Managing properties from another country can bring its own unique sets of challenges and obstacles that wouldn’t otherwise be a problem with local properties. As an international investor, you need to find the right foreign property investment managers to ensure everything runs smoothly when you’re not around.
When looking for a property manager for international investments, it’s important to pick a reputable and competent team you can rely on. Here are some criteria to consider when choosing the right international property investment manager:
Communication will be key when it comes to building a successful business partnership. You’ll need to review how and when the property managers communicate to get a good feel of what to expect. Will all correspondence be through email, instant messaging or some other form of communication? Also, consideration of how the time differences can impact communication is extremely important.
Ask about the company’s system for record keeping. How do they track their maintenance and repair expenses? How often will you be updated on these? You’ll want to make sure you’re in the loop whenever necessary.
Ask about how the company collects and processes rent payments from tenants and how they send the money to you. Of course, be sure to ask about their fees and currency exchange rates.
New Tenant Recruitment
A significant part of the property manager’s responsibility will be to find and vet tenants. Ask about their marketing plan for recruiting new potential candidates so that you can rest assured your international property investment won’t be vacant for long stretches of time.
New Tenant Orientation
A professional property management company will have standards for how they welcome new tenants to the property. Find out what the company’s protocols are for meeting and greeting new tenants when they arrive. You want to ensure your tenants have a professional and seamless move-in.
Inspections and Maintenance Checks
It’s critical that the property manager perform ongoing maintenance and repairs. Ask about how often they perform inspections and what kinds of things they look for. Be sure to find out how they handle tenant repair requests and how quickly they follow through on the requests. It’s also wise to consider how the repairs are performed and what types of qualified professionals they work with.
It may seem like an afterthought, but knowing that your property management will hire professional cleaning services in-between tenant stays is important. Having a clean property not only reflects a better image, but it can also command high rental rates and profits.
Invest in Rental Property with Help from a True Professional
Choosing a property manager for your international property investment is a an important decision. These tips can help you to consider your options and choose the best fit for your needs.
Learn more about The Realty Medics’ property management services in Central Florida.
Call us at 321-218-4753.