A great property management company can make owning in Costa Rica a dream! But a bad one? Well… it can be a nightmare. Below are important traits to keep in mind when hiring a property management company.
We have always heard, “Communication is key”. In property management, it’s essential. Without proper communication, owners are completely in the dark with what is going on with their property. A great property manager should always have all communication channels open and be willing to respond in a timely fashion. Not only should property managers make it imperative to communicate effectively with owners but with renters, landscapers, housekeeping, and all those involved with the property.
The small things do matter. Keeping a close eye on the property and paying attention to all the small details makes a big difference. Checking on a repair after it was done or inspecting the property after it was cleaned are signs of a detail oriented property manager. As well as staying ahead of new ownership laws or new rental regulations. You don’t want a property manager taking care of your finances if he/she doesn’t care about the details!
Knows the Property
Your property manager should know your property better than you do. Understanding the property well will help the property management company make the right decisions when it comes to maintenance and upkeep. If your property manager doesn’t know your property in depth, how will they be able to check if the renter has left it in good condition or if the gardener appropriately landscaped?
Strong Marketing Techniques
If you hope to make a decent income from your property, your property management company needs to have strong marketing techniques. Without great marketing, property managers will struggle to find renters. If a property management company is willing to invest in itself, then that’s a good sign for you to invest in them.
A property management company should never allow their personal biases to affect their judgment. There are no excuses for behaving tactlessly or rudely towards owners, renters, or others involved with the property.
Always look for a local property management company that has been in business for a good amount if time. A local company will understand the rental market and be knowledgeable about various goods/services in your area. More importantly, a local property manager has an easier time checking in on your property. They can catch any issues before they become a serious problem.
Understanding what you are paying for is critical. You want your property manager to be clear and concise about each bill and charge you receive. Are you receiving monthly statements? Do the statements have a breakdown of costs and expenses? Do you know what percentage they take from rentals? Knowing exactly what you are paying for will lead to a better relationship and no misunderstandings.
Sleeping at night will be easy, knowing your property is in the right hands. By keeping the qualities above in mind, you will be able to find the right property manager for you. Still have questions or are interested in some recommendations? Please reach out and I would be more than happy to assist you!
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