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After-Sales Services and the Crisis

2010-05-27   |  Imotat Magazine, vol.6, June 2010

The purchase of a property is probably the most important investment a person does in their life. It is especially important for Bulgarians and this is backed up by the fact that Bulgaria is in one of the first places in Europe in terms of owned properties. But do we know how to look after our property? Of course, the answer would be “yes, though it takes me a lot of effort and time to deal with the neighbors, the lessors, the administration, but this is just part of the everyday life”. But may be it is not part of the everyday life but we have turned it into such.

Property management is a profession which has existed in a number of European countries for decades. When the Bulgarian property market was going through its peak period property management appeared here as well. This happened thanks to the thousands of British, Irish, German and other foreigners who mostly due to the low property prices and the wonderful nature of the country decided to buy a holiday home in Bulgaria. It’s no secret that a lot of deals with foreigners were not concluded because of the lack of after-sales services. Quite a few of the investors had to set up property management companies in order to meet the needs of their foreign clients. They learned as they went, on the principle of trial and error, but still they managed to offer a satisfactory product.

However, the global crunch changed to situation completely. At present almost all big real estate agencies offer after-sales services as part of their work. And this is not by chance. If we look beyond the borders of Bulgaria we will see that at a time of crisis many of the real estate companies managed to survive thanks to the after-sales services they offer. It is true that the profits from sales and from after-sales services cannot be compared but it is also true that income from after-sales services helps companies continue their work.

This is what happened in Bulgaria as well. The companies dealing only in property management are very few but you can already buy a property from a real estate agency which will manage it and there are apartments and houses on the market that go together with the after-sales services.

The agencies manage to adapt to the new economic conditions relatively fast. Regretfully, the same cannot be said for the property owners. Most of them are explicit that they will not “give their apartment” to someone else to manage it. That is why the services are offered mainly in the resorts and in Sofia, where the property market is most developed.

Property management services will continue to develop fast after the economic situation stabilizes, property experts say, as it is not only the mentality but also the lack of money that hinders property owners from using the service.

Read more about Property Management services in Bulgaria

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