Out of state property - how to show to prospective renters?

7 Replies

Hi everyone -  newbie here!

My husband and I just purchased an out-of-state investment property (our first). We are getting ready to put the property on the market for rent and are managing it ourselves to start. For those of you who invest out of state, how did you show the property to prospective renters? I am planning on installing a Wifi-enabled lock to the condo unit for entry, but I don't want people entering the property without someone being there. Is there an easy way to allow prospectives to tour the property or see it (other than relying on photos)?

Thanks in advance for any advice you can offer.

Hello Eva!

A great option for out of state investors is to hire a local property management company. Here is a blog post I wrote on how to find the right PM if you're out of state. 

A good property manager will most likely be able to receive more in rent that you would as a private landlord, so most of the time there is no cost to professional property management. There are also an endless number of benefits to having someone in the same vicinity as your investment, not only to make the leasing process smooth, but also to have eyes on the ground to ensure that your property is being well taken care of. The PM company will also take care of turn-overs, so any painting/cleaning/maintenance that needs to be done will easily be handled. 

I understand you wanting to manage the home yourself to start, but would definitely recommend working with a PM unless you purchase a property in your local area, good luck!

Originally posted by @Eva Meyer :

Hi everyone -  newbie here!

My husband and I just purchased an out-of-state investment property (our first). We are getting ready to put the property on the market for rent and are managing it ourselves to start. For those of you who invest out of state, how did you show the property to prospective renters? I am planning on installing a Wifi-enabled lock to the condo unit for entry, but I don't want people entering the property without someone being there. Is there an easy way to allow prospectives to tour the property or see it (other than relying on photos)?

Thanks in advance for any advice you can offer.

 You gotta hire this out. There are some things that make sense to do on your own. This, just like dental work ain't one of um.

You can pay an agent a fee for bringing a tenant. It could be a one time fee or you could sign for a year PM arrangement. Typical fee for bringing a tenant may be one months rent. 

I would have established a solid game plan to handle these things before I bought the place.  You’re already behind the curve.  Figure it out fast or your rental will be costing you money.  Vacancy is a landlords biggest expense.