The main purpose of property management in Turkey is the real estate acquired for investment; It is the realization of short and long term operations such as daily, weekly or annual. The processes related to real estate rental transactions to be carried out in Turkey, it is aimed to make the real estate as profitable as possible by maintaining the relations between the tenant and the landlord without any problems. This process is driven by professionals who are experts in their field. Property management firms and facility management firms operating in Turkey should not be confused. Representatives of Turkish property management companies carry out their plans for the management of the individual real estate and private homes and workplaces, not the management of shopping malls, social facilities, and building complexes.
The responsibilities that the property management companies will undertake during the process in Turkey are clearly stated in the contract that will be prepared and presented to you. The qualifications found in the contracts of companies providing services in property management can be listed as follows:
- Determining the amount of rent to be paid: Property management consultants have experience in determining which real estate is worth the rent and how much rent they can attract the attention of prospective tenants. They can determine the most accurate value for real estate, thanks to their extensive knowledge of real estate and continuous comparison between real estate in the surrounding area.
- Tenant Placement in Real Estate: Property Management firms work with agencies with high standards in the field of leasing. They know where and how to publish the advertisement on the real estate and what details the advertisements should contain.
- Examining the rental history of potential tenants: A detailed investigation process is carried out, such as the investigation of prospective tenants’ rental collections. As a result of these researches, it is aimed to find a more reliable tenant. Property managers have a clearer idea of finding reliable tenants with the advantage of having worked with thousands of tenants and experience. The consultants who will work with you pay attention to the potential to pay the rent on time, stay in the real estate for a long time, and be a tenant who will not cause any problems during their time in the real estate.
- Ensuring the collection of rent: They determine the date ranges to collect the rent and ensure that money flows between the tenant and the owner of the real estate during this process.
- Regulation of changes in the rental price: They can increase the rental price depending on the UFE and TUFE rates and in line with the rates specified in the contract.
- Ensuring communication between the tenant and the owner of the real estate: The process, which starts with the analysis of the tenant to be placed in the real estate and the placement of a reliable tenant, includes all communication in the process, including the follow-up of the tenant’s complaints and the eviction of the tenant in case of leaving the real estate.
- Dealing with Emergency and Complaints: Property Management firms provide services to deal with problems to be experienced in maintenance and repair and noise complaints. In case of emergencies related to these issues, they have a service team to assist.
- Dealing with evictions: When the tenant moves out of the property, the current property manager is responsible for inspecting the home for damage and determining the deposit, and deciding how much of the deposit should be returned to the tenant. After the tenant has vacated the house, the maintenance, and repair of the house, finding a new tenant for the real estate, and placing the new tenant in the real estate are also within the scope of the duties of the property manager.
- Real estate maintenance service: Property Management Firms are responsible for ensuring the physical durability and integrity of the real estate. By examining the real estate at regular intervals, wall cracks, leaks, and similar issues that may occur over time are followed up.
- Damage repair: If a problem is detected related to the physical condition of the real estate, the management firm directs a maintenance and repair team related to the problem to the real estate. The team directed about the damage is within the scope of the company’s network; usually consists of reliable electricians, plumbers, carpenters, and contractors.
- Account Statement and Archiving Service: Expenditures related to real estate, related receipts, and agreements are archived by expert consultants.
- Tax Payment Follow-up: The company, which provides services in real estate management, also provides information to property owners about the taxation of real estate and monitors the relevant process.
What is Property Management in Turkey?
Briefly, the concept of property management means that the real estate you own is managed by a real estate expert as a proxy for you, and all kinds of transactions related to real estate are carried out. Experts who will serve you for a certain fee on this subject are called property managers. The goal of real estate managers, who have gained expertise in property management, is to ensure that the properties purchased for investment purposes become the most profitable for the property owner.
Property owners, especially those who want to earn with passive income and have time problems in dealing with the issue, benefit from property management services. Property managers, who will deal with the subject, follow all the rental processes by proxy instead of the property owner in line with this service. In this direction, the real estate consultant continues his operations for various periods. During the process, the real estate consultant deals with all the problems of the tenant. The job description of these consultants, who are experts in their fields, can be considered as services such as regular follow-up of rent payments, and periodic maintenance that ensures the life cycle of the real estate.
Although property management in Turkey is not known as a concept, it is a system that has been used in Europe for many years and has been fully adopted. The concept of property management, which is actively used in many developed world countries, has come to the forefront with the acceleration of the construction sector in our country in recent years and has started to be seen as a necessity. There has been an upward movement in the demand for property management, whether people investing in real estate owned by more than one or their investments are located in different cities.
Although it is often confused with property management and site management, the most basic difference is the areas they serve. While the site management is responsible for the apartment needs, dues, common areas, and site layout, the property manager is responsible for the renting of individual independent sections and management processes.
Who Does Property Management in Turkey?
