Property Management Services in Punta Cana
Over the years, real estate has proven to be a reliable investment. Even if you are not a businessman, having one or two properties guarantees a high level of financial security. Buying a house or any other similar asset is a long time investment, and you are going to enjoy the reward for the rest of your life. This is especially true if you owned a house in popular tourist destinations like Punta Cana, the Dominican Republic.
However, not everybody has the skills and time required to manage properties properly. Also, suppose you want to invest a lot of money in real estate. In that case, you will prefer to let a professional manage them for you while you concentrate on acquiring more properties. That is why a property management services by professionals are crucial to all owners.
But what exactly does this manager do, how much do they charge in Punta Cana, and what skills are required from a good rental property manager? This article will answer all in detail. First, let’s define property management services.
What is Property Management?
Property management is a third-party oversight of properties that is available for rental. It involves searching for tenants, collecting rents, and performing daily oversight on the use and maintenance of the properties by an agent or company on behalf of the real owner of the home. Properties managed by agents and companies include residential homes, offices, commercial spaces and buildings, shops and malls, and warehouses.
Landlords hire managers and companies for their properties. Hence, they report to the landlords. However, the management of properties is a business. Therefore, such management companies and agents must be licensed, possessed the required skills and qualifications, and have the right tools to manage properties effectively. Different regions have different laws that govern facility management in the region. A property management company in Punta Cana must abide by all the profession’s regulations.
Types of Property Management Services
Broadly, properties can be classified into commercial properties and residential properties. Commercial property managers handle assets like offices, shops, warehouses, and other commercial buildings. On the other hand, residential managers deal with houses and homes that are not meant for commercial purposes. Whichever one you own, you surely need a professional to manage it. You may ask why?
Why is rental management important?
Do you think all that is needed to manage your properties in Punta Cana is to advertise its availability, interview interested lessees, and collect monthly rent? Well, it is way more than that. It requires skills, and it is not likely that many owners will have the skills. Also, managing facilities requires time to perform the oversight function effectively. It may not be economically efficient for you to keep yourself busy with rent on one asset when you can leave that one behind and focus on acquiring the next one or your other businesses. So, what exactly does such a management company do?
What Does a Property Management Company Do?
The basic duties of a property manager, agent, or management company include the following:
- Advertise vacant properties: The duty of the manager begins once the construction of the building is completed. The real estate company will list the properties among those that are available. It is its responsibility to ensure people show interest in the asset.
- Screen Tenants: The management company will interview and screen tenants to ensure only the right people are accepted.
- Negotiate with Tenants and Fill Vacant Properties: Once the right candidates have been identified, the company will sign all necessary contracts with the tenant on behave of the landlord and fill the vacant spaces.
- Collect Rent: Rent is usually collected in Punta Cana monthly. However, it depends on the terms of the agreement between the tenant and the management company. According to the agreement, the manager or management company will collect rent from the tenant on behalf of the landlord.
- Respond to Request from the Tenant: If the tenant needs anything from the owner or requires any form of maintenance, it will be communicated to the property management company. The company must respond to such requests on behalf of the landlord.
- Perform Oversight Function: The property management company must see to the day-to-day oversight of the use of the properties. It must it is well maintained and that the tenants abide by all the rules and terms of leasing.
- Interpret and Enforce the Tenancy Laws: As a facility owner in Punta Cana, you don’t have to know all the laws that govern landlord-tenant activities. You may not also know the management laws of the country in detail. But your manager must know all the laws and ensure everyone is abiding by the rules.
- Cut Down the Cost of Maintenance: Because property managers are specialists in the business, they must know how to reduce the cost of maintenance. Hence must use their expertise to help you save.
Other Functions of Property Management Services
Aside from screening tenants, collecting rent, and maintenance, property management companies, still render more management services. These include:
- Advising owners on how to increase the values of their properties
- Serve as middlemen between the landlord and the tenants
- Evicting tenants that fail to honor the terms of the tenancy agreement
- Can take up legal cases involving rental issues on the properties
Now let’s look at abilities expected from a good manager.
What is Expected of a Good Property Manager
A good property manager must possess the qualities of a professional. These qualities include good communication skills, administrative and organization skills, and relevant academic qualifications. In addition, he must also have the following qualities and skills.
- Technical Know-How
- Knowledge of Relevant Landlord-Tenancy Laws
- Knowledge of Property Management Regulations
- Marketing Skills
- Good Customer Relations
- Knowledge of Properties Maintenance and Inspection
However, there are actions that a good manager must avoid. Let’s discuss that next.
What Property Managers Must Not Do
- A good property manager must carry out his oversight functions without invading the privacy of the tenants. It is important to inform the tenant in advance about their visit.
- He must not use his copy of the keys to the properties without the permission of the occupants.
- A management company cannot increase the rent before the end of the agreed leased period. At the same time, facility managers must not discriminate against tenants based on race, color, gender, background, and similar factors.
But does that mean a Facility Manager’s job is tedious?
Is Property Management Stressful?
Most of the calls received by a property manager are on different complaints. Tenants only call when they have problems. That may make the job discouraging. But a facility manager is a professional with good skills in relating with tenants and owners. Hence they know perfectly how to cope with the demands of their jobs.
How much does it cost to hire a property manager?
Property managers’ fees in Punta Cana vary based on many factors. These factors include the type, size, value, and location of the facility. In most cases, they charge a percentage of the rent. The percentage usually ranges between 15% and 30%. Sometimes, a management company may also charge you a once-off fee for placing a tenant in your properties.
Want to Hire a Manager for Your Properties?
Do you need a property management services? You can talk to us. We deal with facility management in Punta Cana. You can count on our experience and expertise to manage your properties effectively. Our fees are competitive, and we offer one of the best services you can get anywhere on the island. You can contact us today, and we will be happy to work with you.
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