time we all grew up

[p.belling]

I think it’s time everyone understood what’s going on in the real estate market in sunny beach area. We were lured into buying property highly overpriced by some ‘good sellers’ like MRI, promised capital return of 10-20% per year only by letting these apartments and lots more simply because the prices are going higher every year and this trend is expected to intensify when Bulgaria joins the EU. Anyone seen anything like that happen except in the heads of brokers and agents? I haven’t. Anyone being told honestly prior to the purchase about the rental market practically non-existent and all the costs of managing the apartments, maintenance, the price of electricity, internet, TV and so on? What about the numerous low-cost airlines that were “just about” to enter the Bulgarian market? What about fort noks themselves, their staff at the complex – some of them don’t even speak English, they are quite friendlier with the Russians although at the time of purchase I was told some 80% of Panorama was already sold to Brits. How are we supposed to feel home when they don’t even understand our needs, should we go to the office with an interpreter. Obviously some of them have never worked in this industry and know nothing about hospitality and service. By the way how many ‘managers’ are there at the complex I was quite confused talking to different “manager” every time I needed some help and explaining it again an again, I wonder how do they organize the proper running of the complex when there are so many people in charge. One of the staff there tried to convince me /in very incomprehensible English/ that was normal in Bulgaria and we’d better get used to it rather than complaining, and also we were not to expect first quality service from people who are paid just enough to make ends meet /that’s what he wanted to say although it was very hard to understand/. As there’s no resale market yet we’ll have to stick with our properties for the long run but we have paid so much that I think we have the right to ask for good service provided both to us owners and our guests. As to the low wages in Bulgaria I do sympathize with the staff but that’s no excuse and they should talk to their seniors rather than complaining to us owners.
But cheer up it’s not that bad, the sandy beaches are there as well as the warm sea and isn’t it that what we were looking for when we decided to buy in Bulgaria? I am counting down the days to August, hope you are too

[SpudHead]

I bet there english is better than your Bulgarian.

You cant just go to another country and expect to be treated the same as if you were in England. You have to except the way they do things when you are in their country.


I'm guessing this is the first time you have bought a property abroad. You should know to never trust a salesman...They will say anything to make a sale. Of course they will make promises that will never amount to anything...thats what sales people do.

Do your own research. Always double check everything a sales person says.

And ALWAYS assume they are lying. 9 times out of 10 you will be correct.

These properties will make a profit, but you'll have to keep them for at least a few years. That was always going to be the case.

Of course a salesman will say you will double your money in a year (or something similar)
IT DOESNT HAPPEN.

[p.belling]

well I didn't mean to be rude or something but do you think everything is OK and we should leave them go on like that.Salesmen can't lie they can only use what they call "white lies" .And yes my bulgarian is not that good/I'm learning/ but I'm not supposed to provide any services to bulgarians or other nationalties, so there is some sense in my point, isn't there?

[SpudHead]

anyone in the world can buy a fortnoks apartment. thats a lot of different languages to learn. you cant expect the fortnoks workers to learn all those languages overnite. they will no doubt pick it up "on the job" as they go. All we can ask is that they are polite and as helpful as they can be.

As for salesmen/women, i, like you, would love them to always tell the truth...however, it aint ever gonna happen...they will always tell lies to make sales...if they didnt, they probably wouldnt make as many sales (if any at all).
They do lie so dont take anything they say as red, check everything out and if they promise something such as gaurenteed rental, for example, make sure it is in your contract.
If it aint in the contract then it aint gonna happen.

[Bill & Charlie Burns]

Hi All

Have been reading your comments, yes we all get sucked in by sales people where ever we are or what ever we buy and not just in Bulgaria.

Regarding the staff at F/N we were taught at a very early age you only get respect if you earn it, in short we need to treat them with the same respect that we want to be treated ourselves, plus we are the outsiders and should attempt to learn there laungage as well.

Bill and Charlie

[ortonio]

The more posts I read the more I have come to realise that nobody has a clue how the property market is going mature in Bulgaria, lots of theories are banded about some reasoned some ridiculous.

As for sales people, Estate Agents are what they are be that in the UK or Bulgaria, we are all used to their tactics in the UK why expect more any where else in the world.

I found the staff on Marina View to be helpful and polite when I was there last August.

[Barry Aspden]

Hi,
On the rentals issue, I’ve found out over the last two years that I need six weeks rentals to break even. These rentals covered the cost of insurance, management local tax, water, electricity etc.
You have to actively promote your property by whatever means you can and not expect agents to do it for you. It won’t happen.
Another way would be to collectively advertise in the National press. Too late for this season, but maybe next year. This would take a bit of organising and the time to start is in the early autumn 2007 for the 2008 season.

Barry
www.bulgariagetaways.com

[emmathomas]

Anyone who invests in property knows that its a long term investments and that not many property investment provide an income.

Investment in property is made for capital growth and not for income.
Property prices in EVERY country in Europe have appreciated in the past 10 years, so there is absolutely no doubt how the Bulgarian property market will go, its just a question of how fast it will grow.

Investment in property should only be made if you intend to invest for the long term.

I'm a financial advisor and that is the key point when investing in property.