8 Tips for Managing Your Out-of-State Rental Properties
Owning rental properties can be a lucrative business and a great source of income, but those who manage these properties know there is a lot of work that goes into each and every transaction. So what happens when you choose to relocate but don’t want to give up the added income from your rental? If you’re managing an out-of-state property, all hope is not lost! Our property management team put together tips for maintaining these properties, even after you move out of state.
- Plan for occasional trips to check on your property
While the following tips will be helpful to managing your long-distance property, you will still need to make physical trips to see your units. Remember that being a landlord is a business and you may need to save receipts for tax reasons. Consult with your tax professional to find what aspects of traveling to see your properties are eligible for deduction
2. Consider an online landlord management program
For those with multiple units, online landlord software can be essential for tracking expenses, accepting payments remotely, and screening tenants, all from one central location.
- Keep up with fair housing regulations and landlord-tenant laws
Regulations for landlords can vary from state to state, so be sure that you are always up-to-date with the laws where your property is located. Being aware of your rights and responsibilities ensures the protection of your business.
- Install Smart Locks
To up security, install smart locks to all your properties. You can easily grant and deny access to those moving in and out of your units, from your cell phone. Keys can’t be reproduced or transferred without your permission.
- Stay up-to-date with local market conditions
In order to set an accurate rate for rentals, you must be aware of the local market conditions where your property resides. However, when you’re living states away, it can be harder to know what appropriate pricing for a rental unit is. Make sure you thoroughly research when it comes time to work with new tenants or renew a lease with a current tenant.
- Find a solution for home repairs
No matter how handy you are, when you’re living far away from your property, you will need to leave the maintenance to someone who can act quickly. There are many different solutions available: you could invest in a home warranty or establish relationships with reliable contractors, but the key is having a plan in place! Maintaining properties is critical and when a break down does happen, you’ll want to act fast.
- Stay involved with the neighborhood homeowners’ association
If your rental property is in an area with a homeowners’ association, be aware of any regulations or requirements and relay these expectations to your tenants. Establish regular communication with the board and check in with them often to be sure that your property is meeting all their guidelines.
- Let us help
We’d be doing you a disservice if we didn’t mention our dedicated property management team! They go above and beyond to take the stress of managing rental properties off the shoulders of the owner. You can view a full list of their services here.