Bought nearly 3 years ago - still lots to learn!

Hi,

I bought a place in Villamartin, Alicante three years ago this coming June. I rent it out (short-term holiday lets) due to it being a sizeable cash purchase and more than I had originally intended to spend. It's done very well to date but renting has been a chequered-flag experience to say the very least, with the occasional, near inevitable errant behaviour from 'guests.' By far, however, the sheer incompetence and unwillingness of the various British management companies I have employed has been the worst of it. I have employed and sacked four lots in two and a half years. I am on my fifth and here's hoping...  

It's advertised here albeit I dont get much response on this site, regrettably. (Presentation of listing is not so good relative to others, perhaps that's it.)

By the way, this post is not an attempt at some cunning, semi-transparent advert but if anyone is interested in renting from a serious player such as I, that's fine and fair enough. Only decent types need apply!

Bottom line is, if anyone is thinking of doing the same i.e purchasing and renting, I would be happy to advise wherever I felt that may be of some use. I won't ever guess as is often the MO of serial forum players, sorry to say; If I don't know, I would say so. 

Would also be great to meet up with fellow, property renters local to my area, with a view to setting up a small organisation. I am new to the Spain game but have been a professional UK landlord since 1997 and am well qualified in terms of Rental Agreements which I always draft myself -albeit with a measure of plagiarism over the years- and other such stuff. (I note most people don't bother with Rental Agreements; I think they most certainly should!)

That's a detail for now.

Basically, hello.. and here if you need me !

Peter B

This message was last edited by PeterVM12 on 31/01/2019.

This message was last edited by PeterVM12 on 31/01/2019.

Peter, your experience with Property Managers exactly reflects mine in the UK.  As a breed they are incompetent, lazy and corrupt.  A large portion of the property sector (particulrly involving flats) is a nightmare and I have no doubt that the experience you mention follows the crooked ways they learnt in the UK. 

What's worse is that the Ombudsman's systen is set up differently and the 4 Omdudsman you can complain to are not independent.  They compete with each other for clients.  Quite absurd.

I tried to employ a Property Manager in Spain but she had her own agenda which was designed to line her own pocket.  If you didn't read her trading conditions fully before signing you would be in for an expensive experience.  

Renting a property for holiday lets in Spain is fraught with problems and aggravation. A lot of Brits perceive it as easy back pocket money. If you are hands on and manage everything yourself you may well do OK provided you use a good website platform and are selective with choice of guests. Nobody wants the guests from hell. But if you are trying to operate it from the UK, you are in the hands of the incompetent greedy vultures. Their only objective is a meal ticket for doing a ‘’could not care less’’ job.

The problem with most things in Spain is that the British do not understand their culture and believe every country has the same culture, regulation, justice system and morals as the UK. Basically Spain is cowboy land where anyone does as they like and the authorities are all part of it.

Why should negative corrupt elements always prevail or be seen as “ inevitable”? 

There are surely ways to incentivise the benefits of a more ethical approach within the real estate industry?

For instance with regard to the lack of reliable and trustworthy property managers, it never fails to surprise that a good reliable company hasn’t stepped forward to fill the gap in this regard? 

Surely in this day and age where citizens feel increasingly vulnerable there’s a place for such competition....and who knows it could indirectly positively improve a section of the real estate industry that is currently perceived in such a bad light? 

Having said that, the message should be stressed loud and clear that purchase of Spanish property should NEVER significantly rely upon the assumption that renting will remain as a viable option to assist in any purchase going forward. The risks, as has sadly already been witnessed with the growth in repossessions, is far too great in such an uncertain political and economic era.

Why should negative corrupt elements always prevail or be seen as “ inevitable”? 

To answer your question, I reckon it's a combination of factors:

~ Lack of good legislation/meaningful regulation
~ Public lethargy, unwilling to stand up for themselves
~ The fact that a lot of those abused are from lower income sectors and least able to protect themselves
~ General low standards which have become accepted as the norm and few good alternatives
~ Fear of reprisal, people losing their homes etc

I only have experience in UK and Spain but the culture seems similar in both.  In the UK I was particularly disappointed in the Ombudsman service in the property sector which is not fit for purpose.

The Ombudsman is promoted as a totally independent and unbiased person. However I have my doubts that is always the reality. He is usually from within the industry and continues to attend the annual Christmas party. In my experience the Ombudsman and most other so called independent tribunals look to find in favour of the industry and it is up to the claimant to prove their case beyond any doubt, thus more like a criminal trial than a civil action.

Kavanagh,

Not sure if you realise, but the Property sector is very different system to that of Financial services.

Unless it's changed recently to be in a position to be able to comply with membership of the various associations you have to join one of the 4 Property regularity bodies.  They charge a fee to do so and naturally enough prefer to keep their clients happy and effectively compete with the other 3, so are simply not independent.

In the FS industry all companies are regulated the Financial Conduct Authority have to pay an annual fee without any choice - there is only one Financial Services Ombudsman. 

In practice this has a massive difference for those who are seeking redress.  The Property sector has a barmy system - they seem to have friends in high places, but perhaps that unsurprising.

If you doubt me google Sinclair Gardens Investments Kensington and see the write-ups - they've been trading in this manner for 20 years or more and no action is ever taken.  There are plenty of others too!  The authorities seem to just turn a blind eye to the Property sector.

Hello Acer

I doubt I am up to date on all regulatory bodies or Ombudsman. In fact I thought the property sector (estate Agents) was not regulated at all. In my time it was the National Association of Estate Agents who were nothing more than the old boys club.

Of course we probably still have the trading standards department for what they are worth, but when I see all the lying deceitful exaggerated TV adverts I have no confidence in that bunch.