15 Jun Managing a Property in Berlin
If you have bought an apartment as an investment, or are planning on buying one in the future, it may be the case that you are looking or indeed will soon be searching for someone who can take care of the apartment on your behalf. This is likely to be necessary if you are from overseas or simply a buyer who wishes to make their life that little bit easier.
Finding a reliable and trusted property manager who can take good care of your property in Berlin, regardless of whether it’s a luxury apartment, a small studio apartment or even a townhouse, will mean that the often exhausting tasks such as renting out a vacant property, as well as, if necessary, the furnishing of an unfurnished flat, will all be organised for you, saving you valuable time and energy.
A good rental and management service should use their expertise to educate you about the next steps after buying an apartment as an investment and maximising its potential on the rental market as a serviced apartment in Berlin. They should then enable you, essentially, to do as little as possible, taking care of your tenant’s needs for you, acting as a competent partner at your side who communicates with service providers, craftsmen and other real estate experts and at all times acting on behalf of your personal interests.
The process of enabling your rental and management company to gradually “take over” responsibility usually begins with discussing whether you are looking to lease your apartment long term or whether you want to furnish the apartment and lease it for a limited time period as a serviced apartment in Berlin.
In order to allow you a brief insight into these two options, I have written the advantages and disadvantages of both. These are of course very general points and only by speaking directly with a professional and experienced rental and management company will you get a true indication of what is best for you and your property.
Long term lease
- High demand
- Continuous, long term rental
- Low administration costs/expenses
- No expenses for furniture
- Increasing of rent possible
- Tenant protection, notice not possible (exception: self-usage)
- Possible risk: legal limitations on rent prices (only for old apartments)
Furnished short term lease
- Limited duration
- Low demand
- Cost of furniture
- High marketing and rental costs
- Possible vacancy for a long period of time between rentals