How to Be a Long Distance Landlord

There can be many reasons that lead you to become a long-distance landlord. But in any case, real estate leasing is a solid way to grow an investment portfolio. In addition, you can also earn many tax advantages and enjoy an appreciation in the value of your property.

So, how do you manage your property from potentially thousands of miles away?

In this article, we at MN Property Nerds will offer you some advice on the best ways to become a long-distance landlord.

Rent to Reliable Tenants

It is a joy for any landlord to find a trustworthy tenant. So, the fact that you are some distance away from your property makes it even more important that you rent it to only responsible people.

You would not want to inspect your property and find it in a terrible state. To avoid such a challenge, you should do a thorough and credible background check on all your prospects as part of your screening process. It is important to know the rental history of your tenants.

• Do they have a worthy record of paying rent on time?
• Do they have complaints brought against them from past landlords or neighbors?

These are among the questions you should be able to answer confidently before you rent out your property to any tenant. You should be very confident that the tenant who will be staying on your premises is the responsible one and will not cause any damage.

Remain Communicative

It is important to always have clear and consistent contact with your tenants. This will ensure a smooth stay for your tenant and you will rest easy knowing your property is in the hands of a good tenant.

A good tenant will also inform you whether there is damage caused to the property or any other problem. But for this to be achieved, there has to be an established communication line between you and them. Communication is two-way and both of you should be active.

As the landlord, you should ensure that your tenants have your up-to-date phone number. If you make any changes, your tenant should be made aware. This also applies to your tenant’s information.

You should call at least once every month to know the condition of your rental property. But in making these calls, you should avoid being intrusive. As this may make your tenants uncomfortable with you.

Visit Your Property

As much as you may be some distance away, you should make a deliberate effort to check on your premises to know their condition. Otherwise, some tenants may come up to the conclusion that you have abandoned the property.

Also, you should discuss any problems that may have arisen over the period your tenant was staying on your premises. This will work great in resolving them before they get out of hand. These visits should be done every six months to keep the property in check.

This will also give you the chance to identify any gaps that should be filled. Additionally, you’ll know what needs to be improved on your property and ensure that the stay of your tenant is a comfortable one. This will also