BVI HomeSense – 16 Good Reasons for Using Professional Property Management
Photography by Rainbow Visions BVI
In the BVI HomeSense column, we address concerns that apply to buying and selling property and to property ownership. In this month’s issue, we will address the benefits of appointing a property management firm in the British Virgin Islands.
If you are considering renting your property in the BVI—long term or short term—comprehensive property management by a professional service will help protect your investment. This type of amenity is designed to provide peace of mind and relieve the commitment of being a full-time on-site landlord.
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Increasingly, property owners and tenants are requesting managed properties as it allows a third party perspective, streamlined toward a successful business relationship.
Property management packages include services such as collecting rent, handling simple and complex administration, and the provision of a 24-hour emergency helpline. Corporate and high-calibre private villa tenants expect 24/7 service when they rent a property and as a landlord it can sometimes be challenging to fulfil their demands and expectations.
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Each managed property is given individualised attention and property management fees can be extremely reasonable with sufficient research.
Property management can help to ensure that both your tenants and property receive the essential professional care required. Utilising a property management service brings the following:
1) Extensive expertise and knowledge of local BVI laws 2) Comprehensive marketing to a targeted audience 3) Graphics and photography that may include: colour photos, 360° tours, slideshows, floor-plans, etc. 4) Finding and securing the right tenants 5) A professional on-going relationship with the tenants 6) Obtaining references 7) Efficient collection of rent 8) Managing the tenant check-out process 9) Arranging tenant notices and evictions when and if necessary 10) Arranging payment of outgoings: mortgage, property taxes, insurance or other payment as instructed 11) Detailed records, accounting reports and quarterly statements provided 12) Easy transfer of utilities 13) Key-holding services 14) Arrangement and payment of repairs, maintenance, cleaning and gardening services 15) 24-hour emergency call-out service 16) An annual property inspection with full reports to ensure proper maintenance
Essentially, a property management firm alleviates the headaches and minor details of the process and protects your investment – a very useful tool for off-site property owners. It can be a key component in supervision and maintenance of your assets; adopting this time efficient and effective measure might even be the security necessary in your decision to buy a property in the BVI.
We look forward to your input on this column and hope to address your BVI HomeSense interests.
BVI Sotheby's International Realty
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