Bulgaria experienced one of the most dramatic property booms in all of Eastern Europe, driven by the availability of credit, the large inflow of foreign capital, and the natural endowments of the country in terms of beach and ski destinations. Condo buildings sprung all over the country in resorts such as Sunny Beach, Bansko and Pamporovo. Following the construction boom, the question has become how to generate rental income from the holiday apartments. Therefore, the next big thing seems to be property management.

Just like with the construction boom, however, the leaders in this market are not yet established. Instead, a large number of small and medium sized firms have opened shop in various resorts. Many of them are 2-3 years old, the types of services offered are not yet solidified, and their management and staff are still learning. They are also in competition with Bulgarian individuals who have entered this business as part timers on cash basis and can offer lower prices.

Property owners often find it difficult to select a reliable property management firm to take care of their property. Nonetheless, there are a few things to keep in mind when considering a particular firm:

 1. How long have they operated in this location?

2. What exactly will they inspect in the property, how will they report any problems, and with what frequency (weekly/monthly/bimonthly)?

3. What is included in the package price?

4. Can they arrange other services reliably and on demand (e.g. repairs, landscaping, furnishing, welcome packages for tourists or for you, airport transfers, car hire)?

5. Are they owned by Bulgarians or foreign owned? What is the English competency, if the firm is Bulgarian? Do they have solid expertise in the Bulgarian holiday market?

6. What is their track record with renting out properties, if they rent out the properties?

7. Can they provide any references (telephone numbers or e-mail of clients who can vouch for them)?

 

More information and a list of property management firms is available at: Villas for rent Bulgaria.

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