How To Handle Being A Remote Landlord

For many landlords, living near the properties they manage is simply not a possibility. Whether you want to invest in a remote market or you are moving away from an investment you already made, learning how to handle your properties remotely is critical to your success. 

One option is to hire a property manager in the area. However, if you want to self-manage your property from afar, it can be done with a little extra work.The following are five tips to help you manage your properties remotely.

#1: Use Technology To Your Advantage

Gone are the days you need to physically show up to your local paper to place a property listing, and while signs in the yard can be helpful, they aren’t necessary. Use technology to your advantage when marketing your property.

Create a property listing that you market across multiple online channels. This will not only make managing your property from remote simple, it will also save you money as there are plenty of free outlets for advertising your rental property.

Integrate your marketing with an online rental application to cut down on any physical paperwork.

#2: Schedule A Trip For Showings

One of the most difficult tasks when managing a property remote is handling property showings. You can tackle this a few different ways. One way is to schedule a trip to the property to do a final walkthrough with previous tenants as well as to show the property to new tenants. To get the most out of this method, set up a few times over the weekend that you will hold an open house for interested parties. This will help you show the property to as many parties as possible in a shorter period of time.

Make sure you have a concrete plan of action ready for those who are interested after the showing. Utilize an online rental application that you can access from anywhere so you are not dependent upon receiving a paper application back before you leave.

Another strategy is asking current tenants to show the property to interested parties. You may want to provide an incentive for old tenants to do so, as you will be using up their personal time. Be sure if you go this route that you are positive you have responsible tenants in place who will uphold the agreement and show the property.

You can also hire a professional, such as a realtor, to show the property for you. Additionally, if you have family, friends, or someone you trust living in the area, you can hire them to show the property.

After the property has been shown, you can schedule a trip to meet your new tenants and do an initial walkthrough with them. Make sure when you travel to your property you keep track of all your expenses and utilize the trip as a business write off when you file taxes.

#4: Create A List Of Trusted Contractors

One of the most important things to do as a remote landlord is to create a list of trusted contractors in the area. Invest in building quality relationships with contractors you can rely on.

Build out a list that includes an HVAC technician, a plumber, an electrician, and a handyman. Be sure you have contacts for emergency situations as well. Since you won’t be there to oversee the projects, reliable contacts will be crucial.

#5: Work To Keep Responsible Tenants

The best thing you can do as a remote landlord is to keep quality tenants in place. If you have tenants who pay rent on time, take good care of the property, and in general are easy to manage, strive to keep them. Provide small property upgrades, reconsider major rent increases, and keep communication lines open.

If you can keep quality tenants, you will cut down the headache of managing your property from afar greatly.