Property Management & Administration

Your dream has finally come true to own a home in paradise and you are enjoying it to the fullest...but who will take care of it when you aren’t there to enjoy it? We all know that a house left empty is susceptible to the elements, especially in the tropics where gardens grow wild in the rainy season and metal rusts without constant attention.

It is important to consider hiring a Property Manager who will meticulously maintain the property on your behalf so you can completely relax knowing everything is taken care of.  You should choose a manager who has extensive experience working in the area and in dealing with the effects of the tropical climate.  Furthermore, knowledge of local construction techniques and how to manage domestic employees are big factors to consider when choosing the company you want to work with.

Most companies offering full service Property Management should include payment of utilities, taxes, HOA fees, and insurance, taking care of making all these payments for you. Additionally you should receive a weekly walk-through by your Property Manager, as strict and competent maintenance is the key to protecting your property. If needed, repairs and property maintenance services should be performed by professional local contractors based on their proven reputation for providing the best possible service and price. Routine repair and property maintenance should be performed as needed and a follow up inspection should be conducted to ensure the utmost quality. Furthermore, preventive maintenance and regular cleaning should be scheduled as needed. Coordination of staff for your pool and garden maintenance should also be scheduled and supervised.

Many of these companies also offer Administration Services where a cash fund is created, or a bank account is set up, based on average expenses incurred at your property. Every month, you should receive a fully itemized accounting & expenses report. Every transaction or payment charged to your account balance should be recorded and explained in detail, including a list of the property’s deposits and expenses, plus original receipts/invoices to back every expense. A yearly property management report may also be provided, detailing all transactions during the year, such as total rent received, total utilities payments made, and total maintenance expenses. Furthermore, ensure that the property management company is legally constituted according to that country’s laws, and that they are aware of all the legal requirements necessary to accurately pay taxes on your behalf.

A second “home away from home”, is a big investment so make sure you do your homework and protect it properly. It is absolutely worth the extra money you will pay every month in order to ensure peace of mind for you and stress-free enjoyment of your property every time you use it.