FAQ
Frequently Asked Questions About Insurance
What are the costs of property insurance and what factors influence their amount?
The cost of property insurance depends on several factors, such as the property value, location, type of coverage (e.g. basic or extended), living area, and selected sum insured. Additionally, the higher the risk in a given area (e.g. more frequent floods or thefts), the higher the premium. It is also worth paying attention to additional options, such as protection against flooding or burglary, which may affect the policy price.
Can I insure a rented apartment?
Yes, there are special insurance policies for landlords. Such insurance covers not only standard risks, such as fire or flooding, but also protection against damage caused by tenants, such as property destruction. Landlord insurance often includes liability coverage, protecting the owner from third party claims.
What is tenant insurance and why do we encourage tenants to purchase it?
Tenant liability insurance protects against expenses related to repairing damages and destruction of someone else's property (property owner). In practice, insurance will come into play in the event of damage to floors, walls, windows, furniture, AV equipment or appliances, the repair/replacement of which is costly. Having tenant insurance provides a sense of security for both the tenant and the landlord.
Is it better to turn to an insurer or an insurance intermediary for insurance?
If you are interested in insurance, you can turn to both an insurance company and an insurance intermediary. The choice depends on individual preferences and client needs. However, using the services of an insurance intermediary can bring many significant benefits. The intermediary is a specialist in the field of insurance, who has extensive knowledge about various products available on the market. As a result, they can advise the client in choosing the most suitable insurance, taking into account their individual needs and expectations. The intermediary can also negotiate favorable insurance conditions and help with all formalities related to the policy. Additionally, the intermediary often offers post-sales services, such as assistance in reporting claims or representing the client in contacts with the insurer. As a result, using the services of an insurance intermediary can provide the client with a greater sense of security and confidence that the chosen insurance will meet their expectations.
What is the process of damage liquidation and what does it look like?
The process of damage liquidation is a procedure that aims to review and pay compensation in case of an event that causes losses. After reporting the damage, the insurer conducts its inspection and analysis of the documentation to determine the amount of compensation. Then, after the compensation is accepted by the injured party, it is paid out. This process is quite complicated for someone who has not had contact with it before and requires a professional approach to ensure a fair review of the damage.
Why is it worth insuring real estate?
Property insurance is extremely important for many reasons. Firstly, it protects our investment from various unforeseen situations, such as fires, thefts, or floods. Secondly, it provides us with peace of mind and a sense of security, knowing that in case of any damages, we will be able to receive compensation. Additionally, having property insurance is often required by banks when taking out a mortgage. It is therefore worth properly securing our property to avoid unpleasant consequences.
Frequently Asked Questions About Intermediation
What are the differences between open, semi-open, and closed mediation agreements?
Intermediation agreement open allows cooperation with multiple intermediaries, and the commission is received by the one who leads to the transaction. Semi-open means that the intermediary has exclusivity in acquiring clients, but the owner can also find a buyer or tenant independently. Closed gives the intermediary full exclusivity, so the commission belongs to them, regardless of who leads to the transaction.
Depending on the chosen form of agreement, different marketing expenses can be expected for real estate. With an open agreement, marketing may be more limited, and the costs incurred by the intermediary may be lower. In the case of a semi-open or closed agreement, the intermediary usually invests more in promoting the property. Depending on the chosen form of agreement, the risk borne by the intermediary changes. With an open agreement, the risk is higher because the intermediary has no guarantee that they will be solely responsible for the sale. In the case of an exclusive agreement, the risk is lower because the intermediary is certain that the transaction will be finalized only by them. Therefore, the commission in an exclusive agreement may be lower due to reduced risk, and marketing expenses higher.
Do I have to pay the broker before selling the property?
No, usually there is no need to pay a broker before selling a property. In the case of a preliminary sales agreement, it is possible to pay part of the commission, usually half, which is collected after signing this agreement. However, it is worth remembering that with a preliminary agreement, the owner already receives a deposit or part of the amount from the buyer, which allows for covering some of the intermediary costs. The remaining part of the commission is paid only after finalizing the transaction.
Why is it worth using intermediary services?
Thanks to knowledge of the market and other participants who want to buy/sell real estate, the intermediary can add value to the transaction. The basic advantages of using brokerage services in sales include:
- Professional advice and support in the buying or selling process.
- Knowledge of the real estate market, local conditions, and prices, enabling the finding of the best offers or achieving favorable sales terms.
