WHAT TO LOOK FOR IN A PROPERTY MANAGER: LOS CABOS, MEXICO
Congratulations, you have recently purchased a home or condo here in Los Cabos, Mexico!!!
Now, you have to find someone that can effectively manage your property and that can feel like a daunting task. A great first step is to ask your neighbors and your real estate agent for recommendations. If you purchased a property within a gated community and they offer property management service, I highly recommend that you interview them. Developments with in-house property management service have faster response rates and this is a huge advantage over independent companies that are off-site; but usually a bit more expensive.
Here are a couple of things to consider when interviewing and selecting the company who will be taking care of your property while you are not there.
1.- Do you trust them? --- This is the most important attribute of all. If you can’t trust the company who will be your eyes, ears, and voice when you are not in residence, keep interviewing!
2.- How will you be using the property? --- It is important to determine your usage of the property: Is it primarily for personal use? Do you want to use it as a rental property? Or is the property for sale?
For example, if you would like to rent your property and reach a high occupancy rate, you will need to look into a company that already has vast experience helping clients with that. They should specialize in concierge service and rental platforms like VRBO, Airbnb, and other websites.
Another example would be if your home is for sale and you are not really using it anymore. This implies that your property manager needs to be available to open and close the property based on showing requests. It is NOT recommended that you supply house keys to your realtor. The main person responsible for your home is the property manager and sometimes the real estate agent will not take the time during the tour to make sure the property is closed properly.
3.- What are your specific needs? --- This list could include: concierge service, management, landscaping, pool service, housekeeping, maintenance, rental implementation, transportation, accounting, payment of utility and vendor bills, supervision of 3rd party suppliers, representation at HOA meetings, preparation of reports and quotations, etc.
KEEP IN MIND: “The best property management companies will tailor fit your property management fee based on your needs and wants”.
IMPORTANT LESSON: When Hurricane Odile passed through Los Cabos, Mexico in September 2014, it was a massive learning experience for all of us. After assisting homeowners and rehabilitating 35 homes after Hurricane Odile, I realized something extremely important. You have a substantial advantage if you have a qualified property manager/company in charge of your investment as opposed to a more casual caretaker. During our post-hurricane re-building process, time and again, I saw the truth in the saying – “you get what you paid for.”
When natural disasters hit, you will need an English-speaking, prepared professional to be able to work with insurance companies and adjusters, to interpret construction bids, review structural reports, implement directives, and follow through with all parties involved- just to name a few things that will need to be taken care of.
Therefore, I highly recommend that you do your due diligence when selecting a property management team and keep my helpful tips in mind as you search for a professional and trustworthy caretaker.
To see the list of categories a property manager checks during a home inspection, please contact me and I will send you my “Property Manager Checklist”.
The information provided on this article does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only.
