Long-Distance Properties: 3 Expert Advice on How to Manage Them

Many people lease their distant properties to earn income and to maximize return on investment. However, property management for far-away properties is different from those that are nearby. Since the circumstances are different, you need to change your game plan to ensure you successfully manage them.

Here are three expert advice on property management of long-distance properties.

Know your tenants

For nearby rented properties, personally knowing your tenants is an easy feat, but not when hundreds of miles separate you. However, it is still your responsibility as a landlord to know them for your added peace of mind. Use virtual video chatting apps to make things possible.

A good relationship with tenants ensures you know the existing problems of your property. For example, if there’s a small problem like a leaky pipe, your tenants can inform you right away before the problem escalates.

Set a schedule on the frequency of your calls. One call every three months is an excellent start. Put this in the tenancy contract so that your tenant won’t forget. Also, make sure your contact details are readily available in case of urgent calls or concerns. In doing so, you can help them address issues quicker.

Inspect your property

Even with the issue of distance, there are times where you need to inspect your property. For example, when a new tenant is about to move in, it is crucial to check the living conditions of your property after the previous client left it. You must check if there are unseen damages or pest infestations after the previous tenant emptied the property.

An adequately inspected property ensures you can set a price that matches the current quality of your property’s livability. Also, checking your property before a tenant moves out is crucial in making them accountable for any damages your property sustained in their care.

If you don’t do so, you’ll have to pay for the repairs yourself. Sometimes, the cost of repair exceeds the total revenue you get for the whole rent term, which is counterintuitive for a property that should generate money.

Talk to local agents regularly

Your best bet is to let local agents handle your property in place of your absence. A managed property ensures that any problems can be solved even without your help. Local agents are worth the investment since you have someone to watch over your property if an unwanted scenario occurs.

Like your tenants, it is vital to contact your agent frequently. As a general rule of thumb, call your agents more often than your tenants. Frequent contacts inform you of any changes during your absence, and you also update your agent with any changes with your preferred tenancy management.

Conclusion

Going into a tenancy agreement for a distant property is hard but not impossible. Consider the mentioned advice above to streamline your property management. In doing so, you can maintain the structural integrity of your property to ensure a higher value selling price in the future.

If you plan to sell your property, but a tenant still occupies it, inform your tenant beforehand. Make sure to follow legal guidelines in your contract regarding the time allowance you need to give your tenant. After all, they still need to find a different property to lease. 

Are you looking for a reliable property management company in Jacksonville Beach, FL? Contact us today to ease the burden of your real estate problems.