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Purchasing property in Mexico can provide an excellent return on your investment and secure your retirement home for the future.
If you are living in Mexico part-time and renting out your property or strictly buying property as an investment, you may need a property manager to help you deal with guests and the maintenance of your home.
You need someone you can trust to ensure your investment is taken care of, the property is generating an income and that guests leave happy. A great review means return guests and new business.
If you live in Mexico, you may prefer to handle the rentals yourself; however if you live abroad, you should have a qualified property manager here in Mexico, especially considering the toll the humid weather can take on a home here in the Carribean.
Considerations for selecting a property management company:
- Confirm that the management company is legally established in Mexico and located in the same town as your property.
- To find the right management ask for a referral from your lawyer or real estate agent, speak to other homeowners in the area, research expat forums, and expat Facebook pages in the area.
- Do they oversee repairs and look for the best solutions, or do they give free rein of your wallet to contractors? Set a spending limit, more than the limit requires your authorization for repairs.
- You may find confidence in a larger management company provided they do not make you feel like a number, do they return your calls and take the time to answer all your questions?
- What is the fee structure, what if any extra charges will apply for emergency calls from tenants?
- They should provide regular inspections of the home, ensure the place is clean and ready for each check-in, and that all appliances and utilities are in working order.
- How will the manager handle the tenants' security deposit if there is damage or unpaid utilities?
- They must handle rental agreements and contracts, collect the rent, be available to the guests, and deal with delinquent tenants.
- Carefully review the conditions of the contract and understand which services are included in your agreement.
- Some management companies provide additional services, for example;
- Landscaping and pool services.
- Accounting, monthly bill payments, online finances, and property tax payments. (always request receipts of payments for your records).
-Additional guest services may include; laundry, grocery delivery, water, maid service, concierge services, private chef, and excursions.