Real estate is a lucrative industry with a reliable stream of sustainable income if managed right. It could be a single residential home or an apartment building, or even a commercial building, but as a landlord, you expect rent at the end of the month.
For varying reasons, you may find yourself as a long-distance landlord, owning and managing property far from where you live. This could be as a result of work, retirement, change of residence, or inheritance of rental property from a relative.
No matter the reason, being a remote landlord comes with a share of its challenges. You may need to make a big call on whether to manage your property remotely or contract a local property agent to handle things on your behalf. But before you get to make that decision, below are some helpful tips you may need to consider.
We live in a digital era where technological advancements have transformed how we live and engage with each other. Adopting modern technology in property management would make it easier for you as a long-distance landlord to manage your business.
Being far away means your tenants cannot deliver the rent check personally, and sending payment via mail may not be the safest option. Automating your operations is a welcome convenience for both the tenant and the landlord. There are numerous software solutions on the market to help you track and collect rent directly to your bank account.
Automated property management software is designed with specific features for the real estate industry to help landlords organize and streamline their business. Apart from management of rent, prospective tenants can see when there are vacancies, book vacant houses, and sign a lease or rental agreements online. You can also screen potential tenants and advertise rental vacancies online.
With almost all your rental business passing through these platforms, it becomes easier to account for your operations and produce the necessary statements required for financial reporting. The beauty of property management software is that you can use them remotely on the go through your smartphone and other mobile devices.
Communication is Important
Communication is paramount, especially when you cannot stop by the property in person. How else would you know what is happening if you cannot be reached to get notified? Being away means that the tenants will probably reach out to you via phone or other means to report any problems or challenges they may encounter.
Being your only eyes on-site, it’s significant that they reach you with ease, anytime they need to. Certain problems such as drainage issues, water leakage, and security risks require immediate action. Thus, it’s for everyone’s benefit that you learn about such issues on time so you can take care of them effectively and promptly.
Update your contact information and share it with your tenants. That will make it easy for them to get in touch with you in case there is a problem. You can even create a Facebook or Whatsapp group for your tenants where common problems can be discussed and resolved with everyone’s contribution.
Take advantage of all communication channels at your disposal to make sure you are well informed about any happenings on the ground.
Conduct Thorough Tenant Screening
Renting to a difficult tenant can hurt your bottom line and create plenty of stress. This is made even worse if you’re a long-distance landlord.
You should vet your tenants in accordance with the Fair Housing Laws to ascertain whether they have a stable source of income and to ensure that they will respect the terms of the lease. You want to lease to tenants who will pay their rent promptly when due without any complications.
You should also conduct a background check of any prospective tenant and ask for references from previous landlords before handing out the keys. That way, you will be able to differentiate quality tenants from those who are likely to cause you problems.
Appoint Property Managers for an Easier Route to Success
A lot of time, energy, and resources go into property management. You can avoid all the hustle and challenges of managing a rental property from a distance by contracting a local property management company. Hiring a property manager comes with several benefits, making them the best choice for a long-distance landlord.
A good property manager can save you the much-needed time and headaches from dealing with problematic tenants and become your ears and eyes on the ground. They handle all matters related to your property, from repair, maintenance, and marketing, to renting, and financial reporting. They also act as an important link between the property owner and the tenants.
Have Reliable Access to Local Resources
Many property managers have a good network of trusted vendors. From their experience and many years in the industry, they have built strong relationships with local handymen who can tend to needed repairs and maintenance.
They will also have contacts in almost all areas of interest in property management including professional cleaners, painters, lawyers, and accountants. All these are people you may need at one point or another as a landlord, thus, making your work easier.
If you are a long-distance property owner in Boise, ID, and are tired of dealing with the draining day-to-day property management tasks, Realty Management Associates, INC. is here for you! We are a dedicated property management company in the region, offering peace of mind to new and seasoned property owners.
We have a team of devoted professionals who are always ready and happy to help you achieve your rental property investment goals. Contact us today and start a new journey to realizing your property investment goals with a trusted partner at your side.