There is a huge demand in the Algarve for long term let properties, there are more tenants looking than there are properties available. There are a large number of empty properties in tourist areas in the Algarve, usually as they are either second homes for private family holiday use or summer holiday rentals. Often tenants are able to find short term let properties to rent in the winter months but then the owners maximise their income with weekly lets by renting to holiday makers in the summer. We do understand how difficult it is to find a suitable property for long term let and equally how difficult it is to find a trustworthy tenant, but we have been successful in placing tenants in properties for many years without any problems, ensuring they meet the landlords requirements.
If you are looking for a property for long term let, contact us with your requirements and we will try to find the right property for you. We have new properties every week and often they are not available for very long before they are snapped up so it is advisable to only look for a property when you are a) able to secure it with a deposit b) can meet the landlords requirements and c) can agree on a moving in date with the landlord. We know every landlord and have visited each property, and sometimes we have the keys to show you around. You will be required to provide some personal information in order for us to complete our checks on behalf of the landlord. If you are unsure how to meet these requirements we can advise and support you. Should you be unable to provide all the information required or it does not meet the landlords requirements to safeguard his asset, the property you want may not be available to you to rent.
Top Tip - To be an attractive tenant to a landlord, be ready to provide evidence of who you are and that you can afford the rent each month, have good references that you are trustworthy and reliable to ensure you will maintain their property.
For us to show you properties you will be required to assign us as your Estate Agent signing our Tenancy Agency Agreement and only when we are successful in finding you a suitable property to rent, do you pay our property finders fee of 100 euros plus IVA.
If you have an empty property that you don't use and you don't want the cost of maintaining it, and would like a regular income without the presence needed for holiday lets, why not consider a long term let? To protect your property and yourself as the landlord you should be aware of your responsibilities to ensure your long term let meets the requirements of the local law and tax legislation. We can advise and support you on what is required from you as a landlord putting you in touch with tax and legal experts if you need it.
At Diamond Properties Algarve we know how difficult it can be to manage both your property and your tenant particularly if you live abroad or don't have the time or skills necessary to manage a tenancy. This is where we can help you a) value your property to assess its monthly rent potential b) prepare your property for rent with our Property Management Service c) market your property d) find you a suitable tenant e) carry out tenancy checks f) prepare a tenancy agreement g) advise you on your requirements as a landlord h) set-up your monthly rent i) take pre-occupancy meter readings and j) carry out a property check. Just like any property management company in the UK or Ireland, all these professional services are available to you at an additional fee, available upon request depending on the property and your requirements.
We can be involved as much or as little as you need, sometimes all you might just need us to do is find you a tenant and you can take care of the rest, for this our fee is one month's rent. In addition you can benefit from our on the ground expertise to manage your tenancy from as little as 10% per month depending on the monthly rent, for this we can take regular meter readings, carry out frequent property checks, collect the rent, open your post, pay your bills, prepare monthly statements and be available to respond to any emergencies for you or the tenant and maintain your property if required with access to the skills of our poolman, gardener, handyman, maid, plumbers, electricians and builders with quotes available on request.
Before we find you a suitable tenant, we will need to visit the property and require some documentation from you and you will be required to assign us as your Estate Agent signing our Contract and only when we are successful in finding you a suitable tenant will you pay our fee.
Our Top Tips!!!
Landlords - don't be pushed by a tenant for them to move in before you have ticked all your boxes, do it at your own pace.
Tenants - do get a signed legal contract checked by an independent solicitor, signed receipt for your deposit clearly stating the conditions/timeframe for the deposit refund and get monthly receipts for your rent.
Hire a professional management company such as ourselves as an intermediary between the tenant and landlord, on the ground in the Algarve to find a property, and manage it.
If you would like to receive an income on your empty property, Contact us to find out how we can help you!