For a long time, real estate agencies only offered the traditional property rental service, where the realtor's role was quite modest. The majority of problems and issues that a homeowner typically faces had to be resolved independently, by seeking help from relatives or neighbors, or by leaving them unresolved.
It's fine if the owner lives in a neighboring apartment and has unlimited free time, but situations that arise in our lives can be very diverse. What should people do who permanently reside in another city or abroad, frequently travel on business trips, or, having invested their own savings in real estate, own several apartments or country houses for rent? Not everyone has the necessary time, desire, or ability to promptly resolve emerging issues.
With the emergence of property management services, which are very popular in European countries, the situation has fundamentally changed.
We conduct market analysis.
We obtain information about the property from the owner.
We suggest possible future uses for the property.
We calculate potential rental income and recommend rental rates for the property.
We conclude a contract.
We draw up a property management agreement.
We take photos of the property.
We place listings on advertising platforms.
We find and select tenants.
We handle the marketing promotion of the property.
We answer calls and show the property.
We only settle reliable tenants.
We document all property with photos and videos.
We monitor tenants.
We oversee the transfer of the property to the tenant.
We monitor payments (rent, utility bills).
We monitor the condition of the property.
We protect the property.
We check the safety of the property.
We conclude an insurance contract.
We recover damages from the tenant.
We support tenants.
We carry out minor repairs.
We resolve all current issues.
We are available 24/7.
We work transparently.
We regularly provide reports.
We ensure access to the property at the owner's request.
All rights remain with the owner.
Property management services are priced at 10-15% of the monthly rent.
Time spent searching for tenants
Payment delays
Property damage
Non-payment of utility bills
Left without paying
Disputes about calculations
One group rented - others are living there
Conflicts with neighbors
Unrecovered losses
Wasted nerves
Q: Can I entrust all the worries to you or live elsewhere entirely?
A: Yes, of course. We take care of all matters related to renting out your apartment, and your place of residence does not matter, even at the stage of concluding the agreement with us. Our services are most in demand by owners living in another city or country. At the same time, we operate transparently. You will be informed of everything happening with the apartment. We regularly send a detailed report on our work.
Q: Will you rent out the apartment by room?
A: No, we do not rent out apartments by room, even if the owner wishes so. With room-by-room rentals, the risks of damage to the common property of the apartment (hallway, kitchen, bathroom) increase, and neglecting such risks contradicts our policy. Plus, distributing such damage among residents in different rooms and managing their conflicts is quite labor-intensive for us.
Q: What about taxes when renting out an apartment?
A: The owner is obliged to pay the relevant taxes. At the same time, we do not track the fulfillment of tax obligations by owners, leaving this to the discretion of the apartment owner. We also provide recommendations for tax optimization. Whether or not to pay taxes is your decision, and cooperation with us does not increase the risks.
Q: What kind of agreement do I, as the owner, conclude with you?
A: We conclude a property management agreement with the owner "on behalf of and at the expense of the Client." According to this agreement, we become the owner's representative on matters of renting out the apartment, ensuring the safety of the property, and the operation of the housing. We do not acquire any other rights regarding the apartment under this agreement. A standard form of the agreement can be downloaded in the relevant section of the website.
Q: Can the owner independently check their apartment?
A: Yes. The owner has the right to independently check their apartment. If tenants are living there, the frequency of checks is limited to once a month. In case of tenants violating their obligations, the frequency restriction does not apply.
Q: Is it possible to conclude an agreement with you while being in another city or country?
A: Yes, it is possible to conclude an agreement remotely. The method for this is the exchange of scanned documents by email. After such signing, it will remain to arrange the transfer of keys from you.
Q: Do you keep a duplicate of the keys when tenants are living in the apartment?
A: Yes, at least one duplicate of the keys is always kept in our safe. This is in case the tenants lose their keys or other incidents requiring urgent access to the premises.
Q: Does the owner have to be present when showing the apartment to potential tenants?
A: No. We show the apartment ourselves. However, the owner certainly has the right to be present.
Q: What about utility payments?
A: We monthly monitor the transfer of meter readings and the payment of utility bills by tenants, and we track the condition and verification of meters.
Q: What if the tenants have not paid for their accommodation on time?
A: According to the lease agreement, tenants are obliged to pay for the next calendar month by the 25th of the current month inclusive.
Q: Who is responsible for the safety of the property in the premises?
A: According to the lease agreement, the tenants are responsible for the safety of the property in the premises.
Q: How can I terminate the agreement with you?
