Landlord
FAQ

 

Frequently Asked Questions

 

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:    I have purchased an off-plan property. Can you help me with the handover inspection?
A:    As part of our Property Management Service, we assist with the handover inspection. 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:     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:    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 we as your representative can collect the keys on your behalf.

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 your sale and purchase contract,
  • A copy of your passport,
  • Signed power of attorney
  • A copy of your management contract
  • A copy of the filled questionnaire
  • Proof of transfer of the management fees.

Q:    Am I required to fully furnish the property?
A:    Fully furnishing the property is not necessary, however, we have found that by fully furnishing your property and providing all the necessary appliances helps to lease the property quicker.

Q:    Can you help me with furnishing my property?
A:    We supply contemporary furnishings of the quality and standard to quickly rent the property. We provide individual items and flexible packages ensuring our solutions are within your budget.

Q:    Do I have any start-up cost?
A:    You will need to transfer EUR 500 to our escrow account to ensure that funding for the utility, insurance and communal expenses will be available until the rental income will cover these costs.

Q:    When my property is let what do I still have to budget for?
A:    You will then need to cover

  • insurance cover for the building and any of your own possessions
  • running repairs and maintenance
  • if the property is empty; water, gas, electricity, council tax
  • your monthly mortgage payment if applicable

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 if a tenant fails to pay the rent?
A:    We monitor payment through our electronic credit control system. Should a tenant fail to pay we request them in person and in writing to bring their account into order immediately. If they fail to do so it will be necessary to discuss the matter with the landlord and discuss which course of action to take.

Q:    If I am unhappy with the tenant, can I evict him?
A:    If the tenant has breached the contract, action may be taken.

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:    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:    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:     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 Managers 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:    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:    Can you advise me on how much rent to charge?
A:    Based on the current market, and our inspection visit we provide details of what rent price is suitable.

Q:    How much security deposit do you charge the tenant?
A:    As a general rule of thumb we usually get 2 month rent for deposit. This is what will be asked for by most property owners and property managers in Budapest.

Q:    Who holds the tenant's security deposit?
A:    All security deposits must be held in our deposit trust account.

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:    How do I transfer my property one property management firm to Bradley Edwards and Associates?
A:    All transfers from a third party firm are different but should not take more then 30 days from the written notice to the previous management firm. Having a sitting tenant is not a problem and actually eases the process as many tenants are bothered by a lack of professional management. If you have a question or query contact us at the numbers below and let us walk you through the main points that you should be aware of.

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:    How and when do I get my rental income?
A:    We provide you with quarterly 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 property?
A:    We can start the process immediately. Contact us online at rental@bradley-edwards.com or call us at +36 1 413 2130 during business hours.

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