Managing Remote Properties without PMs

6 Replies

Any one management remote properties without using property managers?

I'm a husband and wife team that managements local properties.  We are venturing out further and curious if anyone have a good successful process for remote properties.

Any tips and suggestions would be greatly appreciated!

Thanks

@Tuan Tran I am in the mist of it now.  I have been able to automate most things online, applications, payments, etc.  However I find that you will definitely need someone to do showings when units are vacant and you are advertising for rent... and of course you will need a rolodex of handyman, maitenence folks that you can rely on.

You're far braver than I! How far away are.your properties? I wouldn't try to do this for a place more than half a day's drive away. I have a PM but Ive had friends check in on my property and retrieve items for me, I would not recommend it unless you want to strain your personal relationships and/or have amazing insurance. Have you thought about negotiating a lower fee with your PM or paying a la carte for services instead?
Originally posted by @Milan Mehta :

@Tuan Tran I am in the mist of it now.  I have been able to automate most things online, applications, payments, etc.  However I find that you will definitely need someone to do showings when units are vacant and you are advertising for rent... and of course you will need a rolodex of handyman, maitenence folks that you can rely on.

Thanks for the feedback.  Yeah, I'm still trying to figure out how to manage holding and transferring the keys.  How do you deal with that?

Originally posted by @Picka Pocketa:
You're far braver than I!

How far away are.your properties? I wouldn't try to do this for a place more than half a day's drive away.

I have a PM but Ive had friends check in on my property and retrieve items for me, I would not recommend it unless you want to strain your personal relationships and/or have amazing insurance.

Have you thought about negotiating a lower fee with your PM or paying a la carte for services instead?

We're trying to resolve the open items first before trying this.  So, negotiating with our target market PMs have not been successful.

@Tuan Tran , I manage two of my properties from a long distance.  They are both A-class neighborhoods with extremely solid tenants.  I would not consider doing it for any properties in lower class neighborhoods though.  As for turnover, etc... I write everything into the lease.  First, I push for multi-year leases on these to cut down on turnover and bc that encourages more stable tenants.  Second, I write into the lease that upon notice to vacate, the tenants will show the property to prospective tenants.  I also require a FaceTime walk-through inspection.  When I calculate my expenses prior to purchase, I also plan in one plane ticket a year to get me there to inspect the property.  Additionally, I provide a key box if there is going to be a gap in occupancy, but I really try to cut down on that as much as possible.  If necessary, once the new tenants move in I have the locks changed.  Really doesn't cos all that much.   

Good luck!

@Kevin Hunter

Thanks for the wise advice. I suspect we'll be finding it useful in the future as we transition from local landlording as a business in C/D-class neighborhoods to the kind of hands-off setup you're doing well in.

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