A: You can always refuse our services, even if tenants are living in the apartment. If you wish to terminate the agreement with us and not evict the tenants, we will provide you with all documents and video footage of the property for you to interact with them independently. In this case, the agreement with the tenants is transferred to you and continues to be valid. If you wish to terminate the agreement with us and evict the tenants, you must notify us one month in advance so that we have time to terminate the agreement with the tenants.
Q: How much do your services cost?
A: The cost of our services (agency commission) is calculated as a percentage (10%-15%) of the tenant's incoming rent payment. The commission is accrued and paid only if payment is received from the tenants. If the tenants are late with payment or the apartment is vacant, then, accordingly, our services are not charged.
Q: What if a problem arises in the apartment outside of working hours (at night or on weekends)?
A: Various situations may arise during the tenants' occupancy: complaints from neighbors, leaks, etc. If a problem arises outside of working hours, the tenants, neighbors, or the owner themselves (if they find out about the situation before us) can call our number listed on the website and in the agreement. Outside of working hours, calls are handled by an on-duty employee. If necessary, an urgent visit to the address is arranged to resolve the problem. We always keep a duplicate of the keys to the premises.
Q: How quickly will you find tenants?
A: We are interested in the prompt search for reliable tenants. Since owners usually set the rental price themselves, the speed of the search varies for each apartment. We recommend the optimal price for quickly renting out the apartment.
Q: How do you select tenants?
A: A special banking service is used, according to which we conduct an objective analysis of: - history of offenses and crimes; - credit history; - presence of current overdue loans; - presence of proceedings in the bailiff service (a factor preventing settlement); - presence of legal proceedings in which tenants are defendants; - place of registration (permanent address); - place of employment (work, study); - and others (financial monitoring, validity of passports, wanted status). In addition to the objective selection, a subjective selection is applied (behavior, neatness). The motivation of our employees is structured in such a way that they are interested in reliable tenants. Combining objective and subjective analysis allows us to achieve a high quality of selected tenants.
Q: How can I verify that you will not rent out the apartment without me?
A: Our approach to work completely excludes this. Nevertheless, the question sometimes arises, so it requires an answer. When handing over the premises to us, the owner can record the meter readings (utility meters). When concluding a lease agreement with tenants, we also indicate the meter readings in the transfer act on the date of the tenants' move-in. By comparing these readings, the owner can verify that the premises were not used without their knowledge. In addition to the above, the owner, in accordance with the management agreement, can always visit the premises personally or send their representative.
Q: How is the apartment management process organized?
A: The apartment is managed by 3 employees: a Manager (field work), an Assistant Manager (remote), and a Duty Officer. The Assistant works with debtors, controls the accrual of utility payments, and so on. All questions from owners, tenants, etc., are directed to them, as they are more efficient in interacting with clients. Calls received by the company outside of working hours are forwarded to the Duty Officer.
By concluding a property management agreement with OIKOWAY, you entrust the manager with resolving all issues related to profiting from renting out this apartment. The agreement is necessary, among other things, for the manager to have the right to sign the necessary documents: the lease agreement, property insurance agreement, etc.
A property management agreement should be as transparent and understandable as possible for the homeowner. It is necessary to clearly stipulate what exactly the manager should and can do, what conditions tenants must meet, the minimum and maximum lease terms, the number of people who can simultaneously reside in the apartment, the possibility of keeping pets, and other essential issues.
Typically, the manager is entrusted with finding tenants, receiving monthly rent payments from them and paying utility bills, fixing current malfunctions, insuring the apartment and the property within it against flooding, fire, etc. Various situations are possible, so if neighbors want to complain about the tenants, they will complain to the manager, who will have to respond promptly to such a complaint.
Monthly or annually, the manager provides a report on the progress of property management, which includes information on all actions taken with the property, income and expenses, photographs of the apartment, as well as copies of all supporting documents.
Thanks to this, the manager is personally interested in renting out the apartment at the maximum price, with minimal vacancy periods, and in selecting tenants who will not create unnecessary problems. The professionalism of a manager specializing in property management allows them to find optimal solutions, often unavailable to people without sufficient experience in this area, so the income from property under management can exceed the income from traditional rentals, even taking into account the manager's commission.
If you are considering purchasing housing as an investment option, planning to generate rental income, our specialists will help you choose the optimal option in terms of investment volume / income size. This will take into account the influence of such significant factors as the area, type of building, floor, etc., as well as the features of apartments that are in maximum demand.
! By concluding a property management agreement, we are ready to take into account all the wishes of the homeowner and the specifics of their unique situation.
For all questions, call us by phone or send a message to the email address - oikoway@gmail.com
