1 Cleaning. (this will make or break your vacation rental management company)
Think about logistics of people and supply in a realistic way as it is very easy to schedule and an impossible amount of cleanings per person and unrealistic delivery schedules for the towels and linen.
Real-time checklist which cleaning ladies have to fill and notify about broken or missing items (look for smartphone-based software solutions).
You have to have a quality control system and check the cleaning quality as without that mechanism the quality will inevitably go down. The cleaning ladies are your front line personnel and you have to have a direct contact and confidence in them.
2 Repairs and reacting to events within the apartments.
Think how you will prioritise the events which will occur as you will have limited resources also who pays for what (Example: If a 10-year-old washing machine breaks should your rental customer pay or the owner ? ). Have a system how to determine the responsible party for each event, which events need immediate attention and which ones can be scheduled. Try avoiding young local crowd who stay for 1 night and most likely will arrange a “social event”. There are different property management software and better use one to stay organised.
3 Manuals and information for your customers
Try to make the experience as easy for your customers as possible and think about:
Internet access, washing machine instructions, tv instructions, heating, check in check out, terms etc. The more information you have the better. More photos and videos the better as people don’t read nowadays. Videos don’t have to be fancy but useful take a peek at Best Apartments YouTube channel
4 Public relations with your neighbours and community.
Try not to upset your neighbours and have a system to detect a noise and disturbances within the properties BEFORE your neighbours. Think of ways how not attract the wrong customers which will save you a lot of hassle later on.
5 Check-in and check-out procedures and key delivery
Key management system to track and deliver keys the following questions need to be answered:
- How you deliver keys? Do you meet at the apartments or at your office? Can you deliver keys at night? Do you have a self-check-in option as key terminal, lockbox or electronic locks? Check in and check out times and policies for late check-outs?
There is a simple answer Estonia is a small country and Tallinn is a minute capital so the real estate market is small. The real estate experience is also limited to less than 20 years of independence and only one real estate market crash (2008-2009):
If you would like to rent or sell your property you will contact a real estate company who will provide you with a real estate agent. How has the service worked so far:
Real estate agent gets between 50 and 70 % of the total brokerage fee and the rest goes to the real estate company. The brokerage fee for property sale is between 2-4 % the brokerage fee for finding a tenant is equal to a 1-month rental fee. For that price the agent will:
- Post your advert to the 2 main websites in Estonia City24 and kv.ee
- Maybe they will make professional photos or make some good ones themselves
- Show your property to some potential clients
- all real estate agencies will tell you that they have a waiting list of potential buyers but the will buy below market prices if they exist at all
That is it. They might have some contract samples, but they most likely are outdated and not compliant with the latest changes in the law.
Little competition and a growing market. The demand has been greater than the real estate offerings on the market. In recent years global franchises as Remax have flourished in Tallinn but that has not pushed the prices down but given a better leverage against the real estate companies in favor of the real estate agents.
Some of the real estate agents will be inclined to offer you a quick cash offer below market price and resell the property for a big profit.
Property staging and decoration for sale is in its infancy. The real estate agencies rely more on real estate development projects where they build and sell new buildings than on the real estate brokerage service.
What is the future of real estate brokerage service in Tallinn?
Global real estate franchises like ReMax have entered the market and as the competition gets tougher the biggest and most efficient companies will increase the quality of service. Big corporations as AirBnB will get a bigger share of the most lucrative medium term tenant finding market (1-4 months) .
Best apartments PLC is the most innovative company in the real estate market in Tallinn which combines the most profitable parts: short-term rental + medium term rental. We strive for quality for our renter and profitability for our owners.
Our brokerage service includes a thorough cleaning of your property professional photos by the best real estate photographer and professional representation.
Cosy and spacious 3 bedroom apartment located in a very central yet quiet area next to the central market. The apartment is located on the 5th floor of a 5 floor building (there is no elevator in the building). The initial floor-plan has been changed so that the living room and the kitchen are built into one bigger and functional space. The apartment has central heating but the living room features a fireplace. Book this apartment rental now
Selling price only 120 000 EUR which is 1 807.23 EUR/ m² for more information contuct us
Ahtri 6a , 10151 Tallinn City Center
The apartment is good investment as it rents out successfully as a short term rental. Recently renovated apartment with a parking place in a garage in the building and beautiful new bathroom with a bathtub .Quiet because the apartment is situated on the 9th floor and on a very quiet and small road. Beautiful apartment in a new building situated in the city centre . . Tastefully furnished, safe, secure and comfortable apartment very close to the Old Town and all the sightseeing spots. The apartment can accommodate 2 people in one double bed and 1 person on the fold-away couch. The apartment has high speed internet and big LCD TV.
Key distances from this Tallinn apartment
3,8 km from Lennart Meri Tallinn airport
400 m from Freedom Square
450 m to Tallinn Ferry
1,0 km to Tallinn Town Hall (centre of Tallinn Old Town)
1.5 km to Tallinn train station This property has 1 Queen(s), 2 Pull Out Sofa(s).
Selling price only 169 000 EUR (for more information contact us)