Property management of residential buildings for rent

We usually associate the management of residential buildings with a housing community or cooperative, but there are many buildings that require a different form of management. These are entire residential buildings intended for rent, which do not constitute a housing community due to the fact that either they do not have separate residential premises or all the premises belong to one owner. Sim Property, as a rental management company, also takes care of such investments.

The word “investments” is used specifically here because such properties are usually purchased strictly for rent, either from a developer or on the secondary market. These are often reclaimed or inherited tenement houses whose owners do not live in Poland.  Management of such buildings is management that combines the care of the building and common parts as in a community or cooperative with the rental management of individual units located in the building.

It differs from apartment management primarily in that we also take care of the building, something that is usually handled by a community or cooperative in the case of individual apartments. Therefore, as managers, we are obliged to carry out legally required inspections (including building inspections, chimney inspections, gas inspections), organize cleaning of common areas, ensure safety in the building, sign a contract for waste disposal collection and supply of utilities, carry out repairs and maintenance of the building, and settle utilities with tenants.

In common with rental management of individual units we search for a tenant, monitor payments from tenants, collect debts, settle of deposits, renovations and make repairs if they result from normal use.

Managing a single apartment or building with one owner also means easier finance handling and reporting compared to housing communities. For example, there is no need to convene annual meetings. Sim Property clients have 24/7 access to their online customer system, where they can see all financial data – income and outcomes, data on the rental contracts for their property, etc. at any time. In addition, a rental manager dedicated to the owner, regardless of the number of apartments and their location, also supervises and supports flow of information between the owner and manager.

In cooperation with one owner, decision-making regarding expenses, which is crucial for management, is easier to achieve than in a community, where it is required to prepare a resolution and collect appropriate number of votes, which is very time-consuming and not always effective, unfortunately.

Managing a residential building intended for rent is a comprehensive service that combines the duties of a rental and the building manager. Conducted in a professional manner, it allows owners to achieve high rates of return on rental while maintaining or increasing the value of the entire property.