Property management is an invaluable service in the Cayman Islands, given the extensive number of property owners who live overseas and for most of the year are not physically present on-Island to manage their property themselves.
A property management company takes responsibility of maintaining a residence’s existing state of affairs. They keep constant tabs on the property while also appeasing both tenants and owners. As the name suggests, a property manager takes control of every operating aspect of a property and a good property management company will market your property, screen prospective tenants, draw up a lease, handle all financial matters, produce monthly reports, handle all maintenance matters and be on call 24/7.
If you plan on acquiring multiple rental properties, the more necessary property management services become to help juggle them all alongside your own day-to-day responsibilities. One of the biggest drivers for real estate investors recruiting the help of a property manager is to help field tenant maintenance calls, which can come at all hours of the day and may often require urgent assistance. Having someone to act as a go-between who is on call and ready to address whatever issues creep up can save owners a lot of trouble and time.
While there are some property management specific companies on-Island, many realtors also offer property management services in the Cayman Islands.