What are the pit falls of owning a condo and having it managed? Does anyone have experiences good or bad. Trying to go in to a purchase fully informed. I see the potential for a lot of corruption in this service. Are condos to rent in demand?
- Thread starter Doreen Trusty
- Start date
Condo management
The closer to a beach, the higher demand for short term rentals. And better price of course.
If you have the abilities (and it doesn't take much) I would do your own advertising and booking. And have someone on the ground that you can rely on for making sure it's cleaned, coordinate any maintenance, etc. A dr1'r may be able to give you a name or two so here is a good start.
Doing the advertising and booking yourself put you in charge of the cash. Much better chance of success. Advertise on airbnb or vrbo.com. craigslist also
Some fail miserably at what you want to do, but don't let that discourage you. Good luck.
If you have the abilities (and it doesn't take much) I would do your own advertising and booking. And have someone on the ground that you can rely on for making sure it's cleaned, coordinate any maintenance, etc. A dr1'r may be able to give you a name or two so here is a good start.
Doing the advertising and booking yourself put you in charge of the cash. Much better chance of success. Advertise on airbnb or vrbo.com. craigslist also
Some fail miserably at what you want to do, but don't let that discourage you. Good luck.
I would talk to the residents of the building you have in mind.
It may be run by a responsible ex-pat group, or not.
It may be run by a responsible ex-pat group, or not.
It depends on your short-term or long-term goal with the property. Are you planning to own a few properties, become an active landlord and do the rental process all by yourself? Do you simply want to own a place in warm weather, make friends and enjoy some rental income? To the former, start learning how to attract renters, maintain a salt water home and plan to hustle a few years to get it going. To the latter, hire a trusted property manager to do it all. The former will, ultimately, be more profitable in terms of cash flow. The latter will yield more free time and minimal stress. I've done the former and now enjoy the latter.
It is difficult but not impossible to manage when you are not in the DR. Some condo complexes offer this service but with a hefty fee, however if you want to manage the thing itself you would have to hire someone who will clean the place and do laundry. You also have to pay the electric bills and posibbly Sat TV. If you are renting short term, let's say for a week you can include services in the price but if you want a long term rental of 1 month or more than electric would probably be separate. If can get expensive if someone is running the a/c 24/7. Find out if this condo has a rental pool and what they do and how much it will cost. This might be your best bet.
I was just curious who has had good luck with management co. and who has had bad luck. Have not purchased a property yet but considering. Definitely would be on the beach and I guess would definitely look for a reputable management co. We have done the rental business in US and want to retire. Thinking beachfront condo would be a good investment but there is ALWAYS a downside, looking for experiences and maybe recommendations
Thank you. I have heard of this company and am researching them more. Have you rented your condo very many times? It almost too easy. Do they charge a percentage ? My husband is worried that any management co. Would rent and pocket the money. Your thoughts are appreciated.
besides using a good manager, you also want to be sure of the complex you're in, and how that is run. Both halves of that equation are important. We don't rent our unit out, (keep it for personal use), but we do have a manager to keep eyes on it, pay the bills, etc. We bought the property through the same company, and have had nothing but positive experience with them.... to the point we call them our friends. We also know several other condo owners who use the same service, and have been happy with their services.