Being a long-distance landlord might not have been in your initial plans, but situations can arise that necessitate it. Your company may reassign you to a different state or you may want to start anew in a new region.
However, upon checking the market prices, you might realize that your profit would be less if you sell your property.
The next best thing of course is to convert it into a rental home as you wait for the property market to recover. But long-distance landlords face issues that landlords who live near the area can easily resolve.
Here are tips to make long-distance property management hassle-free:
Accept Renters You Can Trust
As a long-distance landlord, you can’t readily check whether the renter followed all the property policies you’ve stated in the lease agreement. That’s why you need to find responsible residents right at the start. Regular inspections won’t be a possibility if you’re so far away, so finding trustworthy residents who will uphold the lease agreement is crucial.
Choosing the wrong kind of renters can put your property at risk for damages that go unreported. You may also receive complaints from other tenants or neighbors, and it would be a challenge to resolve those issues when your visits are infrequent.
The best way to limit conflicts and damage to your rental property is to perform a detailed screening of tenants. Evaluate the rental history of the candidate and verify the accuracy of the information submitted. Reach out to former landlords to get unbiased details.
Taking the extra time to find trustworthy renters will save you much more time and stress in the future.
Openly Communicate With the Renters
Communicating with your renters is vital as a long-distance landlord. Without regular in-person visits, you can only rely on your tenants’ words. That’s why scheduling regular talks to get updates is a good practice. Give tenants your updated contact information and encourage them to share any property issues.
Be respectful while communicating with your renters and appreciate their transparency. It’s best to learn about property concerns early so you can immediately schedule repairs. Unreported or ignored, issues like water leaks can result in extensive damage from the flooring to the walls and furnishing.
Make Concrete Plans to Visit Your Unit Once a Year
Under US law, long-distance landlords can benefit from tax-deductible visits from out-of-state rental units. You won’t need to worry about the costs of the flight ticket, hotel booking, or meal expenses since they’re deducted.
Nothing beats an in-person visit to find out whether the residents have been honest in their updates about the property over the phone. A visit can also help build your relationship with the renter and give you an opportunity to provide useful information.
Never Dismiss your Competition
Even though you don’t live in the area in which your rental property is located, you still need to keep up with the news in the community. The rental market is dynamic, and if you don’t know what’s happening, you might miss a rental price increase or lose a renter when competitors lower their rental fees.
Strive to retain your connection with the community and learn about any updates to local laws like safety codes to ensure your rental operation remains compliant.
If you receive delayed information, you may be unable to change the rental pricing right away, which can be an advantage for renters and a disadvantage for the landlord when the rent is due for an increase.
Reach Out to Local Contractors
It can be considerably difficult for long-distance landlords to fix rental property damages without a local partner. Having a network of local vendors can help resolve issues quickly and keep your tenants happy.
We recommend engaging the services of a reputable property management company that can provide excellent work on your behalf.
For example, if a pipe were to burst, your trusted contractors could immediately head to the rental unit and fix the leak. If you pick a random contractor, you may not always make the right choice, and there could be further delays before they can provide repairs.
Long-distance landlords cannot readily attend to property issues and tenant complaints. However, they can hire an excellent property management company with sufficient resources to take care of their rental properties.
Nothing can replace peace of mind and having a professional team with industry expertise supporting your goals of running a successful rental business, even without your active presence.
A good property manager can find the best renters, advertise your unit using strategic methods, collect rent promptly, resolve tenant complaints and property issues, and make sure that your rental space remains outstanding.
Another advantage of hiring a local property manager aside from saving time is that your lease agreement is enforced.
As your professional representative, a property management company has the experience and expertise to implement the policies outlined in the rental agreement. They can also provide stellar customer service, which results in happy and loyal tenants.
If you’re looking for a trusted and seasoned local property management company in your area, contact Campus Connection Property Management today!