Sometimes, owning property in your area just isn’t an option. Maybe you’ve moved away, but you’d like to retain your rental properties. It’s also possible that you just don’t want to live that close to your tenants!
Whatever your reasons, you can definitely be successful as a long-distance landlord, and here’s how!
Hire a property management company
Even if you don’t do anything else, you definitely need to hire a property management company if you don’t live near your rental property. Not only can they help you keep track of your finances, including rental payments, but they will make sure maintenance issues are dealt with quickly and efficiently.
Tenants complain about a lot of things , but by far, they complain about maintenance issues the most. Not only is it essential that you provide your tenants with good service, to keep turnover rates low, but it’s also in the best interest of your property. Small issues can turn into large problems that could end up costing you thousands of dollars down the road. A property maintenance company will deal with issues as they come up so you don’t have to call around town for a repair company in the area.
A property management company can also help you with marketing. Finding potential tenants and showing an apartment is nearly impossible if you don’t live in the area. Having a property management company will help keep more of your units occupied, which will also ensure your rentals make more money.
Maintain connections in the area
Although having a property maintenance company can help a lot, it is definitely worth it to make and maintain connections in the area. Someone living in the area may be able to help a tenant into a unit quickly or make a quick repair that would cost a fortune if you asked the property management company to do it.
You might want to turn to friends and family in the area, but it’s even better if you can designate one of the tenants in your building as a representative. Not only can they help you deal with problems quickly, but they also provide an easy way for other tenants to voice their concerns.
Don’t forget about making connections with real estate professionals and inspectors in the area! They can help you assess the value of your property, which may ultimately allow you to raise your rental prices in the near future.
Visit your property, if you can
Traveling isn’t cheap, but it’s always a good idea to visit your property if you can.
Nothing compares to being able to see your property yourself, no matter how detailed the report from your property management company. It’s also a good idea to have a presence at your property, so your renters know exactly who you are, and that you care about them and the condition of the building.
Plan to make the trip at least once a year, but twice a year is best. And don’t forget, your trip is tax deductible, since it’s for business!
There are quite a few benefits to being a long-distance landlord, so don’t say no to owning that rental property just because you don’t live close by. You might just discover that you prefer owning property that isn’t just down the street!
[HD1]Link to article titled ‘The Benefits of Hiring an Oregon Property Management Company to Help You with Your Rentals’
[HD2]Link to article titled ‘What Tenants Complain about Most’