Managing a rental property from afar can be difficult. You might feel like you’re not in control and that your tenants are running the show! But don’t worry – there are ways to manage the property while living far away. Here are four smart tips for managing a rental property from afar:
1. Get a Property Manager
Being away from the property means that you will not be able to check in on it. This is where a Property Manager comes in handy. They can be an essential part of your team and manage everything from rent collections, maintenance issues, inspections/reports, evictions, and more.
It is crucial to find a property manager that you can trust. You want someone who will put your needs first and do what it takes to protect the investment, but also be cost-effective at the same time. When hiring, it’s important to ask a property manager his licensing and experience with your type of property. The last thing you will want is to hire someone or a company that has never managed property like yours before.
2. Go Automated
In the age where technology is taking over, many products can be used to manage the property remotely. There are apps, software programs, and other tools that allow you to control everything from the comfort of your own home without spending time on site.
Going digital also means doing away with the old-school way of collecting rent. Today, your tenants can pay their dues online. This way, you won’t have to go knocking on doors for cash.
3. Get Insurance Coverage
It’s better to be safe than sorry. You never know what can happen, so get landlord insurance for your rental property that will protect you from any liability or damages to the property, as well as cover any injuries sustained by guests on the premises of your home.
Suppose something were to happen and you had no coverage. In that case, it could end up costing you more than just monetary losses-you may also suffer a hit to your reputation if others find out about how poorly managed your properties are.
4. Communication is Key
Going silent on your tenants can be one of the worst things you can do to an absentee landlord. Communication is vital for rental properties, and forcing tenants into silence will give them no way to vent or ask questions about their living situation.
With technology, it’s now easier to keep tabs with your tenants than ever before. Here are a few ways to do so:
- Set up text alerts with your tenants in case of an emergency or other pertinent information that needs to be communicated urgently.
- Use Skype, Facetime, and Google Hangouts as the technology allows for real-time communication between yourselves and your tenant.
- Consider installing video surveillance at entrances and exits to catch anyone who is trespassing on private property.
- Keep tabs on work done by contractors via photos uploaded onto social media sites like Facebook so you can ensure all repairs have been made correctly–and on time.
With active communication, your tenants will feel more at ease, and you’ll have peace of mind knowing that anyone in need will be informed.
If you are a landlord who can’t handle the day-to-day management of your rental property, these tips will help you be more effective in managing from afar. It’s important to remember that you are in charge. It would help if you never let anyone take advantage of your property or rental agreement so long as they have signed an official lease and followed all terms outlined therein.