Real estate management or property management is a widespread concept in Western Europe. This service helps owners who do not have the possibility to manage their own buildings or do not want to waste time doing so. Property management means the administration of a property by a third party - a specialized company.
Renting a property does not only involve finding the right tenant and collecting the rent. This process involves promoting the property, it involves the contract for the lease and registering it with the Public Finance institution, maintenance of the apartment in case of damage, ensuring the payment of utilities, responding to tenants' requests, organizing and supervising the moving process, constantly identifying new customers, recovery of possible damage caused by clients.
The logical solution is to turn to a property management company, so that the property is constantly monitored closely. Such a company contributes through its know-how and experience in property management, so as to maximize the profit on the real estate investment.
This service is for you, if:
You don’t live in the country or city in which the property is located
You are a foreign citizen and have investments in Romania
You are an investor and do not have the time to manage all the properties
You have inherited a property and you want to manage it
You have a real estate portfolio and you don't have time to manage it
Today, New Concept Living is the strongest real estate brand in Sibiu. NCL is first and foremost the strongest real estate agency in Sibiu and represents the largest sales and rental force in the city. The high exposure in the market through the sales/rental force together with the accumulated experience are the two factors that naturally led to the creation of the real estate management or property management department. The experience and security we bring to managing your properties recommend us. If homeowners are oscillating between hiring a property management company and managing their own apartment, they should consider certain factors to make the right decision.
When you own more than one property. If a natural or legal person owns several rented properties, it is more profitable to use the services of a company specialized in property management, because this will save time and money.
When you do not live near the rented buildings. In this situation, hiring a property management company can be a smart move to solve urgent problems that the owner cannot handle remotely.
When your property is just an investment. The owners can regard the property as a simple investment and want to be involved little or not at all in its management, but they want a profit. In this case, a property management firm solves any problem that arises in the relationship with the tenant and the administrative part of the property.
When property management is not your main job. Time is limited for all of us. If this activity is not a full-time job, you will find it difficult to be available to take care of the apartment. Also, hiring a management company is a good investment if, in the future, the owner plans to expand his property portfolio or to organize and finance a series of renovations to maximize his profit.
When you want to become an employer. Hiring a resident or personal administrator to assist them in managing the property, which involves salaries, taxes, numerous requirements and legal considerations. But because a property management firm is an independent contractor, further complications of employer status can be avoided.
When you do not want to establish and maintain contact with tenants, especially foreigners. The relationship with the tenants requires time, regular travel to the property and effort to meet all the needs related to the apartment. Regarding the situation in which the property is rented by people who speak a language other than the owner's native language, things get even more complicated. In such cases, the property management company mediates the relationships, helps the tenant in understanding all his responsibilities and rights and turns the rental process into an easy one.
1. We do the „dirty work“, as well. Turnkey finishing and furniture and property equipment. Any building is taken over for administration only finished, furnished and equipped. For apartments that are in the gray stage, NCL through the turnkey finishing department will be able to deal with this aspect. If the building is finished and furnished, but does not meet the management standards, it will be completely renovated. (the client has here also our full support). 2. Security of monthly rent collection. Since the moment of takeover, NCL pays monthly rent to the landlord, regardless of whether or not there are tenants at that time. Basically, the risks associated with periods without tenants are transferred to the real estate administrator or property manager. 3. 100% responsibility. After taking over your property, NCL is responsible for the apartment, the payment of taxes for water/sewage, electricity, gas, owners' association, taxes and fees at the town hall, parking fees and any other local obligations. All utility contracts will be moved nominally to the real estate administrator in order to avoid any risk of decoupling due to non-payment. The real estate administrator will follow the payment of the building taxes and will communicate the paid values to the owner annually. These will be deducted from the payment of a rent. 4. Security. Our company is responsible for all damages in the apartment and responds unconditionally to all requests from the tenant. 5. Comfort and time saving for at least 5 years. The real estate management contract is signed for a period of at least 5 years. NCL will handle the registration of the lease at the Finance Administration. 6. Home insurance. The real estate administrator will ensure that during the whole period of the administration contract the home will always be insured (payment will be recovered from the owner).
1. Your property stays in perfect conditon.
2. There are no „slow“ months, without tenants.
3. Solving all problems coming from the tenant.
4. No debt to utilities or tenants‘ association.
5. Your property will always be closely monitored.
6. No waste of time or involvement on the owner’s part (after signing the management contract).
7. Maximizing the profit of your investment through our know-how and experience.
1. Acquisition of real estate. Our apartment and house sales department is at your disposal to make a good investment on the Sibiu real estate market.
2. Preparation of the property for renting: Turnkey finishing and furnishing. If your property is not turnkey finished and furnished, New Concept Living through the turnkey finishing department will be able to take care of this aspect. If the building is finished and furnished, but does not meet the management standards, it will be completely renovated.
3. Signing the execution contract for turnkey finishing and furnishing (or general renovation and furnishing). Depending on each apartment, different measures will be required to reach the standard handover-takeover stage.
4. Signing the real estate administration contract (property management contract). After the completion of the finishing and furnishing work, the framework contract for real estate administration will be signed, for a period of at least 5 years.
5. Handing over possession to the property manager, based on a handover-takeover protocol.
6. Connecting the building to utilities (water-sewer, gas, electricity, internet) and moving all subscriptions to the real estate administrator.
7. Ideal customer identification for the property.
8. Signing of a lease contract between NCL (property manager) and the tenant-client.
9. Handing over the possession to the tenant, based on a handover-takeover protocol.
10. The old tenant vacates the apartment and requests the release of the deposit from the real estate administrator.
11. Taking over possession from the old tenant, identifying the damages, recovering the money necessary to cover the damages.
12. The property manager will take care of repairing the damages and bringing the space to its initial state.
13. Steps (7) (8) (9) (10) (11) (12) will be repeated each time the tenant changes.