Why use an agency to manage a property for rent in Luxembourg?

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Rudolphe ABEN

Why use an agency to manage a property for rent in Luxembourg?

If you own a rental property in Luxembourg, do you dread having to find a new tenant for the apartment, organize the inventory of fixtures at the beginning and end of the lease and deal with the various incidents that may occur during the lease? The services of an agency are an option to consider if you want to make the most of your real estate investment and have more free time.

Using a real estate agent greatly reduces the likelihood of not getting paid

Once a tenant realizes that they are dealing with an organization rather than an individual, they know that they have no bargaining power over rent payments. Most of the time, tenants are able to avoid late or missed rent payments simply by using a rental management company because they know that if they don't pay on time, the company will contact them immediately, try to get a valid excuse for the delay, and demand immediate payment.

Also, keep in mind that a service is always better equipped than a landlord to deal with unpaid bills if you ever have to deal with a difficult and dishonest tenant. They have a firm grasp on how best to get things in place as quickly as possible. In addition, some guaranteed contracts allow you to continue receiving rent even if you are unable to make a payment during the guaranteed period. Do not hesitate to ask for such a protection in order to rent your Luxembourg property in all serenity.

A rental that scrupulously respects all local regulations

Whatever the size or type of property you offer for rent in Luxembourg City, you must be aware of the regulations that govern your activity.

The lease, for example, must be based on specific regulations to ensure that all parties involved are protected to the fullest extent. Repairs to the home may be required to comply with regulations, including safety regulations.

The agency is an expert in its field and will keep an eye on the property if you are not knowledgeable enough to know what repairs are most urgent. The latter will serve as a sort of warning to you, telling you what to look out for, and may even help you organize your various jobs.

An open cost for a better return on investment

The cost of hiring a property management agency is something you need to consider, but it is manageable. If you decide to go this route, you can contact several providers to get quotes and see exactly how much money you will spend on the service. Don't rush into a contract, but store around until you find the one that works for you.

Do not automatically choose the lowest price. Additional services may be included in the more expensive plans. The various tasks (inventory of fixtures, signing the lease, receiving rent) should be included in the price and not charged as extras if you receive an offer that seems attractive.