There are many factors that can make you manage a rental property from long distance, but whatever it is, there are several challenges you will surely face. No matter the challenges, with determination and a positive mind, you will succeed, and here are some tips to help you out.
- Build a great team
As a long distance landlord, you need to build a great relationship and connect with others. Build a great team you can trust, and this is very helpful especially when you are unable to physically visit or inspect the property.
- Connect with the neighbors
You have a trustworthy team, that is fine. However, try to connect locally by getting to know the neighbors as they can help you magnificently. There is certain information you need from them; information you may not get from the team you build. For example, there could be suspicious activities at your property, and locals are the best to feed you with necessary information.
- Make transactions digital
As a long distance landlord, it would be difficult to collect rent through the traditional method of presenting check, as no tenant would want to undergo the stress of travelling long distance just to deliver the check to your hands. If you insist on paper checks, then you are likely to experience difficulties that can easily be avoided when you go digital. The best way out is to make use of property management software which makes it possible for tenants to pay rent through their credit card or ACH.
- Properly screen tenants
Some tenants can make your experience as a landlord miserable, as there are tenants that will always delay in paying rents, and even some that will not only damage your property, but terrorize other tenants and even the neighbors. Because of this, ensure that you properly screen the tenants because it would be more difficult to deal with troublesome tenants as a long distance landlord. Check their credit report, criminal record, rental reference and many other necessities as you screen them.
- Get insured as a landlord
Search for insurance policies that have added protection for landlords, because as a long distance landlord, you are likely not to meet up with certain obligations especially the ones that require your presence. Also, encourage your tenants to acquire renters’ insurance.
- Inspect regularly
You can properly manage your property from far away through proper planning and in many creative ways. However, it is very vital to visit the property regularly and inspect it physically.
- Follow the law
Even though the federal law covers the country, there are state specific laws you must obey if your property is there. The law in the state you reside might be different from that of where your property is located, so ensure that you know the law governing housing in the state your property is located.
Being a long distance landlord can be challenging, but when you are determined and do things creatively, you can overcome these challenges and succeed, no matter how far you are from your property.