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How to Manage Properties in Colombia and the USA

By: Melissa Villalobos

June, 2017.

furnished apartment for rent in medellin

Investing in real estate is an excellent way to make a comfortable living in Colombia as well as the United States, but it takes serious professional management skills (some great ones listed at the URL here katypropertymanagement, SuiteMedellin) that must be developed over time. If you want to make property investments it’s important to work with skilled contractors to make sure that you can handle major repairs and renovations. It’s also important to have maintenance crews available, to understand how to market your properties and to have a solid legal team to help you with management goals. It takes a team to manage properties effectively, and you need to take steps to build up your team in the beginning so that you can make the most of your investments as soon as possible. 

Talk with Contractors

Speak with local contractors about their remodeling costs, response times and the services that they offer. Do all the research up front so that when you purchase your properties you have the experts available to you to fix up the properties and get them running properly once again. It takes time to find good help, so be patient and only hire companies that seem like they will offer you good reliable service over time. 

Purchase Property

After thoroughly researching the different property options available to you, carefully invest in property that seems like it will pay out over time. Be careful to invest in markets that offer good rental opportunities so that you can make a return on your investment over time. Many people enjoy renting property in historic districts while others enjoy a calm and serene location. You will need to cater to the type of tenant you want to rent to by checking out properties that will be able to turn over the highest dollar for you as an investor. Don’t rush this process, and carefully evaluate options in your chosen country before making a purchase. This is the most important step that you’re going to make.

Get Legal Help

Before you even think of renting out your property, take the time to contact a local real estate attorney and have them help you draw up rental agreements and figure out how to successfully monitor and maintain that property. Come up with lease details, eviction strategies and learn how to effectively manage your property from a legal standpoint. 

Hire a Maintenance Team

Properties require maintenance and repairs. There are going to be situations that need handling, and it’s best to have qualified maintenance experts available to do things like fix doors, replace appliances and keep your properties running smoothly. 

Rent the Properties out

Now that you have the team in place, it’s time to rent out your properties so you get money from them. Advertise locally and do your best to price the property properly. Shoot for rental prices that are as high as they can be while still attracting interested tenants over time. Once you rent out the property you can enjoy all the profits that come from it over time. 

Managing properties in the United States or Colombia isn’t difficult with the right professional team to help you out. It’s vital that you build up the property management team early in the planning stages to ensure that you can smoothly manage your property and handle any issues that arise during the months that you begin to rent it out.

 

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