Welcome to LEXXUS Property Management, (LPM) our team provide both local and overseas residential investors with a professional, efficient and transparent service delivered to an international standard.
P.R.A.G.U.E. - Residential Investment Principles
P urchase Structure, (Holding and Tax Set Up)
R ental Income, (Maximum Rent, Minimum Vacancies)
A partment Fit Out, (Quality, Cost Effective, Widest Aesthetic Appeal)
G ains, (Capital Gains and Currency Exchange)
U ncomplicated Management, (Clear Reporting, Quality Service)
E xit, (Sales)
OK the above acronym is not necessarily in the right order. However, it highlights the essence of any successful real estate investment. A good return on sale depends upon the correct acquisition and tax structure, appropriate fit out and essentially the control of daily running costs. Unless these factors are combined with a realistic and sustainable rental stream any long term capital gain will be seriously eroded.
In order to ensure your property returns the maximum yields, we have established a system of codes, practices and reporting structures that ensures that you are informed and in control.
Our team handle every type of Prague property - from historic, modern apartments to townhouses. We take care of both individual units and large residential portfolios.
We have established excellent connections with the major leasing agents, banks, multi-national companies and embassies to provide us with a steady supply of suitable tenants.
LPM is supported by our own marketing department that ensures your property is effectively and professionally marketed locally, nationally and internationally.
Our office in the historical centre is operated by personnel with many years’ experience in their individual fields. It is a continuous process to stay informed of current legislation, health regulations and tax requirements that affect you, essential given the recent changes to local legislation.
Our book keeping department has a proven track record of rent collection and efficient transfer of funds to the client.
We do not charge a management fee if your apartment is vacant.
LPM will deliver the same high levels of service and corporate knowledge that has made our group Prague’s market leader. Our management teams combined professional experience will ensure that the owner‘s mandate is not only met but surpassed.
In regards to your apartment our aim is to provide you with the same level of control and information as if the apartment were in your own home town.
|Description||Costs (including DPH/VAT)|
|Management Service||6,5% of gross rent, (plus DPH/VAT)|
|Lettings Service : Tenancies of +6 months||One month gross rent, (plus DPH/VAT)|
|Management Service||Included in fee|
|Attending owners‘ meetings||Included in fee|
|Preparation Tenancy Agreement||Included in fee|
|Sale of the apartment||Negotiable, (plus DPH/VAT)|
|Accounting service||Cost subject to your requirements|
Day to day maintenance
Experienced reliable and professional contractors are hard to find. We have a network of vetted qualified and fully insured contractors. As they undertake a great deal of work for LPM so you can be assured of prompt service and reasonable prices.
We respond quickly to solve any reported problems. This is important for your peace of mind, your tenant’s welfare and ultimately the success of your lease.
Even in the event of emergencies we will always receive quotes.
Contractually we will visit the property a minimum of twice a year. In reality due to regular contact with the tenants ‘we see the property on a regular basis.
After each visit we send you a report on the visible condition of the property and how the tenants are respecting the unit. If the tenants are in breach of their tenancy agreement we will advise you of the best course of action.
Several tax, legal and health and safety regulations relate to the letting your property and all landlords must comply.
Failure to comply with safety regulations can result in severe penalties. We relieve you of this worry.
Claims against deposit when tenancy ends
The most contentious part of the letting process.
Having your property managed keeps you at a distance from any negotiations and we mediate between you and the tenant. LPM undertakes the Inventory and Hand Back Report and we evaluate if necessary deductions. In the event of a dispute the matter will be managed by LPM in order to avoid any protracted legal actions.
General management service
The following is also included in our Management Service. Please note unless LPM is provided with a Power of Attorney some suppliers will only take instructions directly from the owner.
Fees for the management service
No fee when the property is vacant.
Our standard commission is 6,5% of the gross rent as per the terms of the terms of the Tenancy Agreement plus Value Added Tax, (D.P.H. in Czech).
We prefer if to raise a separate invoice, usually on a quarterly basis however, we can also take our fees directly from the rent.
The following services are included in our lettings service:
Fees for the letting service
Our fit outs and furnishing are operated on an open book system. In simple terms all invoices, bills and discounts are channelled back to the owner or their holding company. Lexxus takes a separate fee for coordinating and facilitating this service.
If LEXXUS are required to make quarterly returns to the Czech Financial Authorities, LEXXUS make a charge for this service plus value added tax, dependent on the level of activity of the company. Fees for the accountancy service are tailor made to the individual’s requirements.