Property Management Cozumel Mexico

Property Management Cozumel Mexico

Cozumel, Mexico is a treasure nestled in the Caribbean Sea right off the shore of Playa del Carmen. It abounds with delicious food, exciting tours, natural wonders, and wildlife. While small and beautiful, it is far from undiscovered. The island has a thriving economy powered by the millions of cruise ship passengers that visit every year. Further, it is a vacation destination for travelers from around the world. Many have bought properties here as vacation homes, investments (short-term or long-term rentals), or both.

When you don’t plan to live in your Cozumel home full-time, you’ll find yourself in need of a property manager. But how do you find someone you can trust to take care of your investment? Someone who will cover all the bases even better than you would? With over a decade of experience managing properties in Cozumel, I have some guidelines to help you find a true professional who will offer the ultimate benefit: peace of mind.

6 Things to Look For in a Cozumel Property Manager

As a busy tourist destination chock full of short-term rentals and vacation homes, Cozumel has a wide selection of property managers. They range from people passing through and looking for a quick gig, to those who have studied, trained, and worked for years in the role. The difference is night and day. A professional will take the property management role seriously and have a strategic plan in place while a newbie will fly by the seat of their pants.

No one wants to gamble with their investment so here are 6 things true professionals will offer.

A Proactive Approach

Experience in this business grants the wisdom to understand that issues will occur on an ongoing basis. You have to be one step ahead, especially in places like Cozumel!

The climate and land here require specific maintenance steps be taken to preserve the value and contents of homes. A good property manager will be keen on these needs and will keep you informed about what to do, when, and the costs. I recommend weekly inspections of properties for security and to spot any maintenance needs.

Owning your property should be stress-free thanks to your property manager.
That is what you pay them for!
You should be able to rest easy knowing that your home will be as you left it.

2. A Wide Network of Connections

Next, established property managers have connections. They regularly work on repairs and maintenance, so often have in-house or contracted vendors, handymen, pool experts, painters, contractors, etc. A network like this expedites the process of repairs and maintenance, while reducing costs.

3. A Focus on Profitability for Rentals

If you are going to rent out your property, your property manager should be focused on maximizing profitability.

Here’s a quick checklist of services I recommend property managers provide:

Offer property for rent through national & international Real Estate affiliated agencies in selected markets (US, CANADA, EUROPE)
Use their marketing skills, analysis, and judgment to optimize the rent amount in accordance with your goals.
Pay for all signs and labor costs related to marketing your property for rent.
Minimize the cost of repairs and maintenance.
Provide monthly itemized statements showing income and expenses related to your property.
Serve three-day notices to “pay rent or quit” if rent has not been paid by the fifth day of each month.
Coordinate the start of unlawful detainer action to evict your tenant in the event the rent is not paid.
Design a targeted marketing program to rent your property as quickly as possible.
Execute your targeted marketing program utilizing the Internet, Cozumel Multi-Listing Service, circulars, and property signs.
Promptly pursue all leads and inquiries and schedule showings of your property during the week, evenings, and weekends.

If you plan to rent your property, it’s essential that you hire a manager who understands and prioritizes ROI.

4. Great Hospitality

Next up, hospitality is a key marker of a professional. Your property manager should know and understand how to make people feel comfortable, taken care of, and at home. If they are managing your empty home while you are away, they should keep you ‘in the know’, sending you regular updates to quiet any anxieties.

If you have guests or renters, your property manager should greet them, welcome them to the island, help them find their way around, answer any concerns, and meet all of their needs during their stay. They should also explain, in a friendly way, the do’s and don'ts of the property.

Bonus tip: I always recommend coordinating a welcome package for tenants, for example, drinking water, beers and soda, snacks, fruits, coffee and cookies, kitchen/toilet paper, lighting bulbs, and soap.

5. A Thorough Renter Vetting Process

A key to smooth rental transactions is thoroughly vetting potential tenants. Your property manager should have a screening process in place to inspect an applicant’s:

Rental history
Credit history
Eviction history on the island
Income, employment
Payment history
Care for property history

All of the above should be reported to you about each applicant they consider approving.

6. Reasonable Pricing

Lastly, the price tag. The truth is, you get what you pay for. Trying to skimp on the cost will likely end up biting you in the end. Look for a property manager who can offer professional service at a reasonable price. That being said, just because someone charges a high price tag, doesn’t guarantee professional service. Be sure to investigate the details of what they offer before hiring someone. You need the whole package!

Need Recommendations for PROFESSIONAL Property Managers in Cozumel?

Working in property management here on the island has helped me to learn about the wide range of the properties in this market, as well as the ins and outs of Cozumel real estate. Currently, I am focused on real estate sales but the knowledge from managing properties is an asset that helps me to right fit my buyers and sellers.

For those looking to buy or sell a property on the island, I’m more than happy to utilize my years of experience in property management, hospitality, and real estate to help you find your island home as quickly and easily as possible!

If you are looking for a property manager, I am connected with a handful whom I can confidently recommend as true professionals. If you would like a recommendation, feel free to contact me at:

info@karen2.test or give me a call at (+ 52 1) 987 103 57 22

About Karen

Karen studied hospitality management and started her career working in 5-star hotels. Afterward, she moved to Europe where she worked in facility management for larger businesses. When she came to Cozumel in 2005, a natural next step was to enter the world of property management. She did so in 2006 and still manages properties today.

While her key focus is now on real estate sales, she is happy to answer questions about property management and can point you in the right direction of others you can trust.

