If you are either looking for an investment property or you already have one down here in the Riviera Maya, you are necessarily within one of these groups:
- You have a vacation home and you only come down to use it a couple of weeks a year. The rest of the year you are busy running your business back home so you have a maintenance person taking care of your property. You don’t really care about R.O.I and you’re happy to pay for your property’s maintenance and H.O.A. fees. You’re only requirement is that your vacation home is ready and clean when you come down to use it.
- You have worked really hard, you love the Riviera Maya and like coming down to visit as often as possible. Either you made the smart choice of using your I.R.A. to purchase a property down here or you had cash saved up and decided to have your dream vacation home making money for you when it’s not being used instead of having it at the bank making you little to no money.
If you are in the second group, this article is for you.
Renting a property requires a lot of work and a high level of commitment. Although many property owners are motivated by the monetary rewards, they don’t have the time or the inclination to put in. A good property manager will handle all the headaches and downsides of renting for you, making life potentially much easier. If you don’t have the time or the inclination to deal with repairs, problematic renters and marketing a vacant property, you’ll probably want to hire a property manager, or purchase property in a development with a good property management service.
One of the first reasons to consider hiring a specialist in property management is that they help provide a buffer between you and your guests. If there are any problems with payments or damaged property, they are dealt with by the manager. As a result, you avoid any unpleasant confrontations.
Since they know all the ins and outs of the state’s laws that relate to rental properties, a property manager can advise you about your landlord rights. A good property management agent does far more than just rent your home and collect your money for you. They also facilitate mediation, organise emergency repairs, organise maintenance and even handle the payment of various bills. The property manager helps provide a complete property management service, to help you avoid wasting your own time and money.
Some of the duties that you can expect from a good property manager include:
- Advertising and marketing your property
- Sourcing and screening potential renters
- Managing your financial accounts
- Completing inspections on a consistent basis
- Organising and sourcing tradespeople for repairs and maintenance
Should I find property management that charges a fixed amount for their services?
We strongly advice you not to do that. In the 10+ years that we have been in the real estate business in the Riviera, we have noticed an incredible difference between the property management where managers earn a fixed salary and the ones that make a percentage of the profits. The standard fee in this area is 30%.
When a property manager is involved in the rental returns, this motivates them to go beyond the customer’s needs.
In order for them to make a lot of money, you need to make a lot of money too.
The way to achieve this is for them to provide the best experience for all parties involved. This includes both the renters and the owners and in 2017, this is more important than ever.
Consumers increasingly turn to social media to share bad customer experiences.
A study by New Voice Media found that 31 % of people post online after they have a bad experience with an organisation. These complaints can quickly spread through social networks and could end up costing hundreds of transactions. The dynamic is forcing businesses to create comprehensive customer experience management (CEM) strategies that will provide friendly and engaging service.
A company’s online reputation is quickly becoming a significant factor in generating new business. A study by Dimensional Research found that consumers are often influenced by online reviews. Eighty-six percent of respondents said they had been swayed by negative reviews. Furthermore, 90 percent stated that positive reviews had led them to purchase from a specific brand.
As a result of this data, it has become essential to take steps to provide exceptional service to every customer. All companies need to focus on delivering quality service, as key decision-makers often rely on industry reviews and reputation to narrow their choices.
Consequently, you’ll want to make sure that you find someone who will work hard to protect your investment.
The percentage of your rental income that pays for a property manager will pay off. The result is a smooth running rental property that leaves you stress free. The alternative is to risk lost income if your property sits vacant or if you have trouble with your renters.
However, the services that a good property manager provides can be worth far more than this fee.
For any other Questions don’t hesitate to contact us !