To pick up on a question raised recently, I am looking at property management companies for my studio in Quadra Place, Bucharest as PS are not offering a service at this time.

It would be useful to pool information and also find out who has decided to sell and who has decided to hold.

I have come across a couple of agencies and would be happy to share that information with those who are interested. Obviously, I'd like to know your views and information as well!!
Given that PS aren't providing a service, please contact PS and request my contact details so that we can exchange info.

Also, I have been told by one of the agencies they have a client who is looking for a 1 bed flat (unfurnished) at 650 euros/month.

I have also been informed that 1 beds are achieving 800 to 900 euros per month (furnished) and 2 beds are achieving approx 1000 euros.
Quite surprising but the agency seem quite genuine.

It's obviously a very new market as one agency (UK-based, primarily selling properties) were so excited that I'd found a local agency that they wanted me to provide their contact details - obviously, I've crossed them off my list!!

Please let me know your thoughts/experiences on the forum or get my contact details from PS.
PS, do you have anything to add?

"I am looking at property management companies for my studio in Quadra Place, Bucharest as PS are not offering a service at this time."

I'm surprised PS is not offering an ongoing management/letting solution as Romania is the one they've been selling hard the last year.

Hi guys

i-PropertyAssets are currently in the process of putting into place the structure for offering their services in Romania.

For more information, you should contact i-PA on 0845 27 99 888.

Hope this helps.

Please allow me to bring you up to speed as to where we are with Quadra.

I was in Bucharest two weeks ago interviewing some potential providers.

We have contacted many companies but have found an alarming lack of experience and /or high prices.

We have investigated the opportunity of investing in the market ourselves to ensure that the service standards provided are equal, if not better than what is available in other CEE countries and we continue to interview for this proposal.

Currently we are in the discussions with the same management company that Alex has contacted. They currently provide their service at Quadra. We have provided them with a list of all PS units available and they are communicating whenever they have a potential tenant. We have two units currently under offer through them. The company is good but expensive in the setup stage.

We would like to offer their services as a quick fix to rent out the units but this would be at their normal rate without a pre-approved pricing resulting from our negotiations. Until we can finalise the terms and approve their management contract (to take into account the best in class standards from other markets) we are unable to provide you with the fully approved and organised provider.

We will do all that we can when a tenant is presented to facilitate the instruction and install the tenant.

We are also very aware of the strong sale opportunity in this development. The location is good and it is one of the first new build developments (not in the luxury market) available in a finished state. Therefore, the demand is high, particularly in our units as the kitchens are of a much higher quality and make our units stand out from the rest.

So in summary, we have a property management company but we need to improve the terms. They are looking for tenants and we provide the support for the investor should a tenant be presented. If a client wishes to sell their unit, we also have the channel and local partner to ensure you can walk away with a tidy sum.

I committed to my team that I would provide a strategy report this week. This will go into a lot more detail and put investors in an informed position to make the best posible strategic decision. My team have been stressing this for some time now and I apologise for not communicating the progress of our discussion more regularly.


I will honour that commitment and shed more light on the Bucharest market for you.


regards


Oliver Watts

Thanks for the update Oliver.

I've just come off a phone call with Oliver where he went through the current status in some detail. I am reassured that a management option will be offered in reasonable timescales.
The sales values being achieved are amazing and VERY reassuring.

I'm planning to hold my nerve and go for the long game. I'll probably deal direct with the aformentioned agent until such time as PS have negotiated a more competitive and complete service.

I'm still interested to hear what others are doing or any other views on the best strategy.

Alex

Alex

I also have an apartment in Quadra and have been chasing PS to find out what was happening ref the letting of my unit, i keep getting told that something is iminent (for the last month) but as yet nothing has been set up, it makes me wonder why there was such an urgency to fit & pay for the kitchens back in October when a tenant was not likely to move in until March !!
Also waiting for a furniture package and price.
As this is my first unit completed with PS i am new to the letting game so am open to suggestions, will you let yours furnished/unfurnished, are you able to share the costs involved in using the managagement company you have sourced ?

I will try and get your details of PS as i wish to push ahead with Quadra.

Rob M

Hi Rob

I don't think PS will have any problem passing my details having discussed the current situation with Oliver. he understands that we have been left 'hanging' to some degree so is happy for us to go our own way and 'return to the PS' service if desired at a later date. I can forward a number of emails that gives you an indication of their service. They are very helpful, understand the foreign mindset (understamd and manage the risk, provide lots of information).

The cost summary is as follows (for a studio):

i) 700 euros to furnish the flat (quite pricey - I think this is what has put PS off)

ii) approx 1700 euros for furnishings

iii) 90 euros per month for management costs
(this includes registering you for personal tax)

iv) one month for finding tenant

The personal tax seems very simple. You pay twice a year once you are registered and you pay 16% tax on 75% of the predicted income. You can't offset mortgage payments and I don't know about any other allowances. I don't know whether you can reclaim if the apartment isn't let out for the full year.
I quite like it as it is simple, fairly low and avoids the need to pay an accountant.

Selling looks like a very attractive option - do you mind if I ask if you are considering this and, if not, why not?

Alex

Alex

Have emailed PS for your details, nothing back as yet i guess you may have to contact them to say you are happy for me to have them !

You have down 700 to furnish & 1700 for furnishings, are they not the same thing ? (never have furnished an apartment before) or is furnish the curtains etc.

Where did you find the companies from, was it just a search on Google or did they come reccomended.
As i have not looked at the letting/furnishing costs i can not really comment on if they are high or not, will have to do some homework, i guess i was holding out for PS to come up with something but i may be better going the same route as you.
There must be numerous other investors in the same position or not, if we could contact them and a group of us went to the management agency could we not get a better deal, even 4/5 of us.

As regards selling again i must confess this hadn't entered my mind as i struggled so hard to buy the property (which i finially did with a very small mortgage from Volksbank after much agonising) that i guess unless there was a considerable sum involved i would keep for the long term as my outgoings are small, but hey i'm open to options, what prices have been quoted then.
Incidentally my unit is a 80m2 1 bed in block A.

Regards

Rob

Alex, Rob,

I'm in a similar situation as yourselves re Quadra units and management and would like to exchange contact details.

Hopefully PS will facilitate this. I will be in touch with PS and confirm that I agree to this.

Ray

Dear Alex, Rob and Ray

Please read the following in relation to Exchanging contact details which has been written by our Product Marketing Manager Ben Greenwood,

"These Terms & Conditions are constantly under review by myself and a certain amount of common sense is also applied.

However, we do not allow exchange of contact details on the forum both to protect our members and ourselves.

There is a certain amount of 'scamming' that goes on in property and on the internet, as I'm sure you know, and it has occurred on our Forum in the distant past. We do not want to expose our members to that, nor do we want to be held responsible should it happen, were we to be more 'free' with our T&Cs.

Again, as I've said many times on here, I know it's not ideal and I'm contstantly looking for the right balance. I hope all our members can appreciate this."

These Terms & Conditions also apply to the transfer of details via email or verbally even if permission has been granted by all parties.

Regards

Keith