Since you are now making an agreement with a property management company, you should take the following into consideration.Define your main expectations from a property management company. What are your priorities? This should be quite similar to many other service business fields. In my opinion, there should be two core expectations of a property management company. First, the management company should be trustworthy. (This should include several commitments such as being honest and frank to the owner, keeping its promise of taking good care of the property and providing regular information to the property owner.)
Second, the property management company should apply fair fees just like what would be applied to a local who receives the same quality of service. There is a very important distinction that I should highlight at this point.
The property management company should understand that its clients are foreigners and have different expectations than local customers; therefore, the property management company should understand what expectations you have.
Considering this fact, the company should focus on the needs of an expat living in Turkey. The management company should design its structure and availability of its services in regard to the idea that the property owners are actually residing abroad and solely count on the property management company since they don’t have anyone else to come and check on the property while they are away.
I don’t think it’s necessary to go over all of the simplest requirements or rules but rather give an overview and explanation of things that the client may not be aware of or which may not be mentioned in the agreement.
One important role is acting as a liaison between the property owner and third parties. A “third party” could be anybody -- a tenant, a next door neighbor, the municipality, the electricity company, etc. The property management company shall act as the representative of the property owner in matters that concern daily life and should be able to act for the property owner if this is required by the owner. The company may require a power of attorney in order to provide some services such as the ones involving government authorities and third parties.
All-inclusive fees
The fees of the property management company should be all inclusive, and there should be no hidden costs or additional fees. Certainly, if the owners request additional services such as furnishing, the property management company can ask for a separate fee (should not be more than 2 percent of the goods purchased) for assisting in the purchase of furniture.
Insurance matters
Insurance services for the owners’ properties can either be provided by the property management company or can be outsourced with a good rate applied to the clients of the property management company. I would like to note that some types of insurance are compulsory in Turkey. For instance, Turkish Catastrophe Insurance Pool (DASK) protects against earthquakes, and you cannot register a house without having a DASK certificate. If you have a car in Turkey, vehicle insurance is also compulsory, and you cannot operate a car without insurance.
NOTE: Berk Çektir is a licensed attorney at law and available to answer questions on the legal aspects of living in Turkey. Send enquiries to b.cektir@todayszaman.com The names of the readers are disclosed only upon written approval of the sender.DISCLAIMER: The information provided here is intended to give basic legal information. You should get legal assistance from a licensed attorney at law while conducting legal transactions and not just rely on the information in this corner.
