With the undeniable rise of remote work opportunities in recent years, landlords can only help but wonder, is it possible to manage a rental property remotely?
If an accountant, marketing manager, tutor, or full-time entrepreneur can work remotely, then why can’t a landlord?
The answer is yes! It is completely possible to manage a rental property remotely.
This is excellent news for real estate investors who want to seize market opportunities in other cities or states from where they live.
With the glorious innovation of technology and property management services, managing a rental property remotely has never been easier.
Yes, landlords and property owners can manage their rental property remotely.
Long gone are the days of being restricted where you live or can drive to in a day when investing in real estate. Now, real estate investors have the entire nation at the tips of their fingers.
The opportunity to manage your rental properties remotely opens up a vast landscape to create positive ROI investments and build your wealth through real estate assets.
Managing an out-of-state rental property requires a bit more strategy and familiarity with technology, though.
Fortunately, you stumbled across this article about practical tips to successfully manage a rental property remotely.
Whether you live three hours or three days away from your rental property, it is still possible to manage it remotely. Below are some tips, strategies, and essential resources remote landlords should consider.
Just because you do not live in the area where your rental property is located doesn’t mean you shouldn’t spend some time getting to know it.
When you learn about the neighborhood and surrounding businesses, you become part of the community and can begin building a trustworthy local network.
Since you are not there to maintain the property, it’s a good idea to have a trusted maintenance contact, plumber, electrician, and cleaning service.
When a tenant makes a maintenance request, you don’t want to scramble to find someone to help last minute.
Setting up an electronic payment method for your tenants to pay rent each month is one of the best things you can do as a remote landlord.
With just a few clicks of a button, your tenant can pay you instantly. Plus, you can send reminders for when rent is due or if your tenant is late with rent.
Electronic payments simplify accounting and rent collection overall for landlords.
When you find a high-quality tenant to move into your rental property, the next step is for both parties to sign a lease agreement.
Digital signature software, such as Docusign, creates a seamless and simple process for both you and your tenant to use to sign the lease.
With just a click of a button, you can sign legally binding documents without the hassle of printing, signing, scanning, and sending.
If something requires a repair on your property, how should your tenants let you know?
Creating a standard process for maintenance requests will avoid miscommunication and improve your organization as a remote landlord.
Whether you create a tenant portal where tenants can leave messages or have a designated email address for your rental property responsibilities, brainstorm a way that works for you.
In the event that you’re trying to fill a vacant property remotely, it’s a good idea to install smart locks.
When you find someone trustworthy in your local network, such as a property manager or real estate agent, to conduct the showings in person, they can easily access the property without a physical key.
Smart locks also avoid instances where tenants become locked out since you are not in the area to drive over and let them in.
Screening tenants as a remote landlord can be difficult, especially when you choose not to work with a professional property manager who can do it for you.
Create a thorough tenant screening process that involves a video call interview with the prospective tenants, a written application, credit and background check, and tenant reference calls.
Finding a high-quality tenant will reduce the risk of eviction, property damage, and late rent payment, creating an easy and ROI-positive experience for you.
No matter if you are managing your rental property remotely or live down the street, creating crystal clear communication methods with your tenants is crucial.
Whenever they have a question, concern, or maintenance request, they should be able to easily reach you. You should also always have the preferred line of communication open in case of emergencies.
Determine how you wish to communicate with your tenants, such as call, text, or email, and let them know. Make sure to keep your communication method consistent to avoid confusion and miscommunication.
In the event that your rental property is vacant, it could be comforting to have security cameras installed. You can stream the feed directly to your phone. This allows you to check on your vacant property for peace of mind.
One of the best decisions a landlord managing their rental property remotely can make is to hire a professional and dedicated property manager.
When your rental property is located hours away from where you live, a local property manager can handle all of the day-to-day tasks to maintain your property and maximize ROI.
From finding qualified tenants to fill a vacancy to coordinating maintenance and repairs to administration tasks, such as accounting and compliance, a property manager makes it exponentially easier to manage a rental remotely.
Managing a rental property remotely isn’t for everyone. It can be frustrating, confusing, and require a lot of energy to figure out.
Skip all of the testing and mistake-making and put your rental property in great hands with Mainstay Property Management.
As the area’s leading property management company, we will take care of everything to maintain and manage your rental. Plus, we actively work to improve your investment and maximize ROI.
Are you ready to consider hiring a property manager for your rental? Contact us to see how we can help you today!
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