Brainstorming please

[m8]

Hello,
Thanks to the recession my I’ve lost my job here. Rather than go back to Britain I’m racking my brains to think of services that are needed by British people who live here or who come over here a lot.
What’s missing here? -eg services in Portugal that would make life easier for second home owners based in the UK, or for those who already live here. Ideally property type of work.
Any bright (serious) ideas greatly appreciated.

[pickwick]

Dear M8
I live here and do not let out my property but it seems to me reading this forum that absent owners could use the services of a representative to manage the relationship between themselves and their property managers. Lots of owners seem to feel that they are not getting good value but they lack the knowledge to be able to do much about it. If you were to represent several (eventually many) owners you would have the competative pricing information/leverage they lack individually and you would have growing purchasing power to use to get better deals for owners in lots of areas of expense. You would have to structure your remuneration to be savings based but that should not be a problem.

Good luck

Pickwick

[Bruce Wallis]

Surelly what you are suggesting here is that he set himself up as a property manager in his own right?

I see very little market for another link in the chain. An unquantifiable extra cost. If an owner is not happy, he or she should just shop around for a better deal.

I do wish you the best of luck though.

[cereza]

m8 - suggest you look at other topic about Is there a shop like Ikea near Cvo. People on there think there is a demand for someone to deliver and assemble IKEA furniture

[m8]

So d'you think there's a need for UK based owners of property here to have their property management service checked/audited for performance v cost....
I wonder of there are other services owners need eg to maximise the value of their property here or cut costs in this economic downturn...?

[pickwick]

Of course there is a market to help owners cut their costs!! I am not sure of the size of the market though you would have to do some research. Have a look at www.erm4.com and you will se why I am so sure you can make a living this way !!!!!

pickwick

[Bruce Wallis]

Of course there is a market to help owners cut their costs!! I am not sure of the size of the market though you would have to do some research. Have a look at www.erm4.com and you will se why I am so sure you can make a living this way !!!!!

pickwick

I still think that any cost savings will be mitigated by your fees.....therefore for the owners a marginal saving and probably not worth it.
I really dont think that this idea is a runner....sorry!

[pickwick]

Bruce

You miss the point! My suggestion was that his fees would be paid from the savings found so savings could not possibly be "mitigated by your fees" In my considerable experience in this arena (in my business we save other businesses an avaerage of 33% on goods and services) I have found that most buyers are not accessing the best possible prices for goods and services. We have over 250 clients and annual savings range from £0.65m per annum to a few thousand £. I am 100% certain that someone could make a living this way in the Algarve albeit that the savings per client will be a smaller number. If M8 can get enough clients he will make a living if he charges say 33% of the savings he delivers.

M8 If you want any help or advice in this area if you decide to progress I will be more than happy to meet with you!

Pickwick

[MALLYMAL]

We have a place down the road in Lagos. We rent it out 3 or 4 times a year to help with the bills. Our experiences so far....

Property management company number 1 were good in that they generated some rental business, and they did the cleaning & laundry as part of their 20% commission. (With hindsight, what a bargain). BUT!!!! SLippery as hell, took ages to pay over funds, etc... Really poor at answering emails or calls.... we were permanently worried they would vanish into thin air owing us hundreds of eutros. SO sacked them.

We now have a maid only service... still quite expensive. Charges laundry extra by the kilo. Obviously doesn't do meet & greet, or generate business, so not ideal either.

Spoke to an english couple who offer property management. They wanted to take 20% of any rentals, PLUS EXTRA for cleaning by the hour PLUS EXTRA for laundry by the kilo, PLUS EXTRA for a monthly drop in to check all OK. COULDN'T promise to generate any rental business, so wanted us to pay for OWNERS DIRECT listing!!!! After all that, I'd be lucky to clear 50% of my rental fee!!!!

SO there really is a need for someone who can offer a good quality service, good value, crystal clear communication, charming at checking in guests, etc.

If that's YOU, I say go for it, but it's gonna be hard work, sometimes irregular hours, etc. If you do set this up, AND you are good (I mean REALLy good) I'd consider using you myself!!!

REALLY good luck...hope it works out.

[m8]

Pickwick that erm4.com website is interesting, reading the testimonials, and thanks for your offer of advice. Have often felt that service providers in the Algarve could do with a reality check (and a kick up the ..) - property managers, lawyers, bank staff it's as if we're doing them a favour being their clients. Once the bank took 2 years to get back to me.
But could be hard accessing disgruntled British clients, only some of us use the (excellent) forum and most are probably isolated individuals up in the UK so just shut their eyes and pay the fees.

[Bruce Wallis]

I wouldn't entirely agree.
If you had been watching this forum recently , there has been discussion about the need to re-examine costs and question exactly what we are getting for our money with management companies.
When the euro was at about 1:40 , it didnt seem to matter so much, but nearer parity it certainly does.
For example, on first impression, I get the impression that Mallys charges are very high.
Having exchanged reasonably discrete PMs with other owners on this forum, I do believe we should all question our charging and look at ways of reducing costs. I have certainly gone through this exercise with my own management company and we have found small, but significant savings.

As a result of my enquiries, I do know there is a range of charging around Carvoeiro. Some of which could stand examination.

[m8]

Certainly there are a lot of backhanders going on in this country - the true breakdown of charges is rarely visible to British clients as there are so many cuts and percentages between property managers, builders, gardners, cleaners, estate agents. It's a can of worms.

[Ellie]

Don't know much about this subject as we don't have 2nd home there yet (we are at present looking into this)....
but from our time of living there and knowing much of the locals you find that they 'keep it in the family'...by that I mean many of the Portuguese people are related in the jobs there..

I do wish you good luck m8..it isn't easy finding work in these stressful times but Im sure something will click for you ..
theres some good ideas here

[pickwick]

M8
There you have it from Bruce. Initially he discounted the idea but from the PMs he has exchanged with other owners he knows there is a problem with pricing. I own ERM 4 and as long as you remain independant you will become trusted. We get most of our new business by referral so I think you would find accessing the owners not too difficult as time goes on. A good starting point would be the various agencies offering rentals and then drilling down to find out the owners details. Various methods would need to be employed to find your customers but eventually they will find you!! There are many categories of expense you colud help with over and above the property costs:- car hire, transfers, entertainment, (golf, water parks, amusement parks etc) restaurant discounts etc (see www.spreesecure.com)..... There is a real opportunity here!!

Pickwick

[m8]

My grateful thanks to you all, and especially you Pickwick. Certainly a lot to think about.