Good property management companies in Romania

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This year, I have received 7 separate cases from investors who had had anything from a poor to a ridiculously poor ownership/ investment return from other PM’s and in some extreme cases, where the even the rent was simply stolen. I won’t mention names but you know the main providers. As of this week, I now have heard from clients from 4 Romanian providers at least one of the following has happened:

  • repairs have been invented (to the tune of a few thousand euros & I previously publicly supported this PM on the PS forum,- comment now removed)
  • apartments have been declared empty when rented
  • repairs or gas checks etc or taxes declared paid etc that have categorically not been

My purpose is not to damage the reputation of these agents. The forums do that as owners talk to each other. But owners just assume all agents in Romania are like this & it is not true. I spoke with Property Secrets & asked them to send an email to their Romanian client list informing them about us, but ONLY after I have asked 5 Property Secrets forum users, that they could easily verify by any of the following: your email address/ forum username/actual name.  If I can demonstrate I am what I say I am, only then would I ask him to tell other fellow investors that we exist.

Our claim is that:
1.       We are able to take a bad case of an investment, however bad the history has been getting it up on its feet, bringing it back to the standard where needed, as long as it actually exists.
2.       Get it rented, managed & running smoothly in a timely manner.
3.       Not only that but to get it to a point where you can literally forget about it day to day & leave it to us. One client told me last night that he has to constantly think about his Bucharest property, manage his PM, as well as pay PM.
4.       That we use appropriate repair sources (usually my own team except for Gas & Electrical work, where it MUST be certified people)
5.       With WMP, the property is as close to what PS told buyers it might be as they could reasonably hope for in the 2012 climate.
6.       We don’t use sneaky clauses or binding contracts, or charge owners when they find their own tenants etc. In fact, of 44 clients, I have not a single binding contract with one of them. Just a gentleman’s handshake & I have never broken my word. Clients are free to leave at any time, no hard feelings, no ‘missing’ history or documents etc.
7.       I’m not saying we are superhuman or marvellous, but we do what we say, honestly and in a timely & above all else, we are dependable. I am first solution-minded, or Service-Minded (as an Engineer) & profit-minded second.
I would like to help those clients get to the same point that our other clients are at.
My latest challenge is a Topaz apartment in Greenfields from a Kerry owner, which has had next to zero performance in the past years.
By the above claims, that should be
A/ furnished (at zero profit to White Mountain because the owner was defrauded by the MRI group & I publicly stated on MRISG that any victim of that shower would get the use of my full resources at no profit, as a humane gesture to suffering investors.
B/ tenanted within 10 weeks if we can agree on a fair rent for all concerned.
It will be interesting to see. The clock starts next Monday.
I include genuine testimonials from PS clients in response to the above email, which I sent to each ex PS client we have.  As more responses come in, I will post them, anonymised, but Property Secrets have seen the original version & know the feedback to be genuine.

Response from one client: “Dear PS, I bought (far too many!) properties through Property Secrets – two in Krakow, one in Poznan, two in Swinoujscie, one in City Lights, Bucharest, and one in Brasov (the latter went under).

The one in Bucharest was a nightmare to finance – it took two years to sort out, by which time it sat completed for over a year a half. The recommended was xxxxxxxx xxxxxxxx – recommended by both Property Secrets’ withdrawing team, and Jinga the lawyer. In the beginning, on the phone, they fine. We had long conversations about the market etc. We tried to sell, but could not, despite dropping the price enormously. So xxx tried to rent. It simply sat empty for 8 months. Xxx then failed to answer emails (apart from simple one line answers) and would not return calls. I felt utterly at a loss. I had a look on the internet at other agents but how on earth could I know which one would be better?

I know from bitter experience in Poland that the best thing to do is follow the recommendations of a good number of other investors who has actual client experience of another agent.

I can’t actually remember how Damian got my email address but I did receive a letter and after some time, made contact. he unequivocally advised me to furnish (I had been holding out to rent unfurnished). So we did. The short story is that 3 weeks after initial contact, designs and costings were offered. Shortly after, work started without laying down any money…. finished after 3 weeks – on the market for 10 days and rented on a 3 year contract for as high a rent as I could expect to the local City Hall. It’s incredible. From a no-hoper, now it’s a functioning investment. His property management team in Brasov are brilliant, in full contact and pro-active.

Damian is an extraordinarily energetic guy. I received several unsolicited phone calls from the site, during shopping trips etc giving me updates. He’s an unusual character who perhaps gives too much information to you than is necessary but there’s no question that he got me out of a pickle and has performed a miracle. Incidentally, a lot of the dealing with him is on trust – I still owe him 2000gbp for the fit out which he funded until I could get a rental stream, but have until December to pay – that’s pretty amazing. I strongly recommend you talk to White Mountain.

Regards, Xxxxxxx Xxxxx, Glasgow, Scotland (and Saudi Arabia)”

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