Key Steps to Successfully Become a Long Distance Landlord

If you’re contemplating becoming a long-distance landlord, it can be challenging. Long-distance landlords often aren’t able to visit their lettings regularly.

However, whether you are relocating, have inherited some property, or are thinking of expanding your investment portfolio, you can still successfully manage your rental from afar.

Here are some tips to overcome the physical distance and make the process easier for yourself and your tenant;

Hire a Property Manager

You can engage a property manager if you are too busy to handle the minor nuances of managing your remote property. The property manager can take care of the day-to-day tasks you are unable to handle.

They can handle repairs, property inspections, and showings. To ensure everything with your rental property is going according to plan, you can connect with the property manager.

Be sure you hire someone with experience in property management. They should be someone you trust and can communicate with.

Find trustworthy tenants

You must be able to trust your tenants because you won’t be living close to your property. Verify the references of every tenant you must rent to if you are unsure of them.

Rent to referred tenants, friends, or relatives, if at all possible. At the same time, communicate regularly through email, texts, or phone calls. You want your tenants to feel comfortable speaking to you about possible problems with the property and rent payments.

Ask Someone to Check-in

Because it’s a shared dwelling, any misbehavior by your tenant can occur from time to time. Therefore, get a friend who lives nearby to act as your eyes. As a result, if there is an issue, such as vandalism, this individual can notify you right away and, if necessary, serve as your property manager by checking in.

Keep up with maintenance 

Maintenance for a home is more complicated. More so, maintenance, repairs, and other complaints all come to you as the landlord of a rental property. When you are out of town, you have to find other ways of dealing with these situations.

You will need someone to attend to problems as they arise and handle the yard work regularly. A handyman, electrician, and plumber are good people to have on your contact list. If there is ever a leak or electrical problem that needs to be fixed immediately, you can call on them to get the job done and bill you later.

Inspect

When you live far away from your property, you may find it hard to know if tenants are taking care of your property. If they know you won’t be around to check, some tenants may try to bend the rules. This is why you need to take time to book a visit to your rental home. Conduct regular inspections to check on the condition of your property. 

If your tenants know there will be inspections, they are more likely to follow the terms of the lease agreement. You’ll feel more reassured once you’ve seen that your rental home is in an excellent state

 

Tags:

Leave a Reply