It’s hard to be a long-distance landlord — especially if there’s a lot of distance between you and your rental unit. But where there’s a will, there’s a way. One way is hiring a property manager.
If you own a vacation property and don’t want it to be unused for much of the year, one option is to rent it out. You can make money when you, loved ones, or friends aren’t using the vacation unit. And if you have a property manager helping out, you won’t have to be tethered to the place.
Sure, you could handle things independently. But what will you do if a tenant calls to complain about a leaking roof, a malfunctioning water heater, or a wonky HVAC unit? It’ll be hard to get to the vacation property in an emergency if you live in another city, state, or country.
That’s one reason to hire a reputable property manager with experience helping out-of-town property owners. Continue reading for four reasons to hire a property manager.
1. You’ll Have Feet on the Ground
As was mentioned previously, being an out-of-town landlord is not for the faint of heart. You’ll want your property to be maintained and repaired as needed. You’ll have diffculty staying on top of things if you’re out of town. But hiring a property manager means you’ll have feet on the ground. Professionals will keep an eye on your property and take care of your investment.
2. Your Tenants Will Get Dedicated Customer Service
While keeping in touch is possible by phone, sometimes things can be lost in translation in a telephone conversation. So, if you rent out your vacation property, there are times when you need to speak to tenants face-to-face. Again, that’ll be hard if you’re an out-of-town landlord.
Hiring a property manager means there’ll be people who can meet with tenants face-to-face. That’s one reason to hire a property manager close to your investment property. The third party can find out what’s wrong, dispatch someone to assess the situation, and get things done. That’s the sort of customer service your tenants expect. So, if your rental unit is in Houston, Texas, for instance, nothing but Houston property management will do.
3. You’ll Get Help Setting and Collecting Rent
If you’re buying an investment property in another state or country, you might need help setting the rent. A local property manager will know the ins and outs of the local real estate market. So, you’ll have help setting rates that are competitive. You don’t want a situation where you’re leaving money on the table by not charging enough. And you don’t want to overcharge and turn off tenants.
A property manager can also collect the rent every month. In fact, it can set things up so rent is collected electronically from the tenants’ bank accounts. It’ll make things easier for you.
4. You’ll Get Help Finding Good Tenants
It’s hard enough to find quality tenants if you live in the same area where you have a rental property. Don’t complicate things by trying to handle that process from long distance. It’ll be like rolling dice — and the last thing you need is to gamble with your investment property.
Hiring a property manager will make for a more effective screening process. The third party will get people to fill out applications, conduct background checks, request information, conduct interviews, and make informed decisions. With a property manager leading the screening process, you’re more likely to get good tenants for your rental property.
These are some reasons to consider hiring a property manager for your out-of-town vacation property. You’ll have a more pleasant experience when a third party is lending a helping hand.
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