It’s easier than ever to invest in properties that are outside of your own state, but that doesn’t mean it’s any less nerve-wracking.
You can exactly zip over there to respond to an emergency maintenance issue or show the home when a prospective tenant wants to see it. If there’s a problem that needs to be solved right away, you’re going to have to rely on someone else.
Being an out-of-state landlord presents a unique set of challenges, from the logistical hurdles of managing a property you can’t visit to building trustful relationships with tenants you will never meet face-to-face.
There are some good ways to manage properties remotely, however, especially if you’re working with a local property management expert.
Leverage Technology for Communication and Management
One of the reasons that managing a property remotely is even possible is that technology has advanced and automated so many systems for us. Technology, when used correctly, can bridge the distance between landlords and their properties. There are numerous online platforms and software systems designed specifically for property management, enabling out-of-state landlords to conduct virtually every aspect of property management online.
These technologies can help you with tenant screening, allowing you to utilize online services when you’re conducting background checks and verifying the information you receive on applications. You’ll also be able to collect rent online, ensuring deposits are made into your own account directly. Online maintenance requests are also possible, and better for you, since it means you have a documented record of the repairs that were needed and completed at your property.
Technology will enable you to communicate quickly with your tenants, even if you’re several time zones apart. Send texts and emails. Respond to messages. Chat online.
Partner with a Local Property Manager
When you want to manage your out-of-state rental property with as little risk and frustration as possible, you’ll want to partner with a local property management expert. This is the most effective way to manage a property from afar. You don’t have to manage your rental home directly because your property manager is doing it for you, saving you time, money, and stress.
Expect your property manager to:
- Handle day-to-day leasing and management tasks as well as maintenance issues.
- Serve as the primary point of contact for tenants.
- Help your rental comply with local laws and regulations.
Local property managers can be invaluable assets, particularly if your remote investment is not your full-time job. You’ll leverage experience, relationships, and resources that you would not be able to access on your own.
Maintenance: Establish a Team of Local Contractors
Another benefit to working with a property manager when you’re renting out a home from afar is that you won’t have to worry about maintenance – at all. They’ll dispatch vendors, contractors, and service professionals as necessary and keep up with the preventative maintenance your property needs.
Otherwise, you’ll need a go-to list of reliable local vendors. Whether it’s for an emergency repair or regular maintenance, having someone reliable to call can mitigate problems quickly and prevent small issues from turning into big ones. Be sure to:
- Screen your contractors carefully, looking for those with high recommendations and a solid track record.
- Negotiate rates and response times in advance to avoid last-minute price hikes.
- Foster good relationships with them to ensure they prioritize your requests.
You need the right strategies and resources to effectively manage a property from out of state, and we can provide them. Please contact us at Oceans Managing Group by calling (386) 255-8585, or visit www.oceanspropertymanagement.com.
