What new lessons we are learning from this experience

• You have to do whatever the community of owners decides.

Of course we are part of the community of owners but it is managed democratically so everybody is bound to doing whatever the majority decides. What strikes us most is that our building is made up of studios and small flats. We don’t think the other owners are rich at all, most of them are probably investors like us and it doesn’t make sense that they vote in favor of so many works constantly.

What Fred and I were thinking is that, if we keep investing in real estates, ideally, we should invest in an entire building (or residence) instead of one flat in 20 different buildings. This way, we have the majority of votes in the community of owners which means more control over how it is financially managed.

• Certain periods in the year are more favorable for finding renters.

Last May, we had no trouble finding renters. One of them (the one that is no problem) was a student who had been hired for a 3-month traineeship and therefore needed a place close to work. After the 3-months period, he liked the flat and the town and decided to stay there although his university was a bit far away. The other one (the dishonest one) was not a student nor a trainee, he just happened to arrive in the town at that period.

As our flats are studios, they appeal mostly to students so the most favorable period is between May and October because it’s when students or their parents are looking for a place for the next academic year. Our renter left in October, we found out in November and got our keys back in December. The only students that would be interested at that point are exchange students coming for the second semester (February to June) but we’d rather find somebody who wants to stay longer because the management company keeps one-month rent for every renter they find for us.

• Should we understand that furnished studios are not what most people are looking for or is it that renters prefer to deal directly with owners in order to cut the real estator’s commission?

I’ve rented flats for almost 8 years and I have to admit that never ever did I use the services of a real estate company to find a place. Maybe that’s what makes it harder for us to find a renter but we don’t have much of a choice since we are not living close to our studios.