Education and news for smart DIY landlords!
You might not believe this to be true, but yes, being a remote landlord is possible. A remote landlord is someone who manages a rental property while living or traveling someplace else.
Though a not-so-ideal situation, some people become remote landlords for many reasons. It’s possible that they inherited the rental from a family member who passed away. Another common scenario is that you relocated to another city because of your current job.
Regardless of your reason for being far from your property, you can still manage it. Here are easy management tips for the long-distance landlord.
Getting paid on time is one of the biggest things that remote landlords worry about. If you’ve been used to cash and checks, now is the best time to switch to an online payment software. These digital services let you set-up payments and reminders. When tenants pay, they can do so using their debit card or credit card.
Entrusting your rental property business to a rental property manager or company can be both good and bad. Good, if you hire someone competent and has your best interests in mind. Bad, if the person doesn’t make an effort to run your rental well. Similar to hiring a reputable contractor, you need to take steps to ensure you hire the right property manager as well.
Below are a few tips:
It’s easier to consider some requests of tenants if you just live nearby. You appreciate the convenience of being able to check how things are going and intervene when needed. But if you’re away, it’s best to have a zero-tolerance policy. Be very firm with your rules when it comes to smoking, bringing of guests, and payments.
Are you covered if accidents, theft, fires, and vandalism happen in your rental? The best way to protect yourself from these situations is to secure insurance. It’s a simple means of avoiding financial loss since property damage will be taken cared of.
Do you have a friend or relative who will be willing to check your rental from time to time? How about a trustworthy tenant? When it comes to home maintenance, is there a team of licensed professionals you can call to handle your repairs? You’ll need the help of these individuals in times of emergency.
These tips should be able to help you manage your property more smoothly even if you live far. At the end of the day, it’s still important to pay your rental a visit. Most long-distance landlords do this at least once a year. Also, consider calling your tenants once in a while. Today’s digital age allows you to make video calls.
But as always, managing a peaceful rental property business is a matter or choosing good tenants - regardless of where you are in the world.
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Finally, I offer you the opportunity to take a complete DIY landlording course: Landlord Prep: Video E-Course and How-To Tutorials. Everything you need to know to become not just a landlord, but a successful landlord, is here.