Owner Questions
I own an apartment, but I use it as a pied-a-terre and not as a rental apartment. Could I benefit from the services of First Choice Real Property Management?
Yes. Even if you are not using the apartment as a rental property, you can still benefit from our services. When you are not living in the residence full-time, maintenance and repair issues can arise and expense payments are still required. When you are not using the property, we routinely check the apartment to ensure no issues, such as leaks or electrical issues, have arisen to ensure there are no surprises awaiting your arrival and to mitigate any additional damage that may occur from an incident.
What is the difference between First Choice Real Property Management and the management company that manages my building?
Your building’s management company will handle the affairs of the overall building, however, they do not deal with the needs of your individual apartment. You, as the unit owner, are responsible for tenant sourcing, expense payment and all issues that arise within your apartment (even in cases of fires, floods, or other incidents that may have affected, but did not initiate in your apartment). First Choice Real Property Management takes over all of these responsibilities for you.
What experience do you have in the management of residential real estate?
Prior to the formation of First Choice Real Property Management, our principals’ experience has included the construction, sales, marketing, asset management and financing of over EUR1 billion worth of real estate in Budapest City and neighbouring industrial parks. This experience makes us deeply knowledgeable in all aspects of the operation, acquisition and development of real property.
Who can benefit from the services of First Choice Real Property Management?
Our services are designed to aid foreign and local investors that own residential real estate properties, but do not have the time to oversee the daily operation of their investment. Anyone who wants to take advantage of the numerous benefits of real estate ownership, but is not in the position to oversee the day-to-day affairs can benefit from our services.
I own investment properties outside of Budapest City. Can your company help me as well?
Yes. First Choice Real Property Management can manage apartments anywhere in Budapest and around the country. We have developed strategic partnerships throughout the country to ensure we can serve a one-stop-shop for all of your real estate investment management needs.
Do you guarantee monthly rent payments?
While we strive to ensure that all our properties are occupied with no down time, we cannot guarantee monthly rent payments. However, due to the current vacancy rate in Budapest, if the apartment is priced correctly, it should rent fairly quickly.
What are the typical expenses you pay on behalf of the owner?
Typically, we pay common charges, real estate taxes, mortgage payments, maintenance bills, insurance and special assessments. However, if additional items are requested, we would be happy to pay those as well.
Do you seek approval of expenses paid by First Choice on my behalf?
Yes, unless we are spending under EUR150, we will seek approval to pay all expenses that are not pre-approved by you.
How do I ensure my apartment is being rented to a qualified tenant?
Our team of management professionals will conduct a thorough search into the credit and housing court history of each tenant. Also, financial information such as recent tax returns and bank statements are requested to ensure each tenant is well-qualified.
Unless you request otherwise, we will provide you with a report of all potential tenants, so that you will have the ability to provide final approval.
Do you hold the required licensing to manage real estate in Budapest?
Yes, we do hold a license as mandated by the Metropolitan Municipality in Budapest.
I would like to speak with some of your current clients. Can you provide references?
Yes, we would be happy to provide references upon request. Chances are, we can probably provide information for a current client in your home country.