Property management in Turkey can be expressed as a service provided by real estate experts. Experts who provide this service are called property managers. Property managers in Turkey, to express in a general way, are responsible for the evaluation of real estate of individuals on behalf of the owners. Among the duties of the property manager, the person who takes all the responsibilities from renting the property on behalf of the landlord to maintaining communication with the tenants and even maintaining the maintenance and repair of the rented property is called the property manager, and their job is called property management.
Being a property manager in Turkey requires a wide range of knowledge and experience. In addition to the completed certification program, having several years of property management experience is one of the requirements for taking part in this field.
A real estate manager; He specializes in many areas such as health, safety, business ethics, real estate law, and management. Along with financial competence, the dominance of risk management, leasing, and maintenance-repair are among the competencies of property managers.
In addition to training in property management, the person is expected to have some personal skills and abilities. Among the personal characteristics of the real estate manager; features such as being detail-oriented and reliable, and having good business ethics can be counted.
What Are the Advantages of Property Management in Turkey?
Persons who own more than one residential or commercial real estate can earn rental income by renting this real estate. The increase in the number of real estates creates a process such as dealing with tenants.
This eliminates the situation of sitting back and making a profit after renting the real estate you own. You will have to deal with many issues such as real estate maintenance and repair processes, finding a good tenant, and keeping track of their payments. The slightest mishap during this process may result in a decrease or disruption of your rental income. This will affect your earnings. For this purpose, real estate investors can take advantage of the property management system. Property management advantages can be listed as follows:
- Finding Tenants: Working with property management experts will greatly shorten the tenant finding process. Property managers will find the right tenant for your home as soon as possible, with the help of their experience and close relationships with real estate consultants.
- Observation of real estate-related issues during the process: Real estate owners are generally hesitant to visit the house they rent and to make observations about the follow-up of real estate-related issues. The reason for this is to put it in a general way, to prevent the personalization of the relationship with the tenants. As property managers are experts and professionals in the business, they will not hesitate to visit to observe the tenants’ use of the property and the condition of the property.
- Dealing with the maintenance and repair works of the real estate: The abundance of real estate you own may cause difficulties for your tenants in terms of renovation requests and complaints. Property managers save you from such a hassle by undertaking the maintenance and repair operations and the issues related to this area for you.
- Dealing with Payments: Property managers will check the real estate invoices as well as collect the rent to be deposited on your behalf. Property managers, who follow up the bill payments such as electricity, water, and telephone, which must be paid by the tenants every month, have a service understanding that prevents the formation of high bill debts.
In addition to these, organizations providing services in the field of property management in Turkey also work in different service titles.
Other services of companies and organizations serving in the field of property management are as follows:
Property management companies provide a reliable, quality service to their customers within the scope of technological equipment and opportunities they provide.
Property management companies offer a 24/7 service within the scope of the quality of the service they provide. It is possible to communicate with companies through various communication channels.
3. Personal Assistance
Private consultants assigned to you provide support for all your needs and potential problems from the beginning to the end of the real estate rental process.
Property management companies serve their customers with superior standards with their experience. In this context, property managers gain the trust of their customers.
Property management firms also have a wide customer portfolio that documents the services they have provided from the past to the present. This is a reliable reference for future customers.
6. A High Rate of Turnover
Within the scope of the service provided from the beginning to the end of the process, many issues that the customer may need are included in the range of services provided. The services are listed below:
- Determining the real value of the property and determining the rental amount,
- Deposit Management,
- Making a detailed assessment of the tenant,
- Follow-up of the expiry date of the lease agreements,
- Evacuation of the tenant,
- Account statement and archiving management,
- Many more process-related issues are within the scope of the property manager’s services, including the transfer of the collected rent to the landlord.
This quality service results in high turnover rates for the owner.
What is The Cost Of Selling The Property in Turkey?
Firstly, selling property has steps as simple as buying a house. Since Turkey is the most visited place by tourists, they easily buy and sell property here. Then decide whether you want to sell your property on your own or through a real estate company. If you want to sell through a real estate company, such as Istanbul Property, we will help you buy and sell your property with our expert staff. So, the cost of selling your property in Turkey taxes, and fees may vary depending on the region where the property is and the realtor you choose. Also, the sale process of the property takes place in the land registry offices. However, when you sell your property, you may have to pay what is listed below;
- Realtor fee,
- Transfer fee,
- Notarization costs,
- Two percent (2%) sales tax on the agreed sales price,
- Earthquake insurance,
- Property appraisal costs,
- Property research report costs.
A real estate transfer tax, sometimes also called a title deed transfer tax, is a one-time fee imposed by a state upon the transfer of property. The cost of this is based on the price of the property transferred to the new owner. Property transfer tax is 4% in Turkey as of 2022. According to the law, 2% of this fee must be paid by the buyer and 2% by the seller. However, if you buy the property directly from the seller 4% is paid by the buyer.