A few years ago, the term “rental management” was part of the foreign vocabulary for Mauritians. Today, thanks to the rise in the luxury real estate sector in Mauritius, bringing together favourable conditions for locals and foreigners, rental management is a great investment opportunity for most new buyers. Focussing on this service can be both practical and profitable in Mauritius.
Rental management: what is it?
Rental management is a real estate service that any owner of one or more property (s) real estate (s) can subscribe to entrust the management and monitoring of their property to a professional third party. He may then appeal to a real estate agency, a notary or a trustee who receives in return, a remuneration from the owner of the property for the services he offers.
Why use rental management?
The rental management service is a solution that allows owners to rent a second home located in Mauritius, without having to manage all the constraints related to its rental (maintenance, repair, key collection, rent recovery, management of unpaid bills, etc.). Most of the owners of luxury properties located in Mauritius are foreigners living in France, and they rarely have time to ensure the good management of their heritage abroad. Reason why they need a rental management professional so that they are able to focus more on their daily life in France.
Which services are covered by rental management?
Rental management is a term that refers to a set of services offered by a real estate professional. In Mauritius, the services covered by rental management essentially depend on the characteristics and specialties of each professional. Nevertheless, a rental management service generally includes some identical options such as the management of lease agreements, the maintenance of the property, the visits and inventory, the management of breakdowns (electricity, plumbing, etc.), the renewal of the lease , the drawing up of an estimate if necessary or the surveillance of the property in the absence of tenant. It is also possible to entrust the management of possible conflicts between landlord and tenant to a rental management professional.
Rental management in Mauritius also includes for most agencies, the recovery of rents. Some professionals offer more personalised services such as the settlement of trustee fees, the monitoring of home insurance. Other additional services such as gardening and the management of the house staff are also part of the work of a rental management professional.
Is rental management expensive?
The rental management fees are generally based on the characteristics of the property, its location, its equipment and other specific criteria. The professional manager retains approximately 5% to 10% of annual rents or 15% for a more complete care. The costs incurred by the rental management also depends on the services to which the owner wishes to subscribe. But in all cases, entrusting the rental management of his(her) property(s) real estate(s) in Mauritius to a professional has many advantages.
How does it work for PDS luxury villas?
Mauritius has a large number of luxury villas PDS (Property Development Scheme) seeking tenants. Depending on the needs of the owner, this type of property may be subject to a rental management service in Mauritius. This allows the owner to stay quietly at home, to go about his daily business, regardless of the tenants who come and go in their second home. Thanks to his intermediary, the rental management professional, continues to receive all documents related to the lease, as well as rents paid by tenants in real time.
The luxury villas located in Mauritius are coveted by a large number of consumers. These include holidaymakers from foreign countries, but also employees from big companies on business in Mauritius, lovers who are about to get wed, friends who allow themselves a moment of relaxation or families in search of an exceptional well-being. And sometimes, retirees looking to settle in Mauritius for a little longer. The rental management service also has many advantages for the latter, because they are sure to get the comfort they are looking for, freedom of movement and especially the à la carte service that allows them to live a quiet and complete stay.
In Mauritius, travellers can, for example, find apartments with 1 to 3 bedrooms, fully equipped (American kitchen, WiFi, TV, dishwasher, washing machine, etc.) with additional services nearby. like clubs, spas, gyms, etc.