If you’re looking for a good way to earn money for your retirement, treat yourself to the occasional affordable vacation and have a beautiful place to retire to in the sun someday, then investing in rental property overseas is a no-brainer.
Using websites like http://rumahdijual.com/medan/ to find a beautiful property in the sun is a great way to invest any spare cash you have in the now because, as you will probably know, property is almost always a sound investment, and will certainly bringing more money than the average savings account! But more than that, property can be used by you, both for personal and financial gain, for when you aren’t using your property in the sun as a great place to vacation, you can rent it out to holidaymakers who are looking to do the same!
Of course, investing in a property overseas isn’t all sunshine and roses – there are lots of practicalities that have to be dealt with, and they can mean the difference between a brilliant nest egg and a white elephant that’s more trouble than it’s worth. That’s why, if you’re serious about investing in property overseas to boost your retirement income, you need to ensure that it is correctly managed.
Hire a Rental Manager
Hiring a rental manager, who will be responsible for looking after the property and ensuring that it is always occupied is a great way to ensure that your property is effectively managed. Sure, it will slightly minimize the profits you are able to make, but it will be worth it in terms of your own peace of mind and because your property will be well looked after and always filled with paying guests.
What Does a Rental Manager Do?
A good rental manager will be responsible for everything from marketing your property to vetting your renters and helping them to check in and out. They will also look after the maintenance of the property so that you don’t have to worry about your asset and they will even handle the bill paying and tax obligations in the country your property resides. In fact, here is a comprehensive list of everything a good rental manager should do for you:
Your manager should, each month provide you with statements of incomings and outgoings so that you know how well your investments are doing.
They should also keep meticulous records of every transaction made, including receipts for building and maintenance work carried out.
Rental managers, the good ones at least, will not only process rental payments but find an efficient way of sending them to you, notifying you of any currency differences and charges made.
Meet Your Tenants
Your rental manager should always be there to greet new tenants, show them around the place and explain any rules or information they need to be aware of during their stay, Their doing this is likely to get your property better reviews, so it is is an essential duty for them to perform.
Pay the Bills
Paying any bills or taxes that are due locally is obviously going to be pretty difficult for you, which is why good rental managers should always handle this for you, sending you the statements, as mentioned above, so that you know exactly what is going on.
Maintain the Place
Rental management companies should conduct regular checks of your property, and should they come across any problems; they should call in the relevant contractors to deal with the problem before it gets worse and ruins your investment. They should also check and clean the property between tenants unless you have opted to hire a cleaner to do that for you.
How to Find a Great Rental manager
Because a good rental manager is so vital to ensuring that your property works for you, it’s important that you take the time to find one who is the perfect fit for you. The first thing you need to know is that you should avoid hiring any property manager or management company who charge a separate fee for each service they perform – they are more expensive than all-inclusive managers, and they really will do everything for you.
Next, you should try to find recommendations from trusted sources, such as friends and family members, or failing that, by using the internet and sites like https://www.reviewcentre.com/products4800.html. If a rental manager comes highly-recommended, then you can usually trust that they will do a good job of taking care of your property and ensuring that you are always booked up.
When you’re looking for recommendations, remember that you will probably need to do so in their native language because many of the people who will be staying at their properties will not be English speakers, and you could miss out on some vital information by not searching in each language.
It’s a lot easier to interview overseas rental managers than it ever was in the past, thanks to the internet and apps like Skype, and you really should take the time to interview any promising managers to get a feel for them and how well they know the job. You’ll also want to find someone who you can get along with on a personal level because you’re going to want to check in and see how well your property is doing on a pretty regular basis.
Check the Contract
This should go without saying, but before you sign any contracts, you should always check them over, and preferably have a legal expert do the same, in the case of property management, to ensure that all the services you expect to receive are covered, from property maintenance to chasing up compensation should a guest cause any damage during their stay. This is so important if you don’t want to be forced to get hands-on yourself a few months down the line.
Check the Cost
If you’re happy with everything in the contract, you should still hold off on signing until you have determined that the fees you are being charged are reasonable for the area you’re in.
Type of Tenant
You may also want to talk to the management company to determine how picky they are about their choices of tenant. For example, some may specialize in renting to vacationing families, while others might have an interest in renting to local people who are looking for a short-term rental. Knowing who they prefer to rent to will help you make the final decision on whether they are the management company for you.
Obviously, it should go without saying that you should do all of this well before you purchase your rental property, not only so that you can start making money from your investment straight away, but also because rental managers tend to be a fountain of local knowledge, and they can often tell you more about the local area and the best places to buy if you want to target particular tenants than anyone else.
If, after doing all of this, you are confident you’ve found someone(s) who will take their job seriously and look after your rental property like it was their own, then snap them up! Good rental managers aren’t always easy to find, but when you do find one, they airworthy their weight in gold.
Property is expensive, and if you’re relying on it for your retirement income, you need to be confident that it is being taken care of. The information in this post should help you to determine that!