I'm meeting a new letting and management company in Budapest called Budapest Partner Property Management http://www.bpartner.hu/ has anyone any experience with them? Any feedback much appreciated?
Budpest Partner Property Management
- Thread starter geordie
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G
Guest127
Guest
and he's currently in Ireland
Bpartner on Tour
Hey Deszö, from the moment you're back in Budapest, we should have a drink with Brendan (Budapest).
Musha ringum duram da,
Whack fol the daddy-o!
Success in Eire!!!
So is anyone going to give me any feedback on their experiences with BP or not? I hope you don't think I'm him under a pseudonym because I can assure you I AM NOT. I'm a fully fledged South Dub (born in Hexham in Northumberland in the UK - hence my nickname Geordie). My interest re getting some feedback on this crowd are fully genuine. Anyone got any insight good or bad then?
L
lee-m
Guest
hey there, I've dealt with them in the past they were not brilient to say the least
Hello lee-m,
can you give me more detail about your experience with bpartner?
Have you worked with them - or just talked?
H
Hungary
Guest
Hello lee-m,
I would be much appreciated if you told your story about us because I am 100% of sure that we had never ever met and worked before.
Please clarify your statement urgently!
Thank you
I would be much appreciated if you told your story about us because I am 100% of sure that we had never ever met and worked before.
Please clarify your statement urgently!
Thank you
H
Hungary
Guest
As far as we know lee-m is a Cassaro client. He is very satisfied with their service and performance. Further, I know all of our clients as well as who contacted us in the last 18 months.
I want to emphasise that we are a "new company", so working with us in the past means "recently".
I am still sure that he think about another company that is on the market for years. It can be happened!
I do not want to be defensive but I am concerned with comments without explanation.
With best wishes
I want to emphasise that we are a "new company", so working with us in the past means "recently".
I am still sure that he think about another company that is on the market for years. It can be happened!
I do not want to be defensive but I am concerned with comments without explanation.
With best wishes
I have found Budapest Partner Property Management to be extremely professional in all aspects of my dealings with them. I purchased an apartment 2 years ago from plans. Bp had it rented about 6 weeks after completion at a satisfactory rent. They respond immediately to any queries and their local knowledge of the market is excellent. If you need any further info. please pm me
I have also had some conversations with BP, and once met Deszö in Budapest. I found him and the company to be very professional.
Just take a look at their website, the amount of information they provide, from all you need to know about property management to furnishing packages for your property.
I would have no problems recommending them.
Mack
Just take a look at their website, the amount of information they provide, from all you need to know about property management to furnishing packages for your property.
I would have no problems recommending them.
Mack
In the past, I've recommended/suggested Bpartner to many users of this board - including yourselves Mack (Sun Palace) and bpi (Mor utca).
I've met with Dezso/Bpartner/Hungary a couple of times, as well as almost all other major management companies in Budapest over the few years I’ve been here.
In general, property management is very underdeveloped in this city and probably one of the weakest areas in the Bp property industry. Most companies seem to make their biggest profits from furnishing apartments, rather than renting them. However, most have little real design experience and do a very poor job of this. In addition, most generally charge significantly more than the furniture costs. The second major problem is that most people who live here don't know of the existence of several of these companies. ingatlan.com is the closest Budapest has to a daft.ie, but it is not used nearly as widely. Most people I know rent directly from landlords, which tends to also mean that they pay one month's rather than two months' deposit. Most found their apartments through personal contacts or advertised in local newspapers.
In support of Bpartner, I can say that they are confident, enthusiastic, hard-working and reply to emails very quickly. As a small company, they focus on customer satisfaction, which most other companies don't seem to consider a priority. Their fees are also very reasonable and I've yet to find more competitive.
Their focus seems to be on brand new apartments, which they usually furnish themselves mostly from KIKA. These are then rented out ideally to corporate tenants at rents which are higher than average. Corporate tenants may not consider price to be their main priority and underground parking, spotless stairways, etc. may bear more significance for them. As a smallish company, Bpartner's apparent market niche of focussing on new apartments for potentially corporate clients makes sense as individuals (younger professionals and foreign students) typically prefer to live centrally in well-furnished, renovated classic apartments in good buildings in V or central VI at more reasonable rents. Individuals who know Budapest well will more than likely not use their services as their suggested rents tend to be so much higher than what is available locally.
