Costa Rica rental management is a great service to consider when looking at purchasing property as an investment. Here is a little bit of information to start you out by REMAX Oceanside Realty based out of Jaco Beach Costa Rica
Costa Rica Rental Management Companies
Fortunately there is a high rental demand for homes and condos in our area especially with the popularity of websites like www.airbnb.com, www.vrbo.com, www.booking.com and more. Most of our purchasers do not live full time in Costa Rica so they are in need of a property manager of whom there are many to choose from. These managers maintain the property with preventative maintenance, are on call to service any issues and typically offer accounting service in which they will pay all the owners bills on their behalf such as utilities, property taxes, HOA fees, etc.
Some managers will charge a monthly fee for these services normally around $100 while other managers will perform these duties at no extra cost if the owner exclusively rents their property with them. Managers will not have any restrictions on how often owners are allowed to stay in their own property.
Typically the top producing managers in our area are charging a 35% commission on the rental income on short term rentals and 20% on rentals over one month. The managers are normally marketing their properties on all the popular websites as well as promoting through their own personal websites, social media and both local and international advertising.
Owner Managed Check ins
Some owners are good at generating their own rentals in which case most managers will offer a “key fee” or “check in fee” meaning that instead of charging a percentage of the rent that they will charge a set fee per check-in if the owner books the rental. Check in fees range from $30 to $125 per reservation depending on length of stay and quality of the property and for that fee the manager will perform all the same duties of checking the guest in and out and normally offering concierge services by helping to arrange transportation, tours and other services.
Once the guest departs, the manager will coordinate the cleaning and verify the inventory to make sure that nothing was broken, stolen or stained. For example, if an owner books a reservation on their own for one week for $1,000, then the owner would send the guest to the manager and they would take care of them from there. The manager will charge a “check in fee” and for the sake of example let’s use $75 and the balance would belong to the owner. Then the manager would coordinate the cleaning and then bill the owner for the maid service.
Some Costa Rica rental management companies perform better than others at certain developments and communities and we can guide you to those companies depending on where you are considering purchasing.
Please let us know if we can assist with any questions or help with any of your Costa Rica real estate needs!
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