Explore our top tips for managing long-distance properties
It’s important that long-distance property owners know how they can effectively handle and outsource their tasks and responsibilities so their properties can bring in maximum profits.
Continue reading to learn more about how long-distance property owners can smoothly manage their properties.
#1: Conduct in-depth tenant screenings
As a long-distance property owner, you will not be able to go to your property often, so it’s critical that you trust your tenants to respect their rentals as much as possible.
Whenever you rent out your investment property to an unknown tenant, it’s important that you take the time to complete a tenant screening process before they can move in.
A comprehensive tenant screening should include credit checks, nationwide criminal background check, nationwide eviction history check, employment/income verification, rental history verification, and whatever else you see fit.
#2: Set clear lease terms
One of the most important aspects for any owner renting out their property is a strong lease agreement. It’s best to set clear guidelines in your tenants’ lease agreements, so they know what is and is not permitted in their units.
Ensure that you’ve outlined who is responsible for paying any damages, rent payment due dates, pet policies, and late fees. By including these policies in your lease, both you and your tenants will have a document to refer back to if an issue arises.
#3: Automate rent payments
As a long-distance property owner, it’s important that you set up a tenant portal where your renters can pay rent, submit service requests, and view their lease agreement documents.
An online portal will allow you to receive your tenant’s rent payments much faster, and you can configure these payments to go directly into your bank account. Your tenants will also be able to set automatic rent payments on the due date, so they avoid late fees and you get your profits faster.
#4: Communicate frequently
Clear and consistent communication is always important between tenants and property owners, and as a long-distance property owner it is even more critical that your tenants know how to reach you since you will not be able to communicate with them face-to-face often, if at all.
As a property owner, it is your responsibility to reach out to your tenants and provide them with your email address and phone number. It is also a good idea to provide them with a backup contact in case you cannot respond.
#5: Hire a local property management company
Managing a rental property always comes with many responsibilities, but long-distance property owners may face greater challenges than those who can regularly visit their properties.
A local property management company will have specialized knowledge about the city your property is located in. They will be able to provide you with expert insight on local laws, regulations, rental trends, and important market developments. On top of it, they will be able to be your eyes and ears: they will be able to perform move-in and move-out inspections, show your property to prospective tenants, coordinate maintenance and repairs and much more.
Looking for an Orlando property management company?
Rental Heroes has been managing properties across the Greater Orlando area for over 12 years. We help local, domestic and international property owners enjoy the benefits of their real estate investment with comprehensive property management services.
At Rental Heroes, we are property investors, just like you! We understand what’s most important—a well-managed property that generates a steady, reliable source of income. Our local knowledge helps us to proudly manage hundreds of units across Central Florida, and we’re committed to doing everything we can to keep your tenants happy.
Our comprehensive property management services include:
- Marketing and showing your property
- Tenant screening and evictions
- Property inspections
- Rent collection and remittance
- Maintenance and repairs
- Monthly financial statements
- Expert advice on how to maximize your return on investment
- Manage relationship with Homeowners Association (HOA)
- Prepare rental units for new tenants.
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