If/when tenant’s change, how does your company operate for cleaning, replacing broken or used items/equipment? What are the costs for cleaning and getting the unit ready for the next tenant?

For the rental of the apartments it will be stipulated in the contract that the tenant will have to return the flat in the condition he found it, this means that the cleaning costs and replacement costs will have to be paid by the tenant. However this does not always come true and it is often necessary to go through an additional cleaning, touch up some faded paint and replace a couple of items. This is generally covered by the management fees paid to Mongolian Properties.

If you decide to replace used or older items in the flat after a few tenants, this will be done at the owners cost. No fee structure for this service has yet been determined.

For serviced apartments, we will have to maintain a cleaning staff as well as maintenance people that fix things. We do this now on a small scale and we would need to increase our staff and also have better training, the fees have not been determined yet.