9 Successful Tips To Manage Rental Property Remotely

Homeowners who are relocating to a different state are now opting to convert their residential homes into rental properties. Your new job might require you to move to a different country, or you might simply want to start a new life elsewhere. Though being a long-distance landlord is an excellent way to earn extra cash, there is no shortage of challenges. If you live miles away from your rental property, you might not be in a position to respond to emergencies as fast as you would like and you would need to trust the man on the ground entirely and hope they do not run away with your money.

Additionally, managing rental properties remotely presents unique challenges, especially for homeowners who relocate to different states or countries. For example, a question may arise in the case of a property rented out in the UK such as “what is the Renters Reform Bill? How does it impact a landlord’s ability to evict a tenant?” It's crucial for you as a landlord to stay informed about legislative changes like this that impacts your rights, so to ensure legal compliance and protection of your investment.

Whether you're overseeing a property in a different state or country, establishing streamlined communication channels with tenants is crucial. Additionally, incorporating reliable maintenance services like commercial carpet cleaning services in Nashville, TN, or elsewhere depending on the location of your property, can enhance property maintenance and tenant satisfaction. With the right approach and support, remote property management can be navigated effectively to safeguard your investment and ensure peace of mind.

So this article will discuss how you can successfully manage your rental property remotely.

Automate your payment methods

Checks and cash are not an ideal payment method for landlords who reside in a different state or country. When investing in Las Vegas real estate (or elsewhere) as a remote property manager, a better alternative would be to ask your tenants to send you to rent via wire transfer. If your tenant has signed a long-term lease that will last more than six months, you could collect post-dated checks upfront and cash them on the first day of each month. Whichever method you choose, ensure your tenants understand the deadlines before which they should have cleared their rent.

Establish an open line of communication

Long-distance relationships require ample communication for them to work out. In the same way, you need to communicate regularly with your clients if you are a long-distance landlord who is miles away from your rental property. Provide your tenants with various ways through which they can contact you such as email, phone, and text messages, and maintain this open line of communication until their lease comes to an end. Request your tenant to let you know if they will be away from the property longer than three days so you won’t be frustrated when you can’t get hold of them.

Ensure the terms of your lease are strict

You are entitled to your boundaries and anybody who wants to move into your rental property should be ready to adhere to your terms. Let your potential tenants know what you will not tolerate on your property and the repercussions of breaking the rules. For instance, you could prohibit smoking and keeping pets, which might cause potential damages to your rental property. Ensure you indicate these strict terms in your lease and ask the potential tenant to read through them and sign as proof of agreement.

Have eyes on the ground

A rental home offers more privacy than shared condos and apartment complexes. This privacy could cause your tenant to behave in an unruly manner or vandalize your property since they know you are not around. To mitigate any problems or mischievous behavior, enlist someone to be your eyes on the ground. You need to trust your groundsman enough to let them act as the property manager in your absence and let you know if anything goes wrong. Without an eye on the ground, you operate blindly and are at risk of incurring heavy losses.

Hire a property manager

Balancing between work, family, leisure and a long-distance property can take its toll on you. It requires lots of patience and trust on your part. A property manager would be an excellent option if you are not interested in managing your long-distance property by yourself. It would be best to select a local property manager who is within the vicinity of your rental house. For instance, if your property is in San Francisco, you can work with bay area property management to ease the burden on your shoulders. Hiring a property manager is also an excellent last resort if you don’t have anyone back at home you can trust.

Obtain an insurance coverage

There are different types of insurance coverage depending on the type of property you are renting. Insurance protects your belongings from damage in case of adversity. You can get insurance for lost rental income, fire hazards, theft, breakdown or equipment, floods, or liability insurance for a slip and fall on the property. We also recommend asking your tenants to get insurance to keep their belongings protected from any mishaps.

Form positive relationships with repair personnel

Tenants complain to their landlord when they come across leaky faucets and faulty electrical connections. If you are an out-of-town landlord, it might be a challenge finding people to fix these issues in the shortest possible time. Source for plumbers, electricians, and handymen and create a good rapport with them. In case of an emergency at your property, you know you can count on them to fix the issue promptly and bill you for the job at a later time, 

Select trustworthy tenants

Since you will be renting your property to someone you have never met before, you need to perform a thorough background check to ascertain they are trustworthy. It would also be best to contact their references and hear about their past experiences with this individual. A trustworthy client will give you peace of mind that your property is in good hands while you are away. We recommend renting your property out to friends and family, which poses a lesser risk than renting to a stranger.

Schedule time for routine inspections

You should conduct a thorough walk-through inspection of the rental property before the tenant moves in and as soon as they give the notice to move out. As you inspect the property, document your findings in a rental inspection report and ensure you indicate the date of the inspection followed by your signature. It would be best if you spare time to travel for this routine inspection so that you ensure you do a thorough job yourself. However, if you cannot make it to travel to your rental property, delegate this task to someone you trust and ask them to send you a softcopy of the documents.

Final remarks

Though supervision of your rental property from afar can be tough, it is not impossible. If you have a friend or loved one you can trust to be your eyes on the ground, you are one step ahead. Ensure you maintain regular communication with your tenants and the personnel in charge of maintenance and be prepared for any emergencies that may occur. We hope this article has been insightful.