Bulgaria experienced one of the most dramatic property booms in all of Eastern Europe, driven by the availability of credit, the large inflow of foreign capital and the natural endowments of the country in terms of beach and ski destinations. Condo buildings sprung all over the country in resorts such as Sunny Beach, Bansko and Pamporovo. Now that the construction boom has abated and there are hundreds of thousands of holiday property owners, the question has become how to maintain these properties and how to generate rental income. Therefore, the next big thing seems to be property management.
Understandably, many property owners find it difficult to identify a dependable and established property management firm to take care of their property. Nonetheless, there are a few things to keep in mind when considering a particular firm:
1. How long have they operated in this location?
2. What exactly will they inspect in the property, how will they report any problems, and with what frequency (weekly/monthly/bimonthly)?
3. What is included in the package price?
4. Can they arrange other services reliably and on demand (e.g. repairs, landscaping, furnishing, welcome packages for tourists or for you, airport transfers, car hire)?
5. Are they owned by Bulgarians or foreign owned? If Bulgarian, does the staff speak English? If foreign-owned, what is the experience of the ownership and staff in Bulgaria?
6. What is their track record with renting out properties, if they rent out the properties?
7. Can they provide any references (telephone numbers or e-mail of clients who can vouch for them)?
Answering these questions can help select a firm.
