Volusia County is a great market for real estate investments, and if you own rental homes here but you live elsewhere, you can still have a profitable and pleasant investment experience.
At Oceans Luxury Realty, we work with a number of out-of-state investors, and our owners appreciate the peace of mind we provide. Today, we’re sharing some tips on how to manage as an investor when you’re many miles away from your real estate assets.
Choose a Local Volusia County Property Management Team
The first and most important thing to do is choose a property management partner. You need a local expert who understands the rental market in Daytona Beach, Ormond Beach, or whatever part of Volusia County your properties happen to be located. When you have an experienced and proactive management team, you won’t have to worry about:
- Long vacancy periods
- Emergency maintenance issues
- Overdue or unpaid rent
- Bad tenants leading to lease violations, criminal activity, or property damage
- Turnovers between tenants
Your property managers will be close by to help with everything from leasing to inspecting to maintaining your home.
Learn Your Online Rental Property Portal
As a long-distance investor, you’ll want to stay connected to your management company and your rental homes. You should have an online portal where you can check in on how your property is performing physically and financially. There, you should be able to see inspection reports with photos, follow any maintenance requests that have been submitted, and check for things like rent payments and deposits.
Updated accounting statements and reports should be provided, as well as any information you might need about tenants moving in, tenants moving out, preventative services like pest control and landscaping, and anything else pertaining to your investment. You can even send messages to your management team and ask any questions that you may have.
Trust Your Volusia County Property Management Team
Make sure you’re listening to the advice that your property managers offer you. It’s easy to become emotionally involved with your investment property, even when you’re thousands of miles away. You might want to push for a higher rent even though the local market really drives the rental value of your property. A good management team will understand the demand and price your home competitively. You might want to choose one tenant over another in a way that may be discriminatory according to the Fair Housing Act. Your property managers will protect you from that potentially expensive mistake.
You pay your property management team to make good decisions that are in the best interest of you, your property, and your tenant. Trust them to do their job, and listen to their advice. If they recommend new appliances or updated flooring, it’s likely so you can earn more rent and attract better tenants. If they recommend annual inspections and servicing of your HVAC unit, it’s probably to save you from larger expenses down the road.
We’d be happy to help you with your Volusia County rental property, even if you live out of state or even out of the country. Contact us at Oceans Luxury Realty when you need experienced local property management.