Corporate rental properties in the Caribbean come in all shapes and sizes. Not all are leased out by companies or serial landlords, some are offered by people wanting to make a little extra money, provide for their retirement or to survive a tough market. For those who want to invest their money in bricks and mortar instead of flaky pension funds, finding the right investment is vital.
Finding a motivated seller is the most basic requirement of any budding corporate rental magnate. At the moment, that has never been easier. Families are struggling to make ends meet, and some will do anything to dispose of their property. In a different real estate market, the reasons are a little harder to discern.
The main reasons for someone to sell their home are emotional ones. Those reasons could be divorce, bereavement, relocation, financial issues or perceived property, or neighborhood problems. The reasons are many, their power over the seller is what interests you most. Emotional sellers can sometimes change their mind, so strike fast to get that deal.
Finding available properties is all about getting the word out that you’re looking and trawling the internet and local Caribbean MLS to see what’s around. Leafleting areas of interest is also a useful tool. It takes a little more effort than other methods but can reap significant rewards. Newspapers, the internet and other traditional methods are well enough, but all investors use those. To get the edge, and the deal you have to do more.
Get in your car and take a drive around likely areas. Learn the area, values, types of property, crime rates, local amenities and any other useful information. Take a note of vacant properties and those needing renovation. If you find some, knock on the neighbors door and get information.
Ask them if they know who the owner is. Neighbors don’t want to live next door to a vacant lot or one that is slowly falling down so can be quite helpful. It’s also useful to get to know local store owners, postmen and bar owners too. They are very up on what’s going on and who is going where.
Your main problem when searching for a corporate rental property is quality and location. Corporate clients are more demanding than standard ones. To work, a property has to be in a good area, near to places of work, near to amenities and near to transport links. It also has to be of a high standard, with decent decoration and decent furniture.
If you’re hunting for a deal, you really do have to work for it. It’s rare indeed that a bargain will fall into your lap. Even in a market like this, you’re going to have to be quick to get the steal on the competition. Other investors also know the tricks and will do whatever they can to steal your potential corporate rental from out under your nose.