I'm not sure if Hungary would concede this or not, but in my experience, Bpartner tends to have less success in renting out the classic apartments that come their way, despite a strong preference for these among younger expats in the city. In my opinion, this is all about having access to the most appropriate target market. I'm not a property manager, but I would have little problem finding tenants for renovated apartments at reasonable prices in the downtown area, whereas I don't know anyone who would rent a new build at Bpartner prices.
Bpartner seem to have found their market niche and I'm sure they will continue to be successful and develop this even further.
I've met with Dezso/Bpartner/Hungary a couple of times, as well as almost all other major management companies in Budapest over the few years I’ve been here.
In general, property management is very underdeveloped in this city and probably one of the weakest areas in the Bp property industry. Most companies seem to make their biggest profits from furnishing apartments, rather than renting them. However, most have little real design experience and do a very poor job of this. In addition, most generally charge significantly more than the furniture costs. The second major problem is that most people who live here don't know of the existence of several of these companies. ingatlan.com is the closest Budapest has to a daft.ie, but it is not used nearly as widely. Most people I know rent directly from landlords, which tends to also mean that they pay one month's rather than two months' deposit. Most found their apartments through personal contacts or advertised in local newspapers.
In support of Bpartner, I can say that they are confident, enthusiastic, hard-working and reply to emails very quickly. As a small company, they focus on customer satisfaction, which most other companies don't seem to consider a priority. Their fees are also very reasonable and I've yet to find more competitive.
Their focus seems to be on brand new apartments, which they usually furnish themselves mostly from KIKA. These are then rented out ideally to corporate tenants at rents which are higher than average. Corporate tenants may not consider price to be their main priority and underground parking, spotless stairways, etc. may bear more significance for them. As a smallish company, Bpartner's apparent market niche of focussing on new apartments for potentially corporate clients makes sense as individuals (younger professionals and foreign students) typically prefer to live centrally in well-furnished, renovated classic apartments in good buildings in V or central VI at more reasonable rents. Individuals who know Budapest well will more than likely not use their services as their suggested rents tend to be so much higher than what is available locally.
I'm not sure if Hungary would concede this or not, but in my experience, Bpartner tends to have less success in renting out the classic apartments that come their way, despite a strong preference for these among younger expats in the city. In my opinion, this is all about having access to the most appropriate target market. I'm not a property manager, but I would have little problem finding tenants for renovated apartments at reasonable prices in the downtown area, whereas I don't know anyone who would rent a new build at Bpartner prices.
Bpartner seem to have found their market niche and I'm sure they will continue to be successful and develop this even further.
H
Hungary
Guest
Just for sure,
We have 6 classic apartments which were taken over from other management companies because they were vacant for a long time.
But all of them is good long term investment and we are happy to work with them even we have to put extra efforts in this job. Plus, we do not have classic apartment renovated and furnished by us. Problems with renovation and furnishing make renting potentials a hard job. Unfortunately, we cannot accept all classic apartments, therefore, we might say "choose an other company as your partner" because we work for free of charge if the apartment is vacant. I mean we are concerned with renting potentials in long term. (I can rent it today but it will be impossible to rent it in 5-10 years)
At the moment, one is empty because the building will be renovated soon and nobody wants to rent even if the rent is reasonable (127 sqm, 3 rooms, unfurnished, €500 with tax). But this is a long term investment and expected captial appreciation will compensate the owner even if the apartment will be vacant (no management fee). All of other classic apartments have also some "handycap" so finding a tenant is not piece of cake but long term potentials are favourable:
- utilities are essential if max. level of utility is over 30% of the rent as tenants are very concerned with that
For instance, €400 rent for a 2 bed apartment (with tax, renovated, well furnished but nothing special, without lift) but max. utiltiy might exceed €200 when heating is on. It is good to know that tenants pay rent and utility and tenants are not happy with a €600 apartment if utility is €200.
I understand that budapest would find a tenant for a perfect apartment in district 5/6 where he is really interested in actually. But I am sure he would have difficulties in introducing a tenant for an apartment with handycap in special parts of district 7 or 6 where "nobody" wants to live.
I want to emphasise that our rents included tax while most investors do not pay tax at all becuase management company does not care with tax issue at all. And it is better to know that taxes are very high in Budapest.
budapest, do you pay tax in Hungary when you talk about a 2 bed renovated and furnished aparatment in a good area?