- Handling negotiations, contracts, and formalities, saving the client time and nerves.
- Reaching a larger number of potential clients, increasing the chances of a quick and successful transaction.
- Providing a sense of security and certainty that the transaction is conducted in accordance with applicable regulations and standards.
What does a real estate agent do?
A real estate agent is a specialist who assists in the process of selling property, connecting the seller with potential buyers. Their main goal is to save the client time and effort, as they do not have to search for a buyer themselves. The agent performs a range of activities, such as:
- Market analysis and determination of property value.
- Preparation of a professional property presentation, including photos and descriptions.
- Actively promoting the property, such as listing it in databases and advertising portals.
- Organizing and conducting property viewings for potential buyers.
- Negotiating transaction terms, including price and timelines.
- Assistance in preparing the necessary legal documentation.
- Monitoring the progress of the transaction and providing the client with updates.
- Support in finalizing the transaction, including formalities related to notarial deeds.
With their knowledge and experience, a real estate agent helps facilitate a transaction smoothly, providing the client with professional support at every stage of the sale.
What are the advantages of using a real estate agency for renting properties?
Renting a property can be a time-consuming and stressful process. To make this process easier and more efficient, it is worth using rental agency services. This way, we can benefit from many advantages, such as:
- Increased chances of finding the right tenant
- Ensuring a professional approach to negotiations
- Minimizing rental-related risks
- Secure and legal preparation of the lease agreement
- Easier property management and maintenance
- Time savings
What is the role of a real estate agent in renting a property?
Real estate rental brokerage is a service that involves connecting property owners with individuals looking for an apartment or commercial space to rent. Real estate agents take care of finding the right property and tenant, negotiating, preparing the contract, and ensuring safe rental conditions. Thanks to their professional knowledge and experience, the rental process becomes easier and more efficient for both parties.
Frequently Asked Questions About Home Staging
Can home staging help sell a property that has been struggling to sell for a long time?
Yes, home staging can be very effective for properties that are having difficulty selling. Proper interior arrangement can attract new potential buyers, improve the impression of spaciousness and functionality, which can help break the stagnation and increase interest in the offer.
How long does the home staging process take?
The duration of home staging depends on the size of the property and the scope of work, but typically lasts from a few days to two weeks. The process is also influenced by the preparation of the apartment, which may require painting, changing furniture, or decorations. The more complex the arrangement, the more time it may take.
What are the costs of home staging and is it worth investing in this service before selling an apartment?
The cost of home staging depends on the scope of services and the size of the property, but typically ranges from hundreds to several thousand zlotys. Investing in home staging can pay off through a faster sale of the property and the possibility of getting a higher price. For homeowners who want to achieve the best possible result, this is a worthwhile investment.
Does home staging pay off?
Research in the American market shows effectiveness in reducing sales time (on average by 40%), as well as increasing the actual value of real estate. According to Barbara Schwarz's studies, a world pioneer in home staging, after its application, the offered purchase price increases by an average of 10%. One of the basic assumptions of home staging is cost-effective action.
Similar effects are achieved by using home staging in property rental.
What benefits does home staging bring when renting a property?
Home staging for rent helps to distinguish the property among other offers on the market. Well-thought-out interior arrangements can make the apartment look more spacious and functional. This can attract a larger number of potential tenants and allow for a higher rental rate, as landlords perceive such property as more valuable.
What is home staging and how can it help in selling an apartment?
Home staging is a professional preparation of a property for sale or rent, involving proper interior arrangement. Its aim is to highlight the advantages of the apartment, improve aesthetics, and create a space that will attract potential buyers. Thanks to home staging, the apartment can gain attractiveness, which translates into faster sales and possibly a higher price.
Frequently Asked Questions About Rental Management
How to protect yourself from damaging a rented apartment?
When renting an apartment, there is always a risk that elements of the apartment or its equipment will be damaged. With long-term rental, it can be expected that the destruction or wear and tear of apartment elements is only a matter of time. The best way to reduce the risk of damage and the pace of property wear and tear is to select the right tenants. It is also worth using a tool, which is a properly chosen security deposit for the apartment and its equipment. The maximum amount of the security deposit is twelve times the rent specified on the day of signing the agreement. Such high deposits in practice discourage the vast majority of potential tenants, so we do not recommend using them, however, most reliable tenants are able to pay two or three times the rent as a security deposit. The third form of security is having insurance by the landlord or tenant. It is worth suggesting to the tenant to take out a policy that protects primarily the tenant's interests, and indirectly also the interests of the owner.
