How to Manage Your Properties Back Home When Retired in Ecuador
Moving to a foreign country like Ecuador is an exciting experience for someone from America, and it can be an excellent way to cut down on living expenses during retirement. Retirees find Ecuador’s vibrant culture is perfect for life when it’s time to finally sit back and relax for years to come.
Many people that make the move to Ecuador, including retirees, still hold rental properties back home, and they’re looking for a way to manage those properties to continue earning a steady income from them.
One of the easiest options is to hire a high-quality property management company like katypropertymanagement.com to take over every aspect of the property for you. These companies offer a hands-off approach to managing your investment over time, and they’re affordable given all the services offered, but they aren’t the only way to ensure your property remains safe and profitable after you relocate. Read on to learn how to take management into your own hands and to learn how to properly manage property while living in Ecuador.
Get a Good Maintenance Team
Talk with local professionals that understand property maintenance and hire a team to respond to problem calls as they arrive. You’ll want a team that you can easily contact, and that is willing to respond to tenant calls without you being in the middle.
Form Relationships with Repair Companies
It’s important to work with a skilled maintenance team, but it’s also important to have a relationship with plumbers, electricians and HVAC experts, as well as general contractors. Eventually more serious repairs will need to be made and you’ll want highly skilled professionals working on the task for you.
Hire a Rent Manager
Hire someone in your home country to collect rent from tenants that you rent to, and to do things like fill any rentals that open and handle marketing tasks for you. This person can work on a part-time basis, unless you have many different properties that all need managing.
Involve Family Members
Family members may not want to handle the full management of your properties, unless you’re willing to pay them to do so, but if you have local family members that live near your rental property, they may be able to check in on it for you occasionally. This way you’ll be able to keep track of your investment and get information from someone you trust without having to travel a great distance to keep your eyes on things.
Hire Professional Managers
Now that you see all the steps you’ll have to go through to maintain your own property while in Ecuador, you likely see the benefit of hiring a management company to do the work for you. In exchange for some of your rental profits, you can enjoy owning the property without struggling to keep it managed on your own. A good company will keep your property in good shape, help deal with finding new tenants when others move out and leave you with a hands-off business while you enjoy your retirement in Ecuador.
It’s possible for you to handle all the maintenance tasks yourself and manage a property from Ecuador by traveling back and forth, but it’s generally very stressful to have to travel to watch over a property yourself. Consider the cost of a management company and then think about all the time you’ll save by hiring them to do the work for you. Only after that can you decide if hiring a management company is a worthwhile investment or not.
Article Credit: Jason Mueller