
Being a landlord can be challenging, especially when you're managing a property from a distance. Whether you're moving for work, seizing a remote investment opportunity, or seeking passive income in retirement, managing a rental remotely is becoming more and more common today.
However, despite modern technology, there are unique challenges. To maximize your rental’s potential and minimize risks, here are the key practices from Keller n’ Jadd Realty & Management to help long-distance landlords succeed.
Selecting reliable tenants is crucial for long-distance landlords. From afar, it’s harder to manage day-to-day issues and tenant behavior, so it’s important to screen tenants thoroughly. Look beyond surface details and check rental history, credit scores, employment stability, and references.
Speaking with previous landlords can provide valuable insight into how tenants maintain properties and follow lease agreements. While screening may take a little extra time upfront, it will save you significant headaches later on.
Here are some specific things to look for when screening tenants:
It’s better to be thorough now than risk dealing with property damage, non-payment, or legal troubles in the future.
As a long-distance landlord, maintaining open communication with tenants is key. Since you can’t inspect the property often, encourage tenants to report maintenance issues, like leaks or broken appliances, early.
Prompt action can prevent small problems from becoming costly repairs. Make it easy for tenants to reach you to ensure issues are addressed quickly.
To help maintain clear and open lines of communication, try these methods:
The key is to create an atmosphere where your tenants feel comfortable reporting problems early and asking questions as they arise. This proactive approach can help avoid costly repair bills or tenant dissatisfaction.
While you can’t be physically present every day, planning at least one in-person visit to your rental property each year is an important step. These visits let you inspect the condition of the property, but they also allow you to build a personal relationship with your tenants.
A property visit is your chance to:
In addition to being an important part of property management, these visits can also offer tax advantages. The IRS allows you to deduct the expenses incurred during a property visit, such as transportation costs, hotel stays, and meals. So, plan a visit, even if it’s only for a few days, to take full advantage of these tax breaks.
Being a long-distance landlord doesn’t mean you should be out of the loop. Stay informed about the local rental market and neighborhood trends to keep your property competitive.
Here’s how:
By staying updated, you can adjust rental prices and remain competitive.
As a long-distance landlord, addressing maintenance issues quickly can be tough without being on-site. To solve this, build a reliable local network of contractors or hire a property management company.
They’ll have trusted vendors on hand to handle repairs, allowing you to resolve issues without being physically present.
Other ways to ensure timely maintenance include:
For many long-distance landlords, hiring a property management company is the most efficient solution. It relieves stress by handling everything from marketing and tenant screening to repairs and rent collection.
Benefits include:
By hiring a property manager, you can be confident that your investment is in good hands, even when you're not around.
Managing a rental from a distance doesn’t have to be overwhelming. With the right strategies, such as screening tenants, maintaining regular communication, scheduling visits, staying updated on the local market, and considering a property management company, you can successfully oversee your long-distance rental.
If you’re ready to streamline your property management process, contact Keller n’ Jadd Realty & Management today. We’re here to help make the experience easier and more profitable for you!
Keller n' Jadd Real Estate Sales, Property Management & Investments