I am very tough and I think tax needs to be paid. Those who do not pay tax get probably 30-50% higher return. It is not fair with others who pay tax.
Finally, I can confirm that reasonable rent with tax is higher than "black rent".
As a company we pay hugh amount of tax and our clients also pay tax but apartments are usually advertised with net rent in Budapest. Just to show the case:
- annual rent with tax: €4800
- annual net net rent when all extra charges are deducted (best scenario from 3 options): around €3,300
- net net rent when all extra charges are deducted (worst scenario from 3 options): €2,450
Note: there are 3 alternatives of how to pay tax in Hungary (best and worst scenario depends on your direct related costs to tenancy)
I do not think this is a reasonable rent for any renovated and furnished one/bed apartment in downtown of Budapest.
To be honest, that is why, we are specialised in new residential market where we can provide high standard apartments for 8% till 10% gross yield.
Finally, Budapest residential property market is a big black market. As far as I know 90% of rent income is black money.
This is the particular reason why I am concerned and sent this post.
The reasonable rent is rent with tax only!!!
We have 6 classic apartments which were taken over from other management companies because they were vacant for a long time.
But all of them is good long term investment and we are happy to work with them even we have to put extra efforts in this job. Plus, we do not have classic apartment renovated and furnished by us. Problems with renovation and furnishing make renting potentials a hard job. Unfortunately, we cannot accept all classic apartments, therefore, we might say "choose an other company as your partner" because we work for free of charge if the apartment is vacant. I mean we are concerned with renting potentials in long term. (I can rent it today but it will be impossible to rent it in 5-10 years)
At the moment, one is empty because the building will be renovated soon and nobody wants to rent even if the rent is reasonable (127 sqm, 3 rooms, unfurnished, €500 with tax). But this is a long term investment and expected captial appreciation will compensate the owner even if the apartment will be vacant (no management fee). All of other classic apartments have also some "handycap" so finding a tenant is not piece of cake but long term potentials are favourable:
- utilities are essential if max. level of utility is over 30% of the rent as tenants are very concerned with that
For instance, €400 rent for a 2 bed apartment (with tax, renovated, well furnished but nothing special, without lift) but max. utiltiy might exceed €200 when heating is on. It is good to know that tenants pay rent and utility and tenants are not happy with a €600 apartment if utility is €200.
I understand that budapest would find a tenant for a perfect apartment in district 5/6 where he is really interested in actually. But I am sure he would have difficulties in introducing a tenant for an apartment with handycap in special parts of district 7 or 6 where "nobody" wants to live.
I want to emphasise that our rents included tax while most investors do not pay tax at all becuase management company does not care with tax issue at all. And it is better to know that taxes are very high in Budapest.
budapest, do you pay tax in Hungary when you talk about a 2 bed renovated and furnished aparatment in a good area?
I am very tough and I think tax needs to be paid. Those who do not pay tax get probably 30-50% higher return. It is not fair with others who pay tax.
Finally, I can confirm that reasonable rent with tax is higher than "black rent".
As a company we pay hugh amount of tax and our clients also pay tax but apartments are usually advertised with net rent in Budapest. Just to show the case:
- annual rent with tax: €4800
- annual net net rent when all extra charges are deducted (best scenario from 3 options): around €3,300
- net net rent when all extra charges are deducted (worst scenario from 3 options): €2,450
Note: there are 3 alternatives of how to pay tax in Hungary (best and worst scenario depends on your direct related costs to tenancy)
I do not think this is a reasonable rent for any renovated and furnished one/bed apartment in downtown of Budapest.
To be honest, that is why, we are specialised in new residential market where we can provide high standard apartments for 8% till 10% gross yield.
Finally, Budapest residential property market is a big black market. As far as I know 90% of rent income is black money.
This is the particular reason why I am concerned and sent this post.
The reasonable rent is rent with tax only!!!
That's what I call good publicity for Budapest real eastate
How can this happen? And this in a country that needs money so badly
I can't say that I fully understand what issues you are replying to in your post, Hungary, but when I refer to returns, these would obviously include tax as well. I don't know anyone personally who has an apartment rented in Budapest and who doesn't pay tax on their income, although I agree with you that tax evasion is likely to be widespread throughout the Hungarian economy.
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