Managing an out-of-state rental property can be a hard and nerve-racking task. It’s hundreds of miles away and you’re putting your trust in some tenants you might’ve never even met in person. The prospect that this situation provides can be tough to get your mind behind for the new landlord (or the landlord new to managing out-of-state properties). Even so, there are some methods to ensure you can effectively manage your rental property while still keeping your peace of mind. Here is how to manage an out-of-state rental property!
Do You Trust Your Tenants?
If you feel that you have found tenants trustworthy enough, having them complete inspections as part of their rental agreement is one great way of managing your property. Not only does this method allow you to keep in good contact and standing with your tenants, but it gives you great feedback on the condition of the house.
Property Management Services
Hiring a professional property management service is another great choice for managing out-of-state rentals. On average, these companies take care of most landlord duties, ranging from collecting rent and handling repairs. The only downside is that you lose a tiny bit of money out of the rental fees, although these are usually in the range of 10 percent of the rent. If you need professional property management in Longwood, Russell Properties is sure to be the perfect fit.
Get Your Essential Services in Order Before Leaving Town
We can recommend that one of the better tips (if you aren’t going with professional property management services) is to get a list of your essential service contacts in order before leaving the area. When compiling this list, go through any major mishaps that could happen and find the corresponding contacts to fix them. Think refrigeration, HVAC, windows, gutters, etc.
Simplify Rent Collection
One of the better tasks for managing an out-of-state rental property better is simplifying rent collection. Today, it’s just too time-consuming and bothersome to have the tenants physically pay you rent, especially if you’re out of the state. For that reason, setting up some sort of online pay schedule is extremely smart. Doing so will ensure your rental property’s cash flow is consistent and on time.
We hope these methods for helping you manage an out-of-state rental property will benefit you and your property’s future. Remember that the core to a solid rental is a good tenant that you can trust to help you manage the property. Happy renting and good luck!