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:
[email protected] or give me a call at (+ 52 1) 987 103 57 22
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.