6 Tips for Finding a Good Property Management Company in the Czech Republic

Looking for a good property management company in the Czech Republic? Smart choice — just don’t start out like Eithan Mizrahi. The time, energy, and money you’ll save will far outweigh the fees you’ll pay, especially if you don’t live in Prague. But how do you actually choose a property management company? It’s a serious decision — here are a few tips to help you make the right one:

1. Do Your Research

Go through the potential company’s website and check the following key information:

• List of services they offer (refinancing assistance, tenant screening, rent collection, etc.)
• Management fees and payment terms
• Owner and tenant portal
• References
• Reviews
• Response time

A good property management company will invest in a solid website for owners, just as you would invest in renovating your property to attract tenants.

2. Ask for Recommendations

Ask other real estate investors if anyone has heard of the company. Word-of-mouth recommendations are the most powerful tool for finding a good property management company. If it’s a serious company, people will have heard of them — and if not, you’ll likely get negative feedback too.

3. Review the Company’s Current Projects

It doesn’t matter if you’re investing locally or abroad — it’s always worth checking out the properties a company currently manages. And yes, the company should let you talk to their current tenants. Refusing such access is a red flag.

4. Learn How They Advertise Vacant Properties

Tenant recruitment and retention are vital — possibly the most important — functions of a property manager. So when talking with company reps, ask about their advertising and occupancy policies. It will show you how they operate in reality.

5. Compare the Market

It might be tempting to go with the first company that gives a good impression, but the more companies you compare, the higher the chance you’ll find the one that truly fits your needs — simply because your understanding and perspective will improve.

Here are some critical questions you should ask potential management companies:

• What fees will you be charged? Are they based on past collected rent, future rent, or a flat annual rate?
• Does the company charge special fees for filling vacancies?
• What is their management philosophy?
• What’s their procedure regarding deposit returns, and what happens in case of late rent payments?
• How and how often do they inspect the property?
• What are their eviction procedures?
• How many points of contact will you have and through which communication channels?
• How many years of experience does the company have?
• How many properties do they currently manage?
• How do they screen tenants?
• Do they offer an online portal for owners and tenants?
• What’s included in their monthly and annual reports?
• What’s their after-hours emergency protocol (e.g., burst pipe)?

6. Challenge the Company

Every property manager has their comfort zone, but an experienced, skilled rep should be able to handle challenges. Don’t hesitate to throw some curveball questions their way and see how they respond.

Looking for a good property management company in the Czech Republic? We’d be happy to help you too.