If you own a second home in Spain, you might be considering how you can make the most of the property by renting it out and turning it into an investment – without the headache of having to manage it yourself from overseas.
Even if you’re not planning to rent it out, you can still benefit from the services a property management company can provide, with peace of mind that your property is in safe hands while you’re away – and in tip-top condition, clean and ready to welcome you whenever you decide to visit.
For those looking to rent out their property, Spain remains a popular option for people requiring short-term stays. The fantastic climate and quality of life make it incredibly appealing for short breaks, longer holidays to escape the winter in the UK and northern Europe, and digital nomads requiring temporary accommodation as a place to live and work.
As the Spanish property market is expected to stay strong throughout 2023, if managed correctly, buying and/or renting out a property could be a lucrative means of additional income this year and beyond.
To help you decide if our property management services are right for you, let’s take a look at the top 10 questions we regularly get asked:
1. Do I really need a property management company to look after my property?
The short answer is ‘No’; you can do it yourself if you are on hand to deal with any queries and problems that arise and handle any rental operations or maintenance work required.
However, if you don’t live in the country (or speak Spanish), this can prove challenging!
By using a trusted team responsible for coordinating maintenance and repairs, dealing with any tenant issues, and ensuring your property is respected and cared for by tenants, you can have guaranteed peace of mind that your investment is being properly looked after and maintained.
2. How does the Micasamo rental property management service work?
As soon as you’ve made the decision to rent out your property, we encourage you to talk to us so we can guide you through all the relevant and necessary paperwork. (Since Brexit, renting out a property abroad isn’t quite as straightforward as it used to be for UK owners!)
Paperwork will include holding public liability insurance and having a tourist license.
We can help you through all the form filling and paperwork to ensure you comply with legal requirements and financial obligations in Spain and make the necessary tax payments.
In addition, we’ll work through our detailed checklist with you to ensure all minimum requirements are met regarding equipment and amenities for rental properties, from a bottle opener and wine stopper to a fire extinguisher and first aid kit.
Our expert team can source anything necessary to fulfil the legal requirements on your behalf if you are not currently in Spain.
You’ll be assigned your own property manager, who will get to know your property from top to bottom, inside and out, beginning with an initial photographic and video inspection.
Then, we will begin your monthly service.
We’ll work hard to find short-term tenants on your behalf, to keep your property rented out during the months you’re absent. Rentals can be anything from one night up to 3 months. In some instances, it can be even longer. We’ll advise on the pricing range for the different short-term rental options, too, to help make sure your property is competitively priced and you’re getting the best deal.
3. Am I locked into a contract that’s difficult to get out of?
With Micasamo Management, absolutely not. You are never tied into a contract for rental property management services with us.
We have a 30-day cancellation clause, but we’re confident you’ll want to stay with us once you begin to enjoy all the benefits our services provide.
Of course, if you do have any problems, you only have to give us a shout, and we’ll do all we can to resolve them.
4. How much would I pay for property management fees?
We pride ourselves on not taking a ‘one size fits all’ approach to property management. This simply doesn’t work for us or our clients, as every property is different.
We aim to offer our property owners the best service and property care possible – tailored to meet their specific wants and needs.
We currently have three packages to choose from: Essential, Advanced and Bespoke.
Prices, therefore, vary depending on the package you choose and the size and type of property you’d like us to manage. For example, a 2-bedroom apartment on our Essentials package would start at just 40€ a month.
For those looking for rental property management, there is no fixed fee for these services, as we take a % commission on each reservation to cover our costs.
5. What commission would I have to pay for rental property management?
Again, our commission fees vary depending on the size and type of your property and the services you select. We charge a commission on each rental booking, and there are no extra fees.
We are currently offering clients who are non-EU property owners a 5% discount on our commission fees to help absorb some of the increase in property taxes they’re facing this year.
6. How often is my property inspected?
How often your property is inspected will depend upon your chosen management package. For example, our Essentials package includes a bi-monthly inspection, while the Advanced package offers a monthly inspection.
We use our Inspection Software to carefully check all aspects of your property, including:
- Utilities and electrical appliances
- Light bulbs and fittings
- All running water and lavatories
- Windows and ventilation
- The security of windows and doors
- Pools and/or hot tub
We’ll send you a detailed, time-stamped inspection report on the same day, via email, so you can see everything that has been checked, including photos and videos.
Each month the inspections are compared so we never miss a thing!
For those using our rental property management services, inspections will follow each tenant’s departure, along with cleaning and laundry services and pool care, where applicable.
7. Are property management fees tax deductible?
Being tax compliant in Spain is very important, and we can provide you with tax advice from a reliable and credible tax advisor to help you get it right from the start.
If you are an EU citizen or reside in the EEA (European Economic Area), then your property management fees are tax deductible.
Unfortunately, if you don’t live in these areas, you won’t be able to take advantage of any deductions and will have to pay tax on the total amount. (See above re: the discount we’re offering non-EU owners to help offset some of this cost.)
8. What are the added benefits of using your property management services?
When you’ve taken the big step of buying a second home in Spain, you’ll want to make sure your property investment is protected – especially if you live overseas for much of the year.
Our clients trust us to carry out property management duties on their behalf and, as a result, enjoy the following benefits:
- We deal with all the admin relating to financial transactions; you only have one statement, once a month, to keep you up to date.
- For those using our rental management services, we professionally market your rental property to maximize occupancy levels and ensure a steady income stream.
- We provide access to our software program so that you can keep track of when your property is booked out.
- We take care of your tenants and keep in contact with you and them to build trust and rapport, encouraging repeat business.
- We keep up to date with any new legislation or laws that may affect your property as an investment.
- We take care of all the time-consuming tasks relating to maintaining a property, including rental operations where applicable, so you don’t have to spend time on the phone or run around looking for reliable tradespeople, not to mention being available for them when they turn up.
- We have a trusted and reliable network of tradesmen to do any job necessary to ensure your property is kept in tip-top condition.
9. What if I want to sell or upgrade my rental property?
If you decide to add to your property portfolio or sell your rental property, our real estate team is here to make the process easy and stress-free.
Or, you might decide it’s time to move to the sunshine permanently. In which case, we can help you find the perfect property to suit your needs and lifestyle requirements and support you throughout the relocation process.
Using our dedicated and friendly team early in the process, we can help you to do whatever you choose.
10. What makes Micasamo’s property management services different from any other?
The key difference at Micasamo is that we always go the extra mile!
The entire Micasamo team believe the word ‘No’ is not an option.
We take great satisfaction in offering incredible customer service and providing our property owners with the best in property care and management.
In our eyes, when you choose to work with us, you’re not just a client; you join the ever-expanding Micasamo family.
We love the challenge of being ‘expert’ at the ordinary and always rise to the challenge of providing a successful service to any of the more extraordinary requests that come our way.
If you’d like more information about our outstanding property management packages, complete with luxury touches and top-quality care, please contact us and rest easy knowing that we will provide you with an exceptional service that currently doesn’t exist within any other property management company.