Having a long distance rental comes with its own set of challenges. As a remote landlord, you will not be able to keep an eye on your investment property. You won’t know if the tenants are following the terms of the lease or damaging the home. Using professional property management is always a good idea, but when you’re managing property from a distance – it’s essential.
Renting Out a House with a Local Expert
As a long distance landlord, you need to hand your day-to-day management duties over to a local management company. Even if you have successfully self-managed in the past, living far away from your rental property investment makes taking care of it harder. Let a property manager keep an eye on the home. If there’s an emergency, you’ll know someone can be there right away. Your manager will also be able to stay on top of the rental trends in the local community. This will help you decide on rental rates and renewals. It’s hard to access this information from another city, state, or country.
Managing During Vacancies and Turnovers
It’s nearly impossible to find a tenant and fill a vacancy when you’re managing rental property long distance. Unless you want to come back into town every time a tenant leaves, you’ll need an experienced leasing agent who can show the property, advertise it, and screen tenants. You’ll need access to vendors who can paint and make repairs between tenants. Getting bids and collecting applications and rent and security deposits can be a full time job. Technology is great, but this is something that cannot be done remotely. You need a manager you can trust to take care of turnovers, vacancies, and tenant placement.
Communication and Reporting
Managing from afar is not easy, but real estate investing is. With the help of your property manager, you’ll be able to keep up with how your property is performing. Most management companies have an online portal, where you can view invoices, track rental payments, and receive monthly accounting statements.
Don’t make your investment more stressful than it has to be. Enjoy watching the value of your asset grow while you continue living your life. If you have any questions about the challenges of being an out of town landlord, or you would like to hear more about our Vallejo property management services, please contact us at Krystle Properties.