1. You will need them to have a bilingual staff.
This is an indispensable characteristic to enable you to express expectations and problems clearly, not only with management, but with the person or persons involved with your property on a frequent basis. Contracts in Spanish are legally binding but those in English make it easier for you to understand the applicable and complex Mexican Legislation
2, The way you use your home will determine the type of management you need. Ask what types of properties they manage, vacation or long term rental, owner use only, etc
The types and complexity of management services rendered are quite different. Homes that are rented for a year require much less than a home that is being used by owners or guests on a frequent basis. Vacation rental homes need not only services for the home, but for the renters as well. You will need a company that can provide both types.
3. Ask how they ensure that your home is always in perfect working order and ready for your arrival whether last minute or planned in advance? Your needs can only be met by putting in practice multiple services: prompt payment of utilities and services, normal upkeep for the construction, grounds and equipment in your home, weekly property inspections and repairs, housekeeping services, prompt response to your correspondence and good communication between the owner, management company team and providers.
4. It is important for you to make sure they have someone who provides guaranteed repairs or maintenance services to your home when needed. The company should have carefully selected, preferred sub-contractors who immediately respond to any request and provide guarantees for all of their work.
5. You should ask about additional services they can provide for you and your guests?
Having private transportation waiting at the airport for you makes your vacation start off on the right foot. You can also have pre arrival shopping, welcome margarita parties, special occasion gifts, cakes, etc.
6. Unless you speak Spanish fluently, you should ask how many members are in their team and if they are bilingual
There should be sufficient staff for all of your needs to be met in a timely fashion and to be available to assist you in both languages as most owners and guests do not speak Spanish fluently and most providers do not speak English fluently.
7. Doing business in Mexico is MUCH different than in North America. Ask how long they have been doing Property Management in Mexico? Expertise comes with experience, therefore newly formed service providers may not be able to provide adequate services nor have the sub-contractors required. It is well known that a minimum of five years is necessary to establish a steady level of services in all areas. Property Mangers come and go, look for one that is well established.
8. Always ask if they are a legal Mexican corporation? You need a company that is doing business legally and looking out for your best interest. You will be entrusting a lot of money and your home to someone you do not know. Make sure they have a good reputation and they are doing business the proper way. It will save you a lot of headaches and money in the future
9. Ask about payment of any income taxes produced from rentals: Many people think they do not need to pay Mexican taxes on income they receive from their home in Los Cabos if they receive the money in the states. This is not true. Any income you receive on property in Mexico should have the taxes paid in Mexico. Your home country might give you credit for taxes paid in Mexico so you don’t pay double.. You should talk to an accountant if you are going to rent your property. Your property manager should be able to guide you in the best option for collecting money on a rental property in Mexico. There are many ways to handle it.
10. Ask about facturas on any purchase or service made on your property. With the new law changes foreigners are now able to help offset capital gains by receiving facturas for work done on their homes. A PM company should be able to help you obtain this and explain the new laws and how they affect you. A factura is a legal receipt given for payment of work done. The legal copy is digital.
Remember the old saying “You get what you pay for”. Your home in Los Cabos is an expensive investment. You should want the best company to take care of it, not the cheapest.
Many people hire the least expensive company but end up not getting the quality services they want or need. A good company will be able to provide references from clients, guests and providers. If all of these speak well of the company it shows they are well rounded, care about their clients and providers which in turn makes for a much better job done for the client. Services can range from $50 to $1200 USD per month.
Written by Cabo Property Management S de RL de CV. They have been providing quality property management and vacation rental services for over 14 years in Los Cabos. The owners of CPM, Diana Owen and Esteban Morales provide a true bicultural and bilingual service making owning a home in Mexico a good experience. Visit our website. www.cpmcabo.com or call us on our OOMA phone at 208 475 3919 or locally 143 7381 or 624 129 6930