You don't need to put it in the hands of a rental management company, as they will charge you more for doing the same thing you can do yourself.
We used to rent out apartment for long term rents, but are now trying the holiday rentals. It is easy to rent long term, however even with glowing references, which I would still ask for, getting the money on time is another thing. Make sure you get a Bank Reference stating that they can afford the monthly rent and bills, in addition to any personal and/or employment references.
You need to see a local, reputable lawyer, who can draw up a rental contract for you, which would stipulate how much is to be paid, on what date, what will happen should either party wish to cancel the agreement and mode of arbitration for both parties (rent arrears, failure of owner to rectify faults, etc.). Your lawyer will read the contract out in the presence of both parties, make sure both parties agree and then sign the contract, and can even hold the deposit for you should you wish (that way the renter has to go through your lawyer to get their money back).
The cost for this is met by the owner, and needs to have all the details of the owner and renter, including full passport and NIE number (needed in Spain by the renter if they wish to long term rent, and all costs payable by them). The cost is around 250€ for the contract but covers all the legal aspects of both parties, and includes length of contract, monthly rent and payment date, amount of refundable deposit less costs for any agreed damages, and length of notice to end contract from either party.
You can also stipulate how the electricity and water charges are to be paid, as I would suggest it would be easier to keep both contracts in your name, as non-payment would mean disconnection of services, and you would have a heck of a job getting them reconnected after the tenant leaves. An easy option is to overestimate the cost for both for a period of one month, and have this paid in advance, then any payments there after can be done in advance, and any discrepancy with over payment at the end of rental term can be given back to the renter.
Lastly, it may well be worth you while taking out a bank guarantee, as this will ensure that the rent is paid for the duration the renter is in your property, however this usually costs about what you would get for one months rent!
This message was last edited by TechNoApe on 06/08/2010.