What if the tenant damages the rented apartment?
In case of damage to the leased apartment by the tenant, first of all, it is necessary to prepare a detailed damage report in the presence of both parties. If the damages are not costly, repairs can be made from the deposited deposit. If the tenant has tenant insurance, the damages can be covered by the tenant's insurance. If the deposit is less than the value of the damages, and the tenant does not have insurance, he may be charged additional costs. It is worth reaching an agreement with the tenant regarding the cost of repairs in the first place. If he refuses to pay, the matter can be enforced through legal proceedings.
Should you use rental management services and why?
We do not claim that everyone should use property management services. Nevertheless, property management service brings many benefits to the landlord. An invaluable advantage is the saving of time and effort of the owner. Administrators take care of all aspects of property management, allowing the owner to have more time for family, hobbies, or personal work. Additionally, administrators have the knowledge and experience to negotiate favorable rental terms and reduce the risk of signing a contract with an unreliable tenant. In case of any problems, thanks to experience, the administrator is ready to react quickly and find a solution. As a result, owners can enjoy a passive income from renting, without having to get involved in daily property management issues.
How to determine the appropriate rental price?
The real estate market is a local market. This means that property prices, including rental prices, vary depending on many factors such as location, standard of finishing, position in the building, amenities (e.g. elevator), immediate surroundings, and others. To accurately determine the price, it is necessary to analyze the rental prices of similar properties on an ongoing basis. A price that is too high can lead to difficulties in renting an apartment and increase tenant turnover. A price lower than market value is a loss for the owner.
How to find the right tenant?
Finding the right tenant is a key element of the rental process, as the tenant will be primarily responsible for maintaining the property. It is also important to check their financial reliability.
The primary way to verify tenants is through checking their documents and having a conversation. During the conversation with a potential tenant, it is important not only to verbally communicate information, but also to analyze their body language. Small gestures can be a warning sign for us. Carefully conducting the conversation will help avoid future problems. Do not hesitate to ask about the reason for the move and expectations for the property. In addition to identity documents, ask to see an employment contract or last year's tax return (PIT).
Can I receive property management reports?
Yes, upon client's request we send reports on activities undertaken in the management of rental in monthly, quarterly or yearly form.
How long does the contract with the property management company last?
We usually enter into agreements for an indefinite period, however, upon a justified request from the client, we are able to prepare an agreement for a specified period, e.g. for a year.
What are the responsibilities of a property owner during cooperation with a property management company?
The only obligation of the property owner using property management services is to submit a tax declaration e.g. PIT-28 (for individuals) or another (for businesses). At the end of the year, we send our clients information regarding the income obtained.
Can I cancel the services of the management company at any time?
Standardly, we include a 3-month notice period in our contracts. However, we prioritize meeting the needs of the client, so we are open to negotiations in this regard. Terminating the services of the managing company can be done while observing the conditions specified in the agreement.
What documents do I need to provide to the company managing the cooperation to start?
In order for us to provide services for you, in addition to signing a property management agreement, you must present a legal title to the premises, such as a notarial deed of purchase of the premises, land and mortgage register number, lease agreement with the possibility of sublease or other document entitling to lease the premises.
What are the costs of using property management services?
Due to the variety of properties, we are unable to provide a fixed cost for property management services. The price of the service depends on the specification of the property and individual agreements with the apartment owner. The cost of managing an average apartment in Poznań is around 200-300 PLN per month. A good practice for determining the remuneration for property management is to apply a commission in the form of a percentage of the monthly income. This way, as the administrator's remuneration increases, the property owner's income also increases.
What exactly does rental management involve?
Property management is a comprehensive process that includes searching for and verifying tenants, determining rent, signing contracts, handing over and receiving the apartment confirmed by a handover protocol, settling utility costs, monitoring payments, and maintaining the technical condition of the property. As part of property management, we can also pay, at the client's request, the lump-sum tax on revenues from private lease accounting. Property management services also include home staging and rental mediation.
In other words - property management is taking over the landlord's responsibilities and carrying them out using the knowledge and experience of professionals.
Professional rental management
Address
ul. Mostowa 15A/4
61-854 Poznań
Contact
biuro@nieruchomosci-mackowiak.pl