Author Topic: Property Owners Support Group  (Read 14350 times)

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andrew711

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Re: Property Owners Support Group
« Reply #45 on: July 31, 2013, 14:06:15 PM »
Yes, you can rent any property out, so long as it is not advertised as a tourist property and so long as no services are provided. But the point is that most apartments are advertised and promoted in this way. Having a reception is only part of this, but if a block had a reception and if, by some unlikely turn of events, that block could then qualify as "tourist apartments", then no one could live in an apartment full time on a residential basis. It won't ever happen. This said, there are, it seems to me, the odd anomaly. Anyone familiar with Siesta 1 apartments in Alcudia will know what I mean, because people do live full time, yet it is a licensed tourist apartments building. The other two Siestas, despite having receptions, are not meant to have tourist rentals but they of course they do.

Belladonna

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Re: Property Owners Support Group
« Reply #46 on: July 31, 2013, 17:17:13 PM »
Siesta 2 certainly did.  A bit of everything there.  Good old, simple living days back then, and it's probably not changed much as they have survived!  ::)
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Belladonna

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Re: Property Owners Support Group
« Reply #47 on: August 06, 2013, 10:02:02 AM »
 Engels and Volkers seem pretty solid and helpful estate agents. Anyone heard of bad experiences from them?
« Last Edit: August 23, 2013, 11:35:12 AM by Belladonna »
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Eleanor

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Re: Property Owners Support Group
« Reply #48 on: August 06, 2013, 13:43:36 PM »
Oh my favourite subject!!  ::)

Engels and Volkers are franchised now. I haven't heard good or bad so I suppose that might be considered good!  :)

My friend put her apartment on the market yesterday with Balearic Properties although I don't think she was overly impressed. Usual story - if you are selling then things are awful and don't think you will get your price. If you are buying then get in there quick as prices are going up!

My thoughts are the obvious. Property agents help to control the market and can talk a market up or down. My son is still on the books of another agent run by a German lady  (can't remember the name) and each week he is receiving emails - 'bargain property - put in an offer - low offers considered' This to me is disgusting and while we can appreciate it to be estate agent talk it does little to gain confidence and certainly little for the market. I think if you know roughly what your property is worth or rather what you might like then go for it. You can always come down but going up is much harder!

Remember also that there is a 5% commission to be paid to the agent too. A heck of a lot of money!  >:(
« Last Edit: August 23, 2013, 15:57:14 PM by Eleanor »
Eleanor


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Eleanor

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Re: Property Owners Support Group
« Reply #49 on: August 15, 2013, 18:05:48 PM »
A friend has just forwarded me a copy of an email she received from a well know PP estate agent. This same agent was selling property based on it's rental income not so long ago. Infact my friend bought from this agent who produced a month by month summary of expected rented revenue. How the tide has turned! My point made earlier is the same. If these agents sold apartments based on revenue expectations and a few years back, cheap mortgages then to me it is obvious the outcome.  As Bella said in a post elsewhere, some may have known and took the risk but in my view many many had no idea at all. It is easy to be tricked when sales commissions of 5% are involved! I wonder how many properties these agents will have on their books now?

Good afternoon,

Sorry for not answering before.

The new lawer about rental is saying –

Apartments you can rent out for long terms-

6 month or one year.

Holiday rentals  2 weeks or 3 weeks are finished.

My accountant told me there are already inspections

In Alcudia.The fine is supposed to be very high.

This happened all because the hotels have been half

Empty.

If you are owner of a chalet or a Finca there is no

Problem for rental.

For further questions you can contact me at any time.

With kind regards

I haven't included the name of the agency or the agent as this email was sent to my friend and not to me.
« Last Edit: August 15, 2013, 18:14:34 PM by Eleanor »
Eleanor


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Papillon

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Re: Property Owners Support Group
« Reply #50 on: August 16, 2013, 12:21:43 PM »
I have put this on the other forum to try and generate more support.

Thanks Eleanor and Sparky for those articles.

The staggering impression is that nobody from any of the interested parties have sat down together and come up with a workable plan that will secure the future of the island, allow fair competition amongst all providers of holiday accommodation, and generate the much needed tax revenue.

I believe many property owners are hoping the issue will fade away and things will quickly return to normal. It will not and as the estate agent has made it quite clear:

“Holiday rentals 2 weeks or 3 weeks are finished”

It may be that the only option is to take action ourselves and to threaten to withdraw all touristic rental properties from the market next year to force the issue. One would hope that if word of such an initiative gained publicity then it would focus the minds of the parties involved.

We have enormous financial clout if we can somehow stick together, we know there are powerful and influential groups on our side.

What we don’t want see is owners facing crippling fines because of ignorance of the Touristic Rental Legislation.

I have set up an email account at:

pollensapropertyownersgroup@gmail.com

If you feel strongly about this issue please register with your screen name using an appropriate address if you do not wish to be identified. All will be in the strictest confidence.


