Should I remotely manage my own property?

Question

I live 2 hours away from a condo I own and I am considering taking over the property management role. I am hesitant to do so because I worry I won't be able to provide a good enough service to tenants. I also worry that the strain on myself will not be worth the extra cash. What are your experiences with remote property management? Thanks!

Nathan Gesner · Answer

The difficulty is building a reliable team of contractors that can handle maintenance calls for you. With just one rental, it's hard to build a relationship with plumbers, painters, cleaners, etc. And that's the easy part. What are you going to do when it's vacant and you need to show the property to potential renters?

If you have a good property manager, don't upset the apple cart. A good manager will save you a lot more in the long run and reduce your workload / headaches.

Wesley W. · Answer

I know a guy who does it and this what his system is.

He acts as the "call center" a receives direct communication from the tenants as he would if local.  He assess the situation and determines if someone needs to be sent out for the problem.  Oftentimes he has the tenant send him pics of the issue.  Then, he calls someone locally (plumber, HVAC) and deploys them to the service call.  If it's not an emergency, he has the tech call the tenant directly to arrange appointment times and such.  This guy's got over 50 units and it works pretty well.

The key is getting the right contacts near the property that you feel comfortable working with and trust.  You'll need a large range of professionals to call, and back ups in case your favorite is not available.  You can also work with a "young and hungry" real estate agent to show the property.  Any time you need "boots on the ground" for whatever reason, find someone that can fill that role and add them to your "team" to call.