Hire a Professional to Mange Your Panama Real Estate Rentals
Foreigners who invest in Panama rental properties often do not live here full time in order to watch over the tenants and the property. That is why using a Panama Rental Management Service Company is a good idea.
Also called Panama Property Management Services, this is a service needed by property owners living outside of Panama who rent their properties. Full service Panama Rental Management Services can cost between 20% and 30% of the rent paid. Panama Property Management Services are similar to those found in Canada, Europe, and the U.S.
Here are the typical services provided by a Panama Rental Management Services company:
Rent Collection A rental manger visits the property once a month to collect the rent and makes an inspection to ensure nothing is missing or damaged. Rental collections are deposited into a Panama bank account which pays the fees and expenses. It is recommended to keep a minimum deposit of $1,000 to cover any emergency repairs.
Repairs When something needs to be repaired the tenant contacts the property manager who hires a repairman and pays for the repairs with funds in the Panama bank account. Good communication between the property manager and the tenants is important. A good rental management company has a list of repairmen for all types of repairs (such as roof, electrical, and plumbing).
Taxes Another duty for the property manager is to pay the property taxes on time.
New Tenants The property manager must also locate good tenants and check their references and credit. When a tenant vacates the premises, the property manager must inspect the property and make a complete report for the owner. In addition, the property manager determines if the deposit is to be fully refunded or used to make repairs or replace lost items which are deducted from the deposit.
Deposits Collect the last month’s rent and security deposits equivalent to two months’ rent before the tenant occupies the premises.
Reports The property manager should provide monthly reports itemizing all expenses and problems to the owners.
Maintenance Rented properties should be re-decorated after each tenant leaves which includes new paint, curtains (if worn down), repair all cracks and chips, clean & maintain all appliances and air conditioners.
Expedience Using a property manager saves you the time and expense to return to Panama to evict bad tenants, make repairs, or find new tenants. The true value of property managers is the fewer trips you have to make to Panama to fix problems that a professional can fix.
Equity Property managers not only save you time and money by not returning to Panama, but they also keep your investment safe. Repairs and regular maintenance increases a property’s value. In essence, property managers help to increase the property’s equity while sparing you the stress that landlords sometimes endure.
In Conclusion let a qualified Panama Property Manager take all of the headaches off your hands to enjoy life and make a profit from your real estate investment.