Eleanor

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Re: Property Owners Support Group
« Reply #51 on: August 16, 2013, 12:51:39 PM »
My response on the other forum


Good points papillon and I see where you are coming from regarding the withdrawing of rental property from the market. The fact is though that legal or not legal many many people just can't afford to not rent. Ok we hear the usual - you shouldn't have bought if you can't afford without rentals but the fact remains that our dear friends the estate agents made a heck of a lot of money selling based on potential rental revenue. I think there will be many people put into the position of having to rent illegally. There are going to be lots of renters with lots of friends next year!!

I wonder if there is a similar response through out other areas of the island? Pollensa of course is a small place and it would be interesting to know if a storm is brewing on other forums especially in the Santa Ponsa area and Cal a Dor. I wonder too about other nationalities and their response.

It will be interesting to see how this will sort itself out. I'm sure revenue must already be down on a few rental sites where people have suspended or cancelled their advertising.

There will also be those, besides the hotels, who may be clapping their hands together pleased that this is happening. I hope those people doing the clapping don't own property or a business related to the tourist industry as the knock on is obvious to see.
Eleanor


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Belladonna

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Re: Property Owners Support Group
« Reply #52 on: August 17, 2013, 10:34:14 AM »
Can someone find me a link, or give me the full lowdown on selling costs through estate agents please.  I know its quite expensive and would like to have some background knowledge before we start negotiations.  I can't find a comprehensive link anywhere at the moment!  ???
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girlie in the corner

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Re: Property Owners Support Group
« Reply #53 on: August 18, 2013, 07:51:57 AM »
Bella, as far as I'm aware, agents don't negotiate.  Its usually 5% (extortionate I know).  I know someone said on here that agents must be rubbing their hands in glee.  I think the opposite.  If the chances of anyone buying is that low, they're all going to go bankrupt.  I really do think its too early to 'knee-jerk'.  Rental of apartments is still allowed.  Its just advertising that's not!  And someone will find a way round that, they always do!  ;D
« Last Edit: August 18, 2013, 07:55:58 AM by girlie in the corner »

Eleanor

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Re: Property Owners Support Group
« Reply #54 on: August 18, 2013, 09:04:52 AM »
Bella it is 5% payable to the agent one actually is charging 6% I have yet to find an agent who will negotiate in any market. On top of that you will have sales tax and other associated fees. When you buy you expect to add on 10% for costs and you won't go far wrong if you work on 10% for selling too. Anything less will be a bonus. We have already seen some agents go over the recent times. No doubt others will follow. Only the best will survive or those with interests elsewhere or throughout the island generally. Remember the top end of the market millions upwards is still a very busy market especially nearer to Palma. What is happening here is of no consequence to them as just not relevant. Girlie it isn't just the advertising which is not allowed. It is renting any apartment without a tourist licence for anything less than a short term agreement. This is very different to renting to the tourist market.
« Last Edit: August 23, 2013, 15:59:14 PM by Eleanor »
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Belladonna

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Re: Property Owners Support Group
« Reply #55 on: August 18, 2013, 10:26:59 AM »
Thanks to both of you.  You are right girlie. I did originally say that I thought estate agents would be happy, but obviously they need both ends of the market to work in order to survive.  This is such an ill thought out practice they are trying/have brought in!  I have to admit my head is spinning about the legality of renting but the non legality of advertising. I have a blind spot on how one can work without the other!  As you say, someone will work it out somewhere, I just hope they will share their brainwave!  :-\
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Eleanor

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Re: Property Owners Support Group
« Reply #56 on: August 19, 2013, 15:42:28 PM »
Just heard from a friend with a town house. It was bound to happen wasn't it! :( can I just give a warning that there are companies and individuals popping up claiming to be able to sort out obtaining a licence. My friend paid his  Money up front and you've guessed - never to be found or heard of again! :(
« Last Edit: August 19, 2013, 17:32:53 PM by Eleanor »
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Belladonna

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Re: Property Owners Support Group
« Reply #57 on: August 19, 2013, 16:45:31 PM »
How very annoying for your friend.  So frustrating when you trust someone enough to pay upfront, only to be let down big time!  I do hope not much money was lost.  Always someone ready to make a profit out of a crisis!  >:(
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favie

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Re: Property Owners Support Group
« Reply #58 on: August 19, 2013, 19:35:00 PM »
Shocking Eleanor.....another scam for people to be wary about, just one thing after another at the moment....Oh, bring back the good old days!

PS out of interest does PP.com still have it's private forum for owners that was set up awhile back?
« Last Edit: August 19, 2013, 19:37:37 PM by favie »

Belladonna

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Re: Property Owners Support Group
« Reply #59 on: August 20, 2013, 08:30:44 AM »
Yes they do.
« Last Edit: August 23, 2013, 11:36:31 AM by Belladonna »
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