Three Tips for Landlords Who Live Far Away
Renting out your house can be a lucrative business proposition. If you don’t live nearby so that you can keep close tabs on the property, though, you might wonder how to maximize its potential most effectively. These tips can help.
1. Make rent payments automatic
Living out of town means that you can’t stop by and collect the rent. Alternatively, not having a local address to mail payments to means that the classic excuse of a payment being lost in the mail could be even more valid. Automating rent payments so they appear in your account cuts out a great deal of this headache and makes it easier to count on your projected income stream. Today, most property management companies offer automated payments as a routine benefit for their clients.
2. Forge a local connection
It can be one of the more unsavory aspects of human nature but if your renter knows that you aren’t likely to show up for a drive by of the property, they could be more likely to disregard the rules of your lease agreement. If you have a friend or family member in the area, consider asking them to drive by your home periodically. No family or friends in the area? Your property management company can make both impromptu and planned inspections to ensure that all is well.
3. Keep the lines of communication open
Because you live far away, your renters might feel like their needs will be ignored or even neglected. Ward off this feeling by touching base with each renter and providing them with at least two methods of contacting you. Be sure to ask them for their preferred method of communication. If you want to make sure that you don’t get frantic calls in the middle of the night that demand that you take care of an emergency, consider hiring a property management company to handle all communications between you and your renters.
Real Property Management Las Vegas is the area premier property management company. Contact them today to learn how they can help you become an effective landlord from afar.