Frequently Asked Questions

What is the Cartagena and Bolívar Association of Realtors?Show more

It’s a guild that brings together professionals who are linked to the city and state real estate sectors. Its purpose is to single out and highlight those who meet the technical and ethical standards to best advise the public. Inmobiliaria Bustamante is a founding member.

And Fedelonjas?Show more

It’s the Spanish acronym for the Colombia Association of Realtors. In other words, it’s the organization that brings together the country’s real estate guilds. Inmobiliaria Bustamante belongs to Fedelonjas because our company is a founding member of the Cartagena and Bolívar Association of Realtors.

Why do I need Inmobiliaria Bustamante?Show more

If you’re a landlord, you can surely tape a “For Rent” sign in a window of your property and find a tenant without our help. But what happens if the tenant stops paying? If he refuses to vacate your property? If he hands it over in bad condition? If he leaves huge utility debts? Our job is to protect your assets with our real estate experience, which dates back to 1977. And if you are a tenant, our mission is to help you find a home based on your lifestyle or the ideal place for your business to thrive.

How much do you charge to rent and then manage a property?Show more

Landlords pay us a commission of ten (10) percent of the monthly rental value.

Is the commission negotiable?Show more

Ten (10) percent is the minimum we charge to give you a service that meets your expectations. This includes tenant risk assessment, preparation of the rental agreement, guaranteed rent payments, tax settlement, tax withholding certificates, and property maintenance, among other services.

What happens if the tenant stops paying?Show more

While we take aggressive collection action to make tenants fulfill their obligations, we guarantee that landlords will receive one hundred (100) percent of the rent their tenants owe. We also continue paying building management fees, taxes, and utilities mentioned in the contract. Additionally, we pay for property damages and items missing from the inventory.

Who is responsible for repairs?Show more

Article 1985 of the Civil Code indicates landlords are responsible for major repairs that are necessary to keep the property in good condition during the contract period. But minor repairs to fix damages or wear and tear that result from the tenant’s use of the property (such as broken windows, pet-damaged walls, clogged toilets, and replacement of light fixtures) are the tenant’s responsibility.

When should I begin my search?Show more

In general, we recommend that our clients start looking for a place three (3) to four (4) weeks before their moving date. This is because many of the properties you visit one month may be unavailable the next. But, if you believe you need more or less time, we will still help you find a suitable place.

Is there a rent cap?Show more

Yes, but only for contracts involving family homes. Law 820 of 2003 establishes that monthly rent must not exceed one percent (1%) of the property’s price based on the cadastral value. But in the case of business premises, the Commercial Code allows for freedom of agreement between the landlord and the tenant.

What is the duration of a rental contract?Show more

The term is agreed upon by the parties, but the average duration of rental contracts managed by Inmobiliaria Bustamante is one (1) year.

How long will it take for my property to be rented?Show more

Finding a tenant for your property is like looking for the perfect gift for your romantic partner. Sometimes you nail it on the first try. Other times, you have to keep trying. We always persist until we succeed.

What is the first step toward securing a property I like?Show more

Fill out the rental application form and pay the fee (the price varies according to the rent). Then, we will study your application to verify you meet all the requirements, such as having cosigners.

What is a cosigner?Show more

As the name implies, a cosigner is a person who also signs the rental agreement and who is also responsible for the contractual commitment. In other words, if an amount is owed, the landlord can demand payment from both the tenant and the cosigner.

What could cause my rental application to be denied?Show more

Your application can be denied if you are reported to the credit bureaus, if you provide false information, or if your paperwork fails to show you have the funds to pay the rent, among other reasons.

Which documents should I attach with my rental application?Show more

If you are employed:
    • Bank statements from the last three (3) months.
    • Employment verification letter stating your position/title, salary, and the date your employment began. The letter must be issued during the current month.
    • Paystubs from the last three (3) months.
    • Copy of your ID and the cosigners’ IDs.
If you are independent:
    • Bank statements from the last three (3) months.
    • Last year’s income statement.
    • Copy of your ID and the cosigners’ IDs.
    • If you are also a legal entity, you must submit a certificate of existence issued in the last thirty (30) days, along with a balance sheet certified by a public accountant.
If you are a pensioner:
    • Bank statements from the last three (3) months.
    • Proof that your pension has been paid for the last three (3) months.
    • Copy of your ID and the cosigners’ IDs.
We must emphasize that, in some situations, we need additional documents beyond those mentioned in the three cases above.

If all the papers are in order, how long does it take to approve my rental application?Show more

On average, two (2) business days.

How do I submit my property so that Inmobiliaria Bustamante can find me a tenant?Show more

Fill out and submit the following form. One of our Real Estate Salespersons will contact you to schedule a visit that allows us to learn about your property, which we will start promoting as soon as possible.

I have a question that is not answered above.Show more

Ask us here.