Professional Property Management in Punta Cana
If you own properties in Punta Cana, you would want the best management of your asset. You can get that by hiring the service of a professional manager. What difference will this bring, and what quality should you look for? We will discuss all these in detail, but first, what exactly does professional property management mean?
What Is Professional Property Management?
Professional property management is the act of managing properties on behalf of the owner by a third party that specializes in such area. The owner hands over the oversight function to the manager, who acts as a middleman between the owner and the tenants and charges a fee for his services. The manager must be a professional that is trained in the trade.
What certifications should a property manager get?
The requirement to become a real estate manager varies from one region to another. However, there are basic qualifications you must-have whether you want to practice in Punta Cana or any other part of the world. These include attained the minimum age of 18, having finished high school, and completing coursework on real estate. The majority of the professional courses in real estate can be completed between 18 to 24 months.
What does a good property manager do?
The primary duty of a property manager is to collect rent on behalf of the owner and communicate the owner’s thoughts to the tenants. However, the duties of good facility management professionals are way beyond that. A good manager has the following responsibilities:
1. He markets the properties
The function of the manager starts from marketing. Before you can get rent, there must be tenants. However, you don’t have to go around looking for them yourself. It is the responsibility of a good facility manager to list the building for rent. He must market it to potential tenants and ensure all vacant properties are filled.
2. Screening of tenants
A good manager will not just accept anybody to occupy the available properties. He must screen all applicants. A professional property management company may use different tools to carry out background checks on the applicants. He can also interview the potential tenants. However, he must not discriminate among applicants based on religion, gender, race, or background. The interest should be on their creditworthiness, criminal records, and characters.
3. Responsible for repair and maintenance services
While the asset owners usually bear the cost of repair and maintenance, the manager is the one that will respond to the maintenance request from the tenants. Being an expert in the business, a good property manager must do his best to minimize the repair and maintenance cost without compromising the quality.
4. Ensure compliance with laws and regulations by the tenants
If you are not based in the Dominican Republic, you may not be familiar with all the rules and regulations of the island. However, your asset manager must know the law and enforce it. A good manager must monitor the activities on the properties and ensure all tenants are complying with the relevant laws and regulations.
5. Communicate effectively with the tenants and landlord
The manager responsible for properties is the middleman between the tenants and the landlord. Hence, he must communicate effectively with both. If you have information for your tenants, you will pass it to them through the facility manager. Your tenants will also communicate with you through the same person.
6. Collect rent on behalf of the owner
It is the duty of the manager to collect rent monthly or as agreed from the tenant and send it to the owner.
What are the attributes and qualities of a
professional property manager?
To carry out all the duties described above effectively, a certified property manager must possess the following quality:
- Good communication skills. As the manager will be playing the middleman role between the owner and the tenants, he must have excellent communication skills.
- Good customer relations attribute. The property manager will be the one the tenant will run to when they encounter a problem on the building. Therefore, he must know how to relate well with customers. Most of the calls that they will receive from the tenant will be to complain about an unfavorable issue relating to the properties. However, he must know how to manage the situation and keep the tenants satisfied.
- Technical know-how. It is essential that the manager has an in-depth knowledge of managing a facility. He must know all the laws and regulation that governs his profession. How to screen applicants before renting out a house or business place to them and how to do basic repair and maintenance services, among others.
- Basic marketing skill. Since advertising and marketing of the properties is part of the managerial role, it is necessary for him to have basic marketing skills.
- Professional certification. It is also essential for a property manager to have professional certification. This will improve his knowledge and improve his skills.
How much should a property management company charge?
Like other services, the charges of real estate management companies do vary. However, your agents may charge you for the following services:
- Setting up an account with them
- Getting tenants to your vacant properties
- Maintaining properties and carrying out oversight functions
- Drafting contract with tenants
- Evicting tenants
Now let’s look at each of the charges in more detail.
- Setting up your account. Not all property management companies will charge you this fee. However, some companies may make you pay a once-off fee for setting up an account with them. This will be a fixed fee for all their clients irrespective of the number of assets you have with them.
- Getting tenant to your vacant buildings. In some cases, this fee is transferred to the tenant as agent fees, while some companies will charge the landlord. Still, some companies will not include this fee in their charges at all. However, do not be surprised if your property management company demands payment for marketing your properties to potential tenants.
- Maintenance fee. This is the most common fee among management companies. All of them charge this fee. It is meant for managing, maintaining, and oversight of your properties. This fee can be a flat rate or a percentage of the rent. In most cases, the percentage varies from 4% to 12%. The higher the value of the property, the lower the percentage usually is.
- Other services. A property management company may also charge you for other services like drafting contracts with the tenant and evicting tenants that do not abide by the tenancy agreement.
Are you looking for a professional manager?
As much as you need to let a professional manage your home, it is essential that you choose the right one. If you want to hire a professional property manager in the Dominican Republic, you can talk to us. Our services are top-notch, and our charges are competitive. We manage some of the best properties in Punta Cana.
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