Invest in Real Estate, assures returns, at what price?Download this article in PDF
Invest in Real Estate, assures returns, at what price?
If you are considering a reliable, safe and long-term investment, buying a real estate property may be a good option.
Panama is one of the countries that offers the greatest economic stability in Central America. Thanks to the income generated by the Panama Canal, an economy based on the US dollar, its free zones, the fiscal benefits offered to foreign enterprises, and the stability of its banking center, make this country an ideal place to invest.
Now, whether you acquired one or several properties, they will need good management to obtain the desired returns, but at what price?
Managing a real estate can be a headache. Once our investment is made but not before assessing well what we are buying, we have to consider the necessary dedication to successfully rent the property and obtain the desired returns.
Acquiring a professional and qualified property management service should be considered as part of the investment.
These are some of the benefits of working with a property manager:
1. Find a good tenant for the property
It may be that due to inexperience in the real estate sector and the rush to rent the property, the owner doesn´t take the necessary precautions in reducing risk and renting to people who may damage their property or cause unpaid rent.
By having a professional company, the tenant first passes the manager´s filter who can also act as a real estate agent and then collect the necessary information and comply with the “due diligence” that allows to elaborate a risk profile of the client.
During the term of the contract, in case of suspicion or situations of irregularity that could occur with the tenant, the manager will set up an inspection and evaluation plan of what is happening on the property and may act as soon as possible in case of having to evacuate the tenant minimizing the expenses in legal measures and the possible damages caused in the property.
2. Better relationships between landlords and tenants:
Working with a good manager will help in the communication between the landlord and the tenant, and will act as an intermediary in the resolution of conflicts.
Benefits for the landlord:
- Peace of mind knowing that any claim or damage reported by tenants will be dealt with as soon as possible.
- The property manager has access to different service providers to assist the tenant
- The manager will manage the claim, search for the service provider, quote and follow up until the problem is solved.
Benefits for the tenant:
- Peace of Mind knowing that any claim will be dealt with professionally and quickly, at any time of the day.
- Comfort of not having to “bother” the owner with an urgency on a holiday, or if there is any type of situation that requires a professional, which may be complicated if the landlord does not reside in the same city.
3. Greater financial control
A property manager will be in charge of making the obligatory payments of management, taxes, utilities, as well as controlling that tenants make their monthly rent payments.
In addition, the manager prepares a quarterly financial report that will allow to easily track the returns generated from your Real Estate.
4. A team of professional and low-cost providers
A property management company has a qualified team of professionals to care for your property: electricians, handyman, plumbers, painters … who will work at a better price than if you look for them on your own.
A good property manager will conduct periodic inspections and can prevent or be attentive to the repairs or maintenance required before the situation degrades and causes damages that require a greater expense.
5. Improve returns
A happy tenant is a tenant who stays.
The good relations between the landlord and the tenant, considerably reduce the time in which the property is empty. The tenant will feel served and will lengthen the time of stay in the property.
A property manager is a consultant who can help at the time of evaluating the best price for your property being its priority to rent your property in the best conditions.
6. “ Peace of Mind” Benefits
Zero stress: The peace of mind in leaving your property in good hands without having to personally attend to the claims, emergencies, payment problems of tenants.
More time for you: enjoy the time spent promoting or inspecting your apartment in you, engaging in other activities or simply enjoying your time.
In summary, trusting the “expertise” of a property manager will allow you to obtain return on your investment enjoying your time as you prefer, feeling the peace of mind that your investment is in good hands.