Property management is crucial for several reasons:

1. Local Expertise: Property managers have extensive knowledge of the local market, regulations, and customs. They understand the nuances of the area, ensuring your property is managed efficiently and in compliance with local laws.
2. Long Term Tenant Selection and Screening: Property managers can vet potential tenants, conducting background checks and verifying rental history to ensure reliable and responsible occupants.
3. Marketing and Advertising: They have the expertise to effectively market your property, reaching a wider audience and ensuring it remains occupied, generating rental income.
4. Rent Collection and Financial Management: Property managers handle rent collection, ensuring that you receive your rental income promptly. They also manage financial aspects like setting rental rates, handling security deposits, and handling any rent-related issues.
5. Account Management: Property Managers get quotations for works to be completed or items purchased.  Ensures that works are completed or purchased items are installed properly and are working properly.  Where there are issues they can follow up with service providers before paying final bills. 
6. Payroll Administration: Your Property Manager will manage all full-time staff employed by the owner or provide temporary staffing as needed at an additional cost.  They will then ensure that assigned work is completed and will roster the staff accordingly.  All statutory deductions will be taken out of staff wage and submitted to the relevant agencies and staff are provided with Pay slips and funds deposited to their accounts.
7. Maintenance and Repairs: They coordinate and oversee necessary maintenance and repairs, ensuring that the property remains in good condition. This includes regular inspections, addressing tenant concerns, and handling emergencies promptly. The Property Manager will conduct a variety of checks throughout the year to ensure that they are proactive and develop cost effective plans to ensure the owner has all the information required to make the best decisions.
8. Legal Compliance: Property managers are well-versed in local rental laws and regulations. They ensure your property complies with all legal requirements, including rental agreements (though it is recommended that you get guidance from your Sales Agent and Property Manager before having a lawyer draw up the agreement or lease., inspections, and safety codes.
9. Time and Stress Management: Managing a foreign property from a distance can be challenging and time-consuming. A property manager alleviates this stress, handling day-to-day operations and freeing up your time.
10. Language and Cultural Barriers: Though we speak English in Barbados, there is a lot of slang used by staff.  Your property manager can serve as a bridge, ensuring effective communication and understanding.
11. Emergency Response: In the event of emergencies or urgent situations, property managers can act swiftly, coordinating repairs, contacting authorities, and ensuring tenant safety.
12. Market Knowledge and Trends: Property managers stay updated on local market trends, allowing them to adjust rental rates, marketing strategies, and property improvements to maximize your return on investment.
13. Comprehensive Reporting: They provide regular reports on property performance, including monthly statements, occupancy rates, and maintenance records, giving you a clear overview of your property’s status.
14. Preservation of Property Value: Effective property management ensures that your investment is well-maintained, preserving its value over time and potentially increasing its market worth.

Overall, property management for a foreign property provides peace of mind, efficient operations, and protects your investment. It’s particularly valuable if you’re not physically present to oversee the property, ensuring it remains a profitable and well-maintained asset.

So Why Coombes & Co.?

As a boutique company, we build close relationships with our owners, so that we can provide services that meet each owners’ specific needs and objectives.  

1. Personalized Service: We provide a more personalized and customized experience. They have fewer clients, allowing them to give individual attention to each property owner and tenant.
2. Tailored Approach: As a boutique firm we are typically more flexible and can adapt our services to meet the specific needs and preferences of property owners. We offer personalized solutions and cater to unique requests.
3. Direct Communication: With fewer layers of bureaucracy, boutique property management firms like ours, offer more direct communication. Property owners can have direct access to the decision-makers and get quicker responses to their inquiries.
4. Hands-On Management: The owners or managers of boutique firms are often directly involved in the day-to-day operations. This can lead to a higher level of hands-on management and a more intimate knowledge of each property.
5. Faster Decision-Making: Smaller teams can often make decisions more quickly compared to larger organizations, which may need to navigate through various departments or levels of approval.
6. Close-Knit Team: Our company has a small, close-knit team. This leads to better teamwork, a shared commitment to excellence, and a stronger sense of accountability.
7. Client-Centred Focus: Boutique property management firms rely heavily on their reputation and word-of-mouth referrals. This can result in a stronger emphasis on client satisfaction and delivering exceptional service.
8. Innovative Solutions: We are agile and open to adopting new technologies or innovative solutions to improve our services.

What are some of the costs involved in owning a home:

1. Barbados Land Tax – Annual
   • 0.0% on land valued up to $150,000.
   • 0.1% on the excess of the improved value greater than $150,000 but not exceeding $450,000.
   • 0.7% on the excess of the improved value greater than $450,000 but not exceeding $850,000.
   • 1.0% on the excess of the improved value greater than $850,000.
2. Insurance – Building & Contents – Fire & Perils, Employee & Public Liability insurance.
3. Barbados Light & Power – Electricity
   • A deposit is required for non-resident clients.
   • Bills are prepared monthly and fluctuate according to the cost of fuel.

1. Barbados Water Authority
2. The National Petroleum Corporation (NPC) – Natural Gas 
3. Telephone, Internet & TV Bundles
4. Pool Maintenance
5. Garden & Irrigation Maintenance
6. Servicing or repair of equipment.
7. Staff cost
8. Household cleaning supplies
9. Furniture repair / cleaning
10. Replacement costs (Linen, Towels, Glassware, Crockery etc.)
11. Property Management
12. If you plan to rent your property short term, then you will need to set this up with Barbados Revenue and ensure you collect the Shared Economy Levy from guests and submit payment through TAMIS.  There is an additional charge for this service.

Other Fees depending on type of property:

1. Condominium PUP / POA / HOA Fees as per the Condominium Act.
2. Communal Assessment Fees
3. Membership Fees (e.g. Golf, Beach Club, Tennis)
4. Where a Companies owns the property the owner / Directors will have to submit Annual returns, Corporate Taxes