Homeowners Insurance Cozumel

Homeowners Insurance in Cozumel

Protect your home, belongings, and family to enjoy peace of mind in paradise.

Owning a home is wonderful. You can customize it to your liking and live in it as you please while potentially earning equity over time. That being said, it also comes with a great deal of responsibility.

To keep your house in good condition for years to come, you will need to quickly repair any damages the house incurs and keep up on maintenance. Many things can go wrong and they are not always easy or affordable to fix.

However, homeowners insurance can offer you the protection you need. Houses are one of the biggest investments people make in their lives, so it doesn’t make sense to leave them vulnerable. Not only will homeowners insurance help you pay for losses due to covered damages to your home, but it will also provide other benefits to protect your family, pets, belongings, and more.

What protections does homeowners insurance offer?

Fire
Explosions
Variations in voltage
Riots
Graffiti
Falling trees
Broken glass
Damages and accidents inside or outside of your house (covers expenses from the damages caused or suffered by you, your family, your employees, or your pets)
Burglary and theft (optional)
Natural disasters including hail, earthquakes, floods, and hurricanes (optional)
Loss of basic income as a result of the death or total and permanent disability of the insured (optional)

The coverage provided by a homeowners insurance policy in Mexico will vary from one provider to the next and even from one policy to the next from the same provider. A certified local insurance broker and expert here in Cozumel, Irma Cantarell, highly recommends the insurance company AXA for these cases.

To give you an example of what you can expect to be covered in a homeowners insurance policy, here’s a look at AXA’s home insurance product. It can protect you (the policyholder), your family (people who permanently live in your house), your belongings, and your home against the following perils:

AXA also includes home assistance services such as PC consultations, veterinary telephone assistance, legal assistance, support for funeral procedures, travel consultations for domestic and foreign trips, concierge service for booking events, discounts, education advice, and emergency services for plumbing, electrical, leaks, locks, and more.

If you can not live in your house due to an unforeseen event, you can also get a cash advance to cover the expenses you incur (such as to pay for a hotel).

Knowing that you and your family are protected in the case of a covered incident can help you rest assured that an unexpected event won’t leave you paying out-of-pocket to rebuild your life. You won’t have to stress if a storm is coming, every time the power surges, if your dog bites someone, etc. In a wide range of situations, you can take a deep breath and know you are covered.

What should I know about hurricane coverage?

Cozumel is on the path where hurricanes from the Atlantic Ocean are known to pass. For example, in 2005, Hurricane Wilma, the largest Atlantic hurricane ever recorded (Category 5), arrived over Cozumel and stayed for 60 hours. While usually not as catastrophic, the threat of hurricanes is present every year. Hurricane season starts in June 1 and continues through November 30th.

Coverage for damage caused by hurricanes is often not included in a standard homeowners insurance policy but it can be added for an additional cost. One important fact to know is that many insurers don’t allow you to add hurricane coverage during the hurricane season, and if they do, it will cost more. Being so, it’s best to plan ahead and sign up during the high season.

Can you insure beachfront property?

This is tricky. Some insurance policies do not cover homes that sit within 500 meters of the ocean. It is the responsibility of the homeowner to read and understand the policy and to ensure that it suits their home.

Unfortunately, in some cases, agents will sell insurance coverage for oceanfront properties even though the policy does not cover the home. The homeowner will only find out when a claim is denied and they are vulnerable. However, there are policies out there (such as those from AXA) that do cover beachfront properties so it comes down to finding an agent you can trust and a policy that suits your needs.

Do you have to pay deductibles on claims?

What can you expect as far as deductibles? You will have to pay deductibles on certain claims but not on others. It will vary according to your specific policy and insurer. For example, according to AXA’s website, the following deductibles apply (although all of these are not applicable in Cozumel):

No deductible

Debris removal
Loss of rents
Civil liability
Loss of income
Assistance services
Extraordinary expenses

Deductible

Property damage ($1500 pesos)
Earthquake or volcanic eruption (2%-3% of the sum insured)
Hydrometeorological Phenomena (1%-2% of the sum insured and 5% for risks on the coast)
Optional assets for Hydrometeorological Phenomena (15% of the sum insured)
Theft ($1500 pesos)

Note: Hydrometeorological Phenomena includes hurricanes, typhoons, thunderstorms, heavy snowfall, flash floods, cold spells, droughts, heat waves, tornadoes, blizzards, and coastal storm surges.

According to Cantarell, there are typically no deductibles when you experience a loss due to fire or liability but there are deductibles for hurricanes or theft. The amount of the deductible is a fixed percentage of the insured amount. Usually if the home is within 500 meters from the ocean, the deductible is 5% ($5,000 for $100,000 of coverage) and 3% for homes that are more than 500 meters from the ocean.

What to look for in a homeowners insurance agent

So when you are ready to look into your homeowners insurance options, who should you turn to? Ensure the person you trust has the proper credentials and has completed the necessary matriculas/courses.
For example, Irma has a level B certification in Mexico. You’ll also want to check their online reputation and read reviews from past clients about their service.

After living on the island for 14 years, I reached out to Irma Cantarell last month to sign up for homeowners insurance.
She made it so easy as she came to my house to explain the options and answer all of my questions.
In no time, I was all set up and could breathe a little easier knowing I have that extra protection.

If you are dreaming of moving to Cozumel and owning property, don’t take any chances. Protect your home, your loved ones, and your belongings so you can enjoy our paradise stress-free.
For help finding the perfect home, reach out to my team and I today.
We have many years of experience helping people join our island community and will confidently guide you through every step of the process.