Cleves Bulgaria was set up 12 years ago with our first project – Embassy Suites. Since then we have grown and currently own nearly 100 fully serviced rental properties in Sofia. We also manage another 30 plus apartments, for example the new luxury facility in San Stefano.
We are focused on the Sofia market only, providing services to all the Embassies located here as well as corporate clients. There are a few private individuals but these are only 5-6% of total revenue. We provide our clients with short-term and long-term rental opportunities – from 3 nights to multiple years. This way we can accommodate clients coming for a full mandate of 3-5 years, or people coming for a single trip.
Sofia centric
Bulgaria is our main company of operation. Some of our shareholders own and manage properties outside Bulgaria, but Cleves was set up for the sole purpose of Sofia properties.
The expectation was that this would provide Bulgaria with a significant degree of political and economic certainty and investment safety. We’re happy to say that this has been our experience. We always found the administration and authorities helpful. Accounting and finance standards in Bulgaria comply with the requirements of multi-national companies and the Embassies we work with.
Competitive advantage
The main difference between us and other competitor companies is that we own the properties that we let. There are other companies and private individuals who offer what they call fully-serviced apartments. The problem is that in many cases they do not own the properties and they are not fully in charge of all the processes involved in the properties. This means that when there’s a problem we can fix it immediately. Whether it’s a problem with the neighbours, security, noise or anything else. We can move and upgrade tenants. Our goal is to provide the whole environment, not just the apartment that you’re renting. We are very keen on finding the right properties with the right environment around them.
Outsourcing of services
In order to focus on our core competitive advantage which is high-quality customer service, we have outsourced a number of services. These include finance and accounting services, cleaning and facilities management. We have an in-house team which maintains the relationship with the clients. We have a 24/7 telephone number, so even if you have a problem at two o clock in the morning or at the weekend we can deal with it. Outsourcing enables us to provide the very highest quality possible. The services providers that we have selected are at the top of their fields. We make sure that they continuously provide good quality services.
One-stop shop
Many expats who arrive in Bulgaria for the first time don’t know who to call on for rental services, for doctors, or in general how to find a range of services, shops retails. We provide all these services and advice, from the moment that they land in Sofia. We send a car to pick them up, and look after them in every way. This has always been our main competitive advantage, and it is very much appreciated by our clients.
We also provide administrative support for residence permits through service companies which are reliable and have been tested over time. We can facilitate the entire process of applying for visas, and ID cards.
Marketing
99% of our core clients are repeat customers not only in terms of private individuals, but corporate clients. Happy clients spread the word and they keep bringing us more and more of their colleagues. We don’t actually need to advertise. We have a website where we publish the available properties for rental, but mainly rely on word of mouth. The BBBA have provided us with referrals and we’ve referred BBBA members to some of our clients. There’s nothing better than when a client recommends you to his or her company or partners.
Occupancy
Even now with Covid 19, we are at nearly 90% occupancy. If you compare that to the hotels in Sofia, or any other rentals provider, you won’t find such a high level of occupancy. Thanks to our longstanding relationships with many of the corporate we have been able to keep occupancy very high.
Giving back and social responsibility
Since the very outset and the foundation of our company, we have always made it our goal to maintain the highest corporate and social standards. Before we sign any agreement with a service provider, we require that the personnel be registered with the revenue agency and they have labour contracts in place. By doing this we encourage them not to “work under the table” and maintain a high level of corporate social responsibility.
We have also been actively sponsoring the Cedar foundation, which works with children’s homes. We have sponsored some of their events and have donated furniture. Many of the multi-national corporations have strict CSR policies, but we take initiatives if and when they come to us, and we judge that they’re the right ones.
Benefits of the BBBA and Embassy connection
We’ve always worked very closely with the BBBA. We’re one of the BBBA’s annual sponsors, and in the past we have also sponsored the Queen’s Birthday Party at the Embassy. We have a great relationship with both the Embassy and the BBBA. We have been very active in referring some of our client businesses both to the BBBA and to the Embassy for additional expansion of their business network.
This also works in the other direction, we have had referrals both from the Embassy and from the BBBA for people coming to Sofia who need accommodation. For example investors who are interested in real estate in Sofia come to us as one of the first points of contact. We’ve been in Sofia for 12 years now and obviously have the requisite know-how and experience. Our membership of the BBBA has been very beneficial and we shall continue our sponsorship. Desi and her team have been very active in growing their membership.