How to Be a Long-Distance Landlord

There are numerous reasons why someone could decide to become a long-distance landlord. For instance, if you relocated for employment and you could opt to rent out your previous house rather than sell it. Or maybe you discovered a rental property opportunity in another state.

Whatever the reason, it’s possible for a landlord to purchase and operate their rental property remotely. However, there are difficulties associated with managing a rental from a distance. This post will provide some tips for managing your rental properties and increasing the revenue from your long-distance rentals:

Rent to Reliable Tenants

Remote landlords must prioritize renting to reliable tenants. This is because a long-distance landlord cannot check on their property as easily. In fact, weeks or even months might pass between visits.

To protect your property ensure that your tenant screening procedures are up-to-date. This includes performing appropriate credit and background checks as well as acquiring a detailed rental history.

While this broader screening is more time-consuming, you'll sleep better knowing you have an excellent tenant on your property.

Maintain Open Communication Channels

Long-distance landlords must establish clear and regular communication. You need your tenants to be your trusted eyes and ears on the property since you won't be on site very frequently.

Whether it's a leaky faucet, broken shingles, or serious property management, you want to find out about these problems right away so you can take corrective measures.

person with black nail polish looking at their phone

Ensure that your tenant has your current contact details, particularly your phone number. Then, if there is an issue, encourage your tenants to notify you as quickly as possible. You could also check in with your tenants once a month. This is your chance to ask questions if the property is being properly maintained and about the well-being of your tenants.

If you’re in-between tenants, establish a good rapport with neighbors and ask them to keep an eye on the property. Provide them with your contacts and information for any of your local contractors or service providers.

Keep an Eye on Your Competition

It's easy to feel disconnected from what's going on in your property’s neighborhood when you don't live there. However, as a long-distant landlord, you must maintain contact with the community. The rental market can be influenced by government policies, the corporate environment, and demographic changes.

As a result rental rates can change. Your rental could fall behind the competition if you don't comprehend what's going on on the ground. For instance, you may end up charging more than your competitors, which is leading to longer vacancy periods and higher tenant turnover rates. If you’re charging lower than other rentals, this could make it harder to meet your financial goals.

the business section of a aper on a table next to a cup of coffee

It’s, therefore, essential for a remote landlord to stay up-to-date on local news and the state of the rental market. That way, you can make wise modifications to your pricing and stay competitive.

Visit the Rental at Least Once Per Year

Visiting your out-of-state rental properties can be tax-deductible. This implies that you can deduct the expenses of travel, lodging, and meals from your rental property earnings.

Landlords should take advantage of these exemptions since they should inspect their properties in person at least once a year. These inspections can be utilized to ensure that your property is in excellent shape and that your tenants are happy.

Know the Local Market

Every real estate market is unique, therefore, you must understand the factors that drive the market in which your rental property is located in order to establish the appropriate rental price and remain competitive.

You should also be informed of local legislation and have a relationship with an attorney who can help you manage any worries or issues that may arise.

Finally, consider reviewing the headlines of a local newspaper or television station. This will keep you informed about potential businesses and developments that are coming to town.

Develop Local Contacts

When you're managing your rental remotely it’s helpful to have a list of local service providers that you can lean on.

This can include maintenance workers and contractors to address repairs and renovation projects, legal experts to help with lease administration and tenant disputes, cleaners and landscapers to ensure the property remain desirable, and neighbors who can keep a watchful eye on the property.

two people shaking hands over a a pile of states and figures

Rely on Local Property Managers

Of course, the ideal alternative for long-distance landlords may be to partner with a property management firm. Professional managers act as the property owner's eyes and ears when they are out of state. Excellent property managers undertake rigorous inspections before placing new tenants and plan yearly walk-throughs.

Professional management firms effectively manage the everyday responsibilities of a landlord. These responsibilities include marketing the property, conducting tenant screenings, drafting lease paperwork, and collecting rent. Property managers also serve as a point of contact for renters who have difficulties or require repairs.

What’s more, these specialists often hire trusted and vetted contractors with whom they collaborate to perform upkeep and repairs, ensuring that your rentals are cared for at all times.

Bottom Line

Being long-distance is more than doable as long as you have the right team in place. State Property Management LLC can be your local property management partner if you are a long-distance landlord with a rental in Orlando, FL, or the surrounding area.

Our clients will attest that we strive to fulfill their demands and keep their property operating at peak efficiency. If you'd like to learn more about our property management services, contact us today!

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