Frequently asked questions

Here we've provided answers to the most frequently asked questions our clients have had during the onboarding process. 

If you can't find what you're looking for, don't hesitate to get in touch!

Here are the topics:

 

Short and mid-term rentals

How is your fee calculated and what does it include?

Our fee depends on the duration of the reservations and varies from 15% (stays of over 3 months) and 20% (stays below 30 days). VAT Included. 

Our fee includes:

  • Marketing and advertising in the short-term rental platforms;

  • Dynamic pricing, revenue and occupancy management;

  • Booking handling;

  • Guest communication prior to, during and after the booking;

  • Ensuring property access via a self check-in method;

  • Organization of cleaning, laundry and supply of hotel cosmetics;

  • Organization of maintenance;

Our fee does not include:

  • A one time cleaning fee per booking. The fee is paid by the guests and is not included in the net income of the property;

  • Rent of bed linen and towels (150 BGN incl. VAT per year)

  • Maintenance-related costs;

What are the intial costs?

The initial costs can vary according to the size of the property. In most cases they are 350 BGN and may include:

  • Professional photoshoot

  • Self check-in method

  • Linen and towels rent for one year (150 BGN per year)

  • Initial cleaning

What are my responsibilities?

The only responsibility of the client with respect to our arrangemen is to pay regularly all utility bills - water, heating, electricity, internet and cable TV.

Is my property suitable for your services?

Yes, if the following conditions are met:

  • It is situated in the center of the city, ideally walking distance to at least one of the major sights of the city or the beach, if there's one.

  • It was renovated within the last 5 years

  • It is fully furnished and equipped

For mid-term rentals the properties can be situated near regions with office buildings, but they should have high-end furnishing and a working area.

Can I opt for mid-term rentals only?

Yes. We do however recommend combining mid-term rentals with short-term, that would optimize the occupancy. The decision is yours. 

Do you have a list of things the property must be equipped with?

The standard list is the following (note that not everything on the list is mandatory):

  • WiFi and cable TV

  • Fully equipped kitchen – plates, cups, utensils, pans, pots, kettle, coffee machine

  • Iron, ironing board, hairdryer

  • Washing machine and vacuum cleaner

  • Fire extinguisher, first aid kit, smoke alarm

  • Air conditioning

  • Shutters or blackout curtains

How can I keep track of the revenue and occupancy?

During the onboarding process you'll receive login details to a client portal where you can see all property bookings and the financial conditions.

How and when do I receive the rent and pay your fee?

You receive the net income generated by the property by the 15th day of each month via wire transfer. Our fee would already be deducted.

How do you ensure the safety of my property?

The short-term rental platforms allow for different types of control over the guests - guest ratings, requirements for personal ID and others. There are certain house rules the guests must abide by. If there's a problem or we sense there may be a problem with a given reservation or guest, we would immediately cancel or terminate the booking.

Do you offer a fixed monthly rent?

No.

Can you renovate/furnish my property?

Unfortunately we do not offer such services. However, we can recommend trusted partners that can take care of that for you.

Can you check-in my guests in person?

Our experience shows that the guests appreciate the opportunity to check-in whenever they want without having to arrange a meeting with somebody.

 

Still, some of our clients prefer in-person check-in for their properties. If that's the case, our team of Meet & Greet Associates would be happy to welcome the guests in your property - they are all young and cheerful people with perfect English skills.

 

The in-person check-in costs 30BGN per booking and will be included in your monthly invoice.

 

Long-term rentals

How is your fee calculated and what does it include?

Our fee is 60 EUR per month

The fee includes:

  • Initial check and creation of a detailed inventory list;

  • Preparation of all the paperwork for new tenancies (or updating the existing documents);

  • Monthly check of the apartment to make sure it's well maintained;

  • Monitoring the timely payment of utility bills;

  • Rent collection (we carry the risk of delayed payments)

  • Tenant communication throughout the entire lease;

  • Handymen for maintenance and repair works;

  • 24/7 emergency hotline in Bulgarian and English

  • Concierge service for the tenants - they could order regular cleaning or deep clean of the apartment and the furniture or laundry services, they get discounts for different activities, trips, restaurants and bars;

  • Cleaning and repainting of the property (if needed) at the end of the lease and preparation for the new tenants;

The fee does not include:

  • Maintenance, repairs and repainting costs - they are charged to the owner or the tenant depending on the nature of the work that needs to be done;

Should I already have a tenant in order to benefit from your management services?

No. We can help you with tenant search as well. We have partnered up with many brokers and agencies. Please do keep in mind that in case we find a tenant through one of our partners you will have to pay a brokerage fee equal to one month's rent. 

Do I still pay your fee when the property is vacant?

No. You only pay for the periods when the property is occupied. 

Is there a discount for prepayment?

Yes. If you pay for 12 months in advance you get one month free. 

Do you work with real estate agencies?

Yes. At the moment we are not looking for new partners. 

 

Investments

I would like to sell my property via FM Invest. Does it have to be managed by you?

No. You can take advantage of the FM Invest service even if you're not currently our client. 

I would like to purchase an investment property and manage it myself, is that possible?

Sure.

Do you work with real estate agencies?

We do not work with other agencies. 

What's your commission?

3% of the sale price.

What do I get when I purchase an investment property?

Everything that you see on the photos, the listings with their track record and guest ratings, as well as the future reservations. Theoretically, you could purchase the property without even visiting it - your investment will start paying off on day 1.

Do you offer consultation services when purchasing a property for short-term rent? 

Yes. The service is free and is done via email. Send us links to the property listings you've selected at office@flatmanager.bg and we will provide you with profitability estimates. 

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