Managing From Afar -- A 3 Step Guide To Being A Great Long Distance Landlord
Posted on: 13 December 2016
If you're planning to become a long distance landlord, you face unique challenges in managing your properties. Because of the distance involved, it can be harder to resolve not only emergency issues but also day-to-day ones. So, how can you meet this challenge? Here's a handy 3 step guide to doing just that.
Decide Your Involvement
The first thing a new long distance landlord should decide is how much he or she wants to be personally involved in the running of the properties. If you're a very hands-on type of individual with experience in running a business and time on your hands, you may be fine handling the daily management of your properties alone.
However, for many distant landlords, trying to do things from far away will be a source of stress and frustration (and often, money or time wasted). So, you should decide on your own how involved you want to be in the areas of tenant management, maintenance, legal matters, and repairs.
Outsource What You Can
Based on how much you want to personally manage, it's time to start outsourcing various aspects of running your properties. If you have decided that you don't want to have to manage things yourself, it's best to start interviewing full service property managers. Look for one that has experience in the local rental market -- possibly getting recommendations from other landlords -- and that provides everything from tenant screening to emergency services.
If you wish to be active in just certain areas, you can often outsource other things on an "a la carte" basis. Look for local companies that provide services like these:
- Monthly landscaping and seasonal yard preparation
- Preventative servicing of systems such as heating and cooling, appliances, and the roof
- Local handyman services for minor repairs and emergencies
- Emergency property management for larger unexpected issues
- Lawyer and paralegal services
- Electronic receipt of rent money
Consider a company like Choice Maintenance Group LLC to begin your search.
Stay Aware
Whatever level of personal involvement you decide to take on, it's vital that you be an active participant on at least the high level. This means talking with your property manager monthly, requesting detailed invoices for services performed, checking in regularly with tenants, and visiting the properties at least once or twice per year. Keeping yourself involved is good management, even when it's not micro-management.
You can be a successful long-distance landlord if you follow these steps to get help where and when you need it. And then, you can sit back and relax, knowing that your rental business is on the right track.
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