Most people while relocating to a different city prefer to rent their home instead of selling it. One big reason is the extra money a person can make by renting. However, there are some challenges associated if you are managing a rental from a different city. Take help of the rental management services like N Property Group for handling maintenance work, repairs, legal, evictions, corporate structuring, etc.
If you are supervising a rental property from a distance, then, here are the top 5 tips for you to manage your long-distance rental property with ease and enjoy a stress-free renting experience.
Choose trustworthy tenants
When you are not near your rental property location, having trustworthy tenants can be a huge relief. Do thorough background checks of tenants, ask them to complete the rental application, and contact their references are some of the basic formalities that a landlord should follow.
However, if you are looking for a piece of mind and want to rent your property in good hands, then, rent property to family, friends, or a referred tenant and live a tension-free life.
Handle maintenance issues on your own
Handling the property maintenance on your own is the best way to make sure that the rental space remains in good condition. However, for apartments and condos, there is a maintenance crew that takes care of the outside walkways, grass, and parking lots, which means fewer responsibilities for the landlord.
But, for detached homes, or duplexes, or townhomes, the owner needs to take maintenance responsibility. Hire someone to take care of the maintenance work on your behalf regularly and keep yard work and walkways clear and safe.
Ask someone to check-in
There is a possibility of mischief or misbehavior by your tenant, and you need to take cognizance of such incidents. As you don’t live nearby, ask someone you trust to be your eyes and check-in from time to time.
Rental properties like apartments, condos, and basement suites are shared residences, and any misbehavior of the tenant can be reported to the condo board or property manager. It is best to ask some to check-in from time to time and even act as your property manager if required.
Be Tech-savvy
Collecting rent from the tenants in another town or city can become a difficult task for someone who used to deal in cash or checks. If you are dealing with this issue, then, it’s time to be tech-savvy and start collecting your rent via wire transfers or directly in a bank account using e-payment methods.
If your tenant has signed a one-year or six-month lease contract, then, you can collect post-dated checks up front to make the rent collection process easy.
Make friends with repair people
Maintenance, repairs, plumber, electrician, and other issues are common for a landlord. However, if you live far away from the rental property, it’s not that easy to handle such issues on your own every time.
As a landlord, you should have a good plumber, electrician, and other maintenance guys numbers on your phone. In case of an emergency, you can call them to get the job done and bill you later for the same.
These are the top 5 tips that will surely come in handy for you if you are supervising a rental property from a distance. A trustworthy tenant in your rental home is best for any owner for making things easy and handling emergencies or any maintenance work. If there is a tip that helped you as a rental property owner, do share us with us in the comment section and we will surely add the best ones to our blog.
