There are a lot of posts on this forum from non-Polish who have bought/are buying properties in Poland (I assume these are mainly buy-to-let investments). But does anyone have any advice on how to let the apartments? Especially those who are not living in Poland?
From what I can see there is not a well develop property management industry in Poland outside Warsaw and Krakow. I have just bought a place in Wroclaw which is almost ready for the rental market.
Thanks for that advice, does not anyone else have any first hand experience? There is reems written on this site about the pros and cons of buying investment properties but very little about the follow thru.
You need to get in touch with bubbawoo on this forum. He is the guru of all things property wise. He might help you. Then again he might be out enjoying the high life.
I am based in London and have also invested in Wroclaw over the last three years, I have been renting two apartments for the last two years in a new development about 15 mins walk from the Rynek located close to the Botanic Gardens. It has been relatively easy because my partner is Polish (although he is also based in London), we advertised in Polish newspapers esp Autogielda and were successful, however although they are high spec apartments we have rented to students and you may find this in Wroclaw because about 15% of the population are students.
The issue with this is that during the summer months they will only pay half rent (however you can keep key and have use of the property). The yields despite this have been good.
This year we will have three higher spec properties ready and we are looking at the corporate rental market so we will have to use agencies. My experience to date of estate agents in Wroclaw has been very poor. So I can't guide you however Iglica are one of the better ones and I can give you a contact there if you want. I guess it depends on the spec and target rental market, anyway let me know if you need more assistance.
You're 100% right that there is very little thought given to how to rent out in Poland. Not only are there difficult security of tenure issues, but also finding agents to manage properties is quite difficult.
You might consider having a look at Davidoff Kleeberg & Maresch. They are in Warsaw, have just started in Krakow, and I believe will open in Wroclaw soon. Their web site is worth looking at. You can Google it.
Mickster, The notary I used could not speak english. She was arranged by the agent I used and came with an offical licenced translator, which I believe is the law whenever a non-Polish speaker is signing a contract with a notary in Poland. I was not too impressed with the notary but if you're interested their email address is czyniewska@wiss.pl
Sin8,
I've not been able to find a professional agency who is keen to manage properties since my last post. I have talked to Ober Haus, they will only manage commercial properties, but one of the agents there said she may be willing to manage my apartment privately based on a contract between herself and myself.
I have not problem renting to students, but how did you manage this while you and your partner were both overseas? Did you have anyone to check in on the apartments, and carry out repairs if needed?
There definitely seems to be a market for managing apartments for private investments, if any else out there has any more info I'd appreciate it.
Or if anyone is looking for someone to manage their apartment please let me know. This is the sort of job that would become more interesting to someone if they had several places to manage rather than just one.
Apologies for not responding sooner but in response to your previous post.
"I have not problem renting to students, but how did you manage this while you and your partner were both overseas? Did you have anyone to check in on the apartments, and carry out repairs if needed?
There definitely seems to be a market for managing apartments for private investments, if any else out there has any more info I'd appreciate "
We have family and friends there who showed the properties to prospective tenants and managed any issues although there weren't many.
I think it is very difficult to rent through agencies my experience of real estate agents in Wroclaw to date has been dismal. You really do need someone on the ground that can help you out do you have any friends/contacts there?
Good sites to advertise for rent are emieszkania.com.pl, trader.pl, nieruchomosci.com.pl, locumnet.pl & gumtree.pl although you will need to put your add in Polish. In relation to agencies I would recommend centrum in Wroclaw centrum.wroc.pl they always have a lot of residential property on their site for rent so maybe they can help you. I also think that you will have a quicker response if the initial contact is in Polish as in my experience when I tried to contact in english my emails were ignored (despite the website being multilingual).
As the market is really hot at the moment I think a lot of agents aren't interested in the low margins gained from mananging rental residential properties....
Try to use IGLICA REAL ESTATE agency. We specialize in rental market and buy-to-let apartments management. We run about 100 apartments bought to let in Wroclaw, owned mailny by Irish and UK based investors.
regards Kris Jablonski
IGLICA NIERUCHOMOSCI 50-110 Wroclaw ul. Kielbasnicza 24/5
web site: iglica.pl ( soon in english) T _ +48(71)79.666.00
I've recently bought a flat in Warsaw and i'm considering to buy another one but this time to let. Does anyone have experience in buying and then leting a flat in Warsaw? Where and what to buy to gain the best returns?
I've also talked to my mortgage advisor who gave me an interesting idea. He offered me a buy to let mortgage where i don't have to proove my incomes and the monthly instalments are paid thanks to the rent. That means owning an apartment without any costs. WOW :)
BOBBy_Dogy Hi. I have let an apartment in Warsaw. First time off i used Ober haus. Second time, i happened to find someone on here. I would be very interested in your contact who is offering you that mortgage. I only have nightmares when i think of getting mine.
I have also been through the mortgage process several times with 2 different banks, so if you want their details, pm me.
I would be very wary of a mortgage that means you have to prove your income - a no-documentation loan - and has interest rates so low that they are paid 100% by the rent. Watch out for lowball first year rates, ballooning to very high interest rates in subsequent years; high entry charge eg. 2%-3%; and severe penalties if you sell the properyt early and pay off the loan. I'd also be watching closley to see whop the (final) lender is.
please be aware that this guy is a self confessed racist. He particularly dislikes English people however he is harmless and just gets off in disrupting posts.
He seems to believe that foreign investment is a bad thing.
Maybe this is what your advisor was talking about:
"CEE Property Group has simulated rental investment in Poland, assuming 100 percent mortgage finance. The rent will fully cover the monthly capital installment provided the loan is denominated in Swiss francs. It will also cover maintenance and taxes in cities like Wrocław, Katowice and £ódź. The monthly interest payment is treated as the investor's sole contribution. Once the mortgage is paid off, the investor will own the apartment after paying only zl.200-400 per month."
hmmm. Do your homework first, so easy to get your hands burned with buy to let properties, no matter which Country you are looking into to buy. Usually if an offer looks too good to be true, it generally is. Simple as that!
Also, choose your 'good' advisor really well........are they independent ? If so, expect to pay a fee for advice. If he/she doesn't charge you then he/she is on commission from the finance groups (banks etc) and therefore has a vested interest. Easy to buy , very difficult to offload in a recession and no tenants for any period of time means you pay the mortgage and all the bills !
