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tholland
12-16-2015, 03:13 PM
Hello Bonaire Friends!

We are considering purchase of a property on Bonaire
and are wondering what typical costs might be for
property management (we would want to rent our
place out when we are not in Bonaire)?

Wondering if the property management companies
also can arrange to regularly check on our property
when it's not currently being rented?

Any info greatly appreciated!

Anthony

bonairehomes
12-23-2015, 05:03 PM
Anthony -

Since no one else answered this thread I will.

First, the disclaimer, my company provides property management as do most of my competitors. Some smaller companies and individuals also provide varying degrees of property management services depending on what the owner wants and needs. I will try to give you an overview of options without naming any specific vendors.

If you house will be empty more than a few weeks at a time, I STRONGLY advise you to have an alarm system installed in the house, and USE it. I also recommend paying the monitoring fee for one of the local security companies to come to the house in the event of an alarm. This normally costs from $50 to $100 per month.

Most insurance companies REQUIRE you to have a contract with a caretaker service in order to be insured. I think the minimum requirement for the insurers is that someone checks the house and does a walk through at least once per week. This will cost between $100 and $200 per month.

Your first option for taking care of your house when you are gone, is a simple care taking service. In this scenario some one checks on your house once per week or so, and makes sure the pool is cleaned and the garden gets water, etc. The cost is around $100 to $150 per month, and you get what you pay for.

The second option is to choose a company that will find tenants and rent your house for you on a long term basis (normally 6 months or more). Most companies charge you around 10% to 15% of the rent collected as the management fee. The primary services you receive if you are renting long term is to find tenants, check references, sign the leases, collect rent and make repairs to the house if needed. Every company is different and can provide additional services like checking on the garden, on the pool, on the tenants, paying bills and invoices, etc.

The third option is to choose a company that will find tenants/guests and rent your house for you on a short term basis (vacation rentals). Most companies charge you around 20% to 30% of the rent as the management fee. These companies may also charge guests a service fee of 10% to 15%. For short term rentals the management company answers e-mails, arranges bookings, processes payments, picks up guests at the airport, does check-ins and checkouts, and arranges to have the property cleaned after each stay. They also arrange repairs if something breaks during the guests stay. Every company is different and provides various additional services as above.

Some people also like to rent out their own properties using VRBO or Air B&B and you can also find management companies who will handle the "on island" things that need to be done if you want to "Do it yourself" as an owner. Costs and services vary for this option.

It is more complicated than this, but I hope I gave you a good starting point.

tholland
12-23-2015, 11:29 PM
Thanks for that great info!
Anthony