Be careful of promises from agents!

I bought an off-plan property on the Costa del Sol in February and was assured by an agent that I would have no problems at all renting it right through from June to October.  You can guess what I'm going to say, they didn't obtain one single booking for me!  I obtained just five bookings via Holiday-rentals - fully recommended, but have been forced to look for long term rental.  If you have had the same problem, this might be the answer for you too.

 Spam post or abuse? Please let us know

We took what our agent said to us about rentals with a pinch of salt, but they did seem to have some good points in their service which extended to privately gained bookings too. Now they have "improved" their service and in doing so have:

1. Increased the commission on bookings from 10% to 18%.
2. The owner must deposit €500 with the agent to cover "costs". Returnable 90 days after the end of the contract period!
3. 365 day contract with 100 day cancellation period.
4. Rental amounts subjected to VAT deductions.
5. Payment for the rental period is not made until the day the holidaymakers leave the property. (Despite being told the deposit would be paid to us at time of booking and remainder payable at time of arrival).
6. 18% commission does not include extras i.e cleaning, keyholding, etc which are extras.

Needless to say, we won't be taking up their kind offer of being "fleeced", preferring instead to find our own few rentals through the year with other websites.

Mark

 Spam post or abuse? Please let us know

 

Hi

Similar comments

1   My apartment is about a 3 min drive from the rental agents I was using for a year in which time the apartments was never let

2 Paid 1,500 + vat euros management fee

3  I needed them to let the delivery guys in the deliver a table and chairs.charge £80 euros

4  3 Window locks which was assured was top quality charged 450,euros and when I visited one of them didnt work so I repleced it ,cost me 7 euros

Needless to say iI didnt renew my contract as even if they rented it out with the charges they make would have ment they would have taken out a great deal of the pot that would have made it worth while renting.

Seems these guys are taking off where the estate agents left

 

Regards

Jim

 Spam post or abuse? Please let us know

I would think that very few estate agents are actually set up to manage rentals for their clients.  The most effective way is if you promote your property yourself through various means. 

Justin

 Spam post or abuse? Please let us know

I will more or less repeat here what I said on another string.

I run a web site for property rentals dedicated to Southern Spain.  When renting your property you should not listen to what rates the agents tell you can be achieved.  These are in the main false.

Check the online rental web sites to get some idea of how much people are charging. Look at the availability calendar for some idea of bookings.  (Although a large number of owners do not bother using the calendar). But it will give you some idea.

I would advertise on at least 3 sites with two of them dedicated ONLY to Spain. If is costs you £300 each year in advertising on the web you should get that money back in one, two week booking.  Most owners target 20weeks of bookings for the year. I would certainly look at having a long let in winter from October / November to March / Easter.  A guide for the monthly rate is about £400 per month. Something is better than nothing.  Plus you will have the added security of having someone in the property all winter.

If anyone wnats more advise I am happy to give just send me a  personal message.  Phil

 Spam post or abuse? Please let us know

I think that is sound advice Phil,

I think that more and more people seem to be renting in my area and 'doing the rounds' under their own steam looking for their 'dream home'.

Inspection trips, because of the hard sell aspect of them seem to be dying a death now....and conducting Spanish sales direct from the owners, with all of the inherent benefits of that for both buyers & sellers (see info HERE) seem to definately be the way forward.

This can only be good for the short/medium term rental markets, and for popular websites like yours!

 Spam post or abuse? Please let us know

Hi,

we were "lucky" that after 5 months search our agent found us a "11 months longterm tennant" which left after only 1 month end of sunny August,

The agent charged us full 1 year management fee plus extra 1month rental income for "finding/vetting".

Would anybody be able to recommend a reliable agent for long term rentals in the Benalmadena area?  

regards

Mike

This message was last edited by mrudolf on 9/11/2007.

 Spam post or abuse? Please let us know

I do not know of any managing agents in that area.  However, I would consider finding your own tenant and locating someone that lives on the same complex as your property and pay them an annual fee to look after it for you.  That would save you hundreds of euros I am sure. Phil

This message was last edited by chelseaphil on 9/12/2007.

This message was last edited by chelseaphil on 9/12/2007.

 Spam post or abuse? Please let us know

 Hello

I just noticed you chatting about renting properties in Spain.I am looking for a house.2 bedrooms,garden,pool,near the sea, got a dog,living outside.It is for my partner and me,want to rent from July till October. Our budget is 600euros. Do you know about anything?

Thanks a lot,Nora

 

 Spam post or abuse? Please let us know

Szamoca  THIS POSTING IS FROM 2007.      HAVE LOOK AT LONG TERM RENTALS ON THIS SITE AT THE TOP OF THIS PAGE ,WHAT PART OF SPAIN ARE YOU LOOKING FOR.
 

 Spam post or abuse? Please let us know

 Hi.I havent noticed the date. 

Doesnt matter what part,somewhere near the sea,not too comercialized

 Spam post or abuse? Please let us know