Tips and Tricks For International Property Management

Are you thinking about expanding your property portfolio into another country or region? If so, there are a number of critical questions to consider before you sign on the dotted line.  Whether you want to purchase office space in the fastest-growing cities or start your own vacation rental resort, here is a look at how to successfully manage your new properties:

1) Research The Appeal. The right investments in sought-after locations will create strong rental demand. Assess similar properties in your chosen area and verify each of their rental costs so you know what type of revenue to expect. It’s also helpful to anticipate an average vacancy rate when you’re calculating potential income.shutterstock_81788224-resized-600

2) Consider Utilizing a Property Management Professional. If the property you’re interested in is in an area you’re unfamiliar with or far away from your headquarters, hiring a local expert can save you  money in the long run. Along with having local connections for getting repairs and maintenance take care of for a reasonable price, they can also screen and manage potential tenants.

3) Know When to Sell. A successful property investor has the knowhow to realize when to sell their investment and when to hold onto it. Remember that most markets tend to move in cycles, and if you see property prices rising beyond their anticipated values, it may be a good time to sever ties with yoru current locations.

4) Keep An Eye On Your Valuation. Any asset has room for negotiation. Make sure to frequently evaluate both the current valuation and your monthly mortgage payments to see how your property measures up to the market rate. If there’s a significant variance between your costs and the market’s, you may be able to re-negotiate the terms of your contract.

5) Be Aware Of Tax Regulations. When purchasing an international property, make sure you appoint an advisor with a thorough knowledge of the taxation laws.You don’t want to have some trouble during your annual audit!

Successful international property management is undoubtedly one of the many ways in which you can increase your revenue, but you need to be prepared before jumping into new markets. Do you have any tried and true processes for managing your overseas properties?

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