Paris is often listed as one of the top cities around the world to invest in property such as furnished apartment or a furnished studio. Not only is it home to some high standard and stunning real estate, but it is also a popular city with ex-pats, tourists, business owners, students, and other residents. This gives you plenty of options for renting your furished apartent in Paris out to a wide range of different tenants to earn extra income.
No matter whether you are looking to invest in a long- or short-term rental property, a vacation rental, or a commercial property in Paris, there are lots of reasons to consider also investing in the services of a property manager, especially if you are living outside of the country. Working with a good property manager is worth the expense as it provides you with peace of mind that your property is in good hands.
Property managers can provide a wide range of services including finding tenants, being available for emergency call outs, repairs and maintenance, and regular property inspections, so you can enjoy your time more. According to the UpperKey, some of the main benefits of working with a property management company in Paris include:
Find Better Quality Tenants in Paris
Tenant screening can be a complex process to take care, but it is essential if you want to rent a property out long-term or are looking to rent a commercial property. If you don’t have a lot of experience with the real estate industry in Paris, it can be all too easy to end up choosing a bad tenant, which can lead to all kinds of different problems. When a bad tenant is living in your holiday rental property, it’s not always easy to get them to leave.
Working with a good Paris property management company means that you will get access to a verified, reliable tenant screening process to select tenants that are most likely to pay their rent on time, long-term rental, cause fewer problems, and look after the property.
When you go with a property management Paris agent that has been in the industry for a while, they will have seen hundreds of tenant applications over the years, which makes it easier for them to quickly get the facts about potential tenants and easily identify any potential red flags. Another reason to work with a property management company for tenant screening is that you can also avoid common short-term rental scams that are sadly becoming more and more prevalent in the industry.
Fewer Legal Problems in Paris with Local Legislation
Whether you are looking for residential rental management Paris or commercial property management Paris, as a landlord you might already be aware that just one bad tenant could cause you a lot of legal and financial problems.
A good property management company will come with a lot of knowledge and expertise that you can take advantage of to protect you from potential lawsuits and other vulnerabilities. Along with this, if you are not based in France yourself but want to rent out a property there, working with a property management company that is familiar with the laws surrounding the French rental market will help you avoid errors that could prove to be seriously costly over time or even land you in legal trouble.
Shorter Vacancy Periods in Paris
If you’re looking for residential or serviced accommodation management Paris, one of the main reasons to do this is to keep your property filled for as long as possible. Landlords who work with a Paris property management company are more likely to enjoy shorter vacancy times, no matter what kind of investment property they own.
A professional property manager will ensure that you stay on top of several tasks that will prevent the property from sitting empty for too long, including preparing the property for rent and making the right improvements to attract good tenants and determining the best rent rate.
Figuring out how much to charge in rent can often be difficult, especially if you are not very familiar with the local rental market. Too high and it might be impossible to find a tenant that is willing to pay, but on the other hand, too low and you’re losing out each month. Along with this, a good property management company can also effectively market your property with the right advertisements to attract candidates quickly.
Efficient Rent Collection in France
Whether you want to rent your property on a short period or long period basis, handling the collection of rent payments and dealing with late payments is one very important aspect of property management.
Rent should be collected on time each month to ensure a cash flow that is reliable and consistent. A professional property manager can act as a ‘buffer’ between the landlord and the tenants. The property manager can deal with the tenant in the event that they are struggling to pay rent and come to an agreement with the tenant to ensure that everybody is happy.
They will also collect rent payments on time each month, chase missed payments, and handle evictions if needed. Since there are strict laws in France that regulate the eviction process, doing it the wrong way can land you in a huge amount of trouble.
Working with a skilled and experienced professional who understands the law is the best way to ensure that any necessary evictions go as smoothly as possible.
Find Long Rental Period Tenants in Paris
Paris is a popular place for many people to live and work so as a property investor, you may be interested in finding long rental period tenants. If tenants are not renting your property for a long period of time, this can often be more costly for you since there will be a series of issues for you to deal with such as losing out on rent, cleaning the property at the end of tenancies, changing the locks, replacing fittings, redecorating and repairs, and going through the tenant screening and property marketing process all over again.
All of these things can add up and be quite expensive if your tenants don’t stay in the property for a long time. The good news is that simply keeping your tenants happy is the best way to avoid this. While there are some situations where a tenant giving notice and leaving is unavoidable, such as if they are planning a move to a different area or are buying their own property, often tenants might leave simply because they are not happy with the rental experience. Because of this, it’s a good idea to work with a good property manager who has a time-tested tenant retention policy.
Reduce Repair and Maintenance Costs for Furnished Apartments in Paris
Tenants are more likely to be satisfied with the experience and stay in your rental property for longer if you offer good maintenance. Along with keeping your tenants happy, regular maintenance of the property will also preserve the value of your investment. Hiring a property manager gives you access to professional maintenance options and a network of insured, licensed, and reputable contractors who will be hired to work on the property on your behalf.
Compared to looking for and hiring somebody yourself to work on your property, this can save you a significant amount of money. Along with this, a good property management company may also be able to help you access discounts since they may hire contractors to work on a large volume of managed properties.
Maintain and Increase Parisian Property Value
A good property management company will make it easier for you to identify and repair any maintenance issues as early as possible. Any experienced property management company will agree that regular maintenance is key to both maintaining and increasing the value of your rental property in Paris. This means conducting regular inspections and maintenance checks, sticking to a maintenance schedule, and keeping detailed documents of any work that is carried out.
Working with a building management company might be a good way to get suggestions and feedback on any modifications that you can make, which will raise both the overall value and the rental value of your property.
Personal Benefits of Asset Management in Paris
Using a building management company in Paris for your rental property can also come with a range of personal benefits. One of the main ones is that there is less stress for you as a landlord when you know that we take care of your rental property. This is especially true if you are not living in the country, as you will not be able to deal with things like late-night emergencies.
A rela estate management company can handle all of the most stressful aspects of managing a rental property on your behalf including chasing late rent payments, screening tenants, dealing with property damage, evictions, and other time-consuming and tedious tasks. Working with a property manager means that you do not have to personally be available to your tenants, allowing you to travel wherever you like in the world and invest in other properties.
If you want to invest in the rental property market in Paris, then there are many reasons why it is a wise idea to work with an experienced Paris real estate management company. Whether you’re investing in short-term lets, long-term residential property or commercial property, a good asset management company can help.
UpperKey: Your Solution for Parisian Real Estate Management and Airbnb Concierge Services in Paris
UpperKey is the leading building management company in Paris for short term furnished rentals. They offer comprehensive Airbnb concierge Paris services and guaranteed monthy rental income for property owners. You can contact UpperKey to see how an Airbnb concierge works and get an evaluation on your rental property’s worth.