Property Management in Panama
Buying an investment property in Panama is quite common. It is also common to buy property for your future retirement and rent it until you are ready to move. It is important to have a professional and reliable property manager who cares for your property as their own. At Region Panama, we offer property management services as well. Moreover, we work with a hand full of professionals in this industry whom we´ve known for years and can highly recommend.
The fees for property management in Panama may vary depending on several factors. For the most part, you can plan on US$ 150.00 per month for condos and US$200.00 to US$250.00 per month for houses. If your property is rented long or short term, a 10% to 15% of the rent is typical as a property management fee.
Your property manager should be available to respond to any issues there is in the condo while rented. Part of the duties of a property manager can also include:
- Collection of the rent
- Arranging payment of the HOA
- Handling electric, cable TV and water bill payments
- Arranging cleaning at any given time
- Handling check-ins and check-outs (If your property is a vacation rental)
- Arranging for AC maintenance
- To be able to coordinate repairs of any issues with the property (plumbing, AC, painting, equipment installations, etc.)
Make sure to include in the numbers the property management fees and extra allowance per month when buying an income-producing property. If this is the case, you may want to consider purchasing a property that is already rented. Especially if it´s rented long term.
Contact us about property management in Panama. We´ll be glad to provide you with this service as well. We can also recommend towers with the highest occupancy in Panama City and at the beach.