a competitive rental rate to keep vacancies to a minimum.
Fill Vacancies
Many landlords work with a property management company to ensure that their houses are completely rented all year. They can then relax, knowing that they have the potential to earn as much money as possible each month. A good property manager also knows how to keep your tenants pleased. Keeping a tenant is far less expensive than having to spend money on marketing to get a new one.
Access to Good Vendors
When you work with a property management company, you can expect them to already have a list of local contractors and vendors. They choose people they know, trust, and can rely on. The property manager will also supervise all vendors to ensure that they do their work on time and in a professional manner to resolve issues.
Quick Solutions
Thanks to their broad network of connections, a competent property management company will be able to arrange for the repairs to be accomplished quickly and to the required standard. This type of issue will be handled by the property management firm without your involvement.
Organize Everything
When you’re a landlord, you have a lot on your plate, making it difficult to stay organized. Thankfully, your property management firm is in charge of this. They’ll take care of all the details, including rent receipts, so you don’t have to.
How To Choose the Best Property Management Company in Lisbon
Choose a Local Firm
The property management company you work with must be familiar with regulations in Portugal and follow them. However, there are local elements that influence how a property must be handled in addition to these requirements. This is why you need a local company that is familiar with the Lisbon real estate market.
Hire a Company With Specific Knowledge
Property management experience differs depending on the type of investment property. Do not hire a manager that specializes in single-family houses if your property is a flat. You should be wary of managers who claim to be able to handle any sort of property.
Evaluate the Company’s Experience
When you’re choosing a property management company to manage your property in Lisbon, you should check if they have enough experience. How long have they been in operating? What is the total number of properties they manage? Experience comes with a large network that might be useful in solving problems.
Get Referrals
Getting referrals or recommendations is one of the most efficient ways to identify a reputable property management service. Lisbon has a growing expat community and, likely, some of the community members have already connections with a reputable property management service. After you’ve narrowed down your list of potential property management companies, conduct interviews with them.
Evaluate Their Customer Service
Property managers should not only be able to deliver consistently exceptional customer service to your tenants, but they should also be able to supply you with dependable and professional service. Continue your search if you notice they take too long to respond to your emails or are unprofessional.
How Much Does It Cost To Work With a Property Management Company in Lisbon?
What most property management companies in Lisbon will charge you ranges between 8-10 percent of your rent, plus the VAT (23 percent). Considering the time and effort you save, it can be in your best interest to work with a property management company.
Conclusion
For non-resident landlords, finding a good property management company in Lisbon is essential. A reliable and efficient manager will make sure your property is looked after very well so you don’t have to worry about anything while you’re miles away.
Expert advice will save you time and money when looking for a property management company in Lisbon. We have a local office in Lisbon, where our team includes legal professionals and experienced real estate experts. We’re proud to offer each of the properties we manage competent and dependable services. Contact us today and speak to our team members.
