Property Rental Management in Mauritius
This activity which was some years ago unknown in Mauritius, is starting to get more accessible. With the development of the real-estate sector and of a more strict market (foreign investors, leasehold, tax declaration...), rental pool services is a practical and interesting service.
What is rental pool service?
It consists of the take-over by an external professional (real-estate agency, trustee, notary...) of the management and the follow-up of one or many properties instead of the owner or the investor. It allows the owner, in exchange of compensation, to discharge himself of the ongoing management of his property.
The rental pool services is addressed to owners who do not wish to be directly preoccupied by the restraints linked to their property’s rental. Often, the owner does not live in Mauritius or is too busy to ensure the rental’s follow-up. As described by Charles Bienvenu, Director of Welcome Home: “This implies much availability from the manager as the tenant may be in need of any help or service at any moment, and the idea is to discharge the owner of the obligation of the follow up.
What type of service?
The proposed services vary from professional to another. Generally, it implies to take over the management of the location contract, visits, situational analysis, renewal of the lease, maintenance of the property and emergency management (broken water heater, leaks, electricity problems etc...) with establishment of quotations is needed, be a mediator in case of conflict between parties or to supervise the house in case of prolonged absences of the tenant...
Welcome Home also proposes, on an optional basis, the debiting of rents (the agency cashes the rents and pays them to the owner). At Ofim, experienced professional with the management of 4000 properties in Reunion Island, we will find in Mauritius a series of general services with, in addition, the settlement of the trustee charges, followed by home insurance. The garden’s maintenance and the employees’ management may also be taken in charge as explained by Nicolas Tennant from Feel Free.
How much it costs?
The fees of the rental pool services are defined according to situations but are generally positioned between 5% and 10% of the annual rent and may reach 15% in case of the complete management. Each administrator adapts his tariff according to the proposed services, to the house’s situation, to its dimension and its condition... Furthermore the owners are developing an awareness of the advantages from which they benefit by entrusting the management of their properties to a professional. It allows them to delegate their responsibilities knowing that the real-estate agency shall defend their interests against the tenant.