Vacation Rental Management
You want to buy a vacation rental property. How do you manage the rental if you are off island?
Many buyers invest in properties to use as investments to rent to vacationers or for long term stays, but do not plan to live fulltime on Roatan. They need someone here to handle the property and manage that dynamic. That is where property managers come into play. Since Roatan is a tourist destination, vacation rentals are commonplace, so we have a lot of management options on the island.
What do they do and what do they charge? You generally have two types of costs: the property management fee (that’s for exactly what it says, managing your property: paying your local bills, coordinating repairs, coordinating gardeners, housecleaners, doing inspections etc). That is usually a monthly, fixed fee. There is also a commission percentage that what you pay when the property manager rents out your place for you. This will only be paid when you have an actual rental. This is usually 20-35%, depending on the manager or company you go with.
How easy are they to find? There are many individuals and couples that do solo property management, as well as larger companies. Some condos and gated communities also offer a rental pool and management onsite, so it will depend on where you buy and what you feel drawn to. Decide if you want to work with a smaller scale operation that can offer personalized service or a larger company that has more staff and possibly larger reach. Again, let me know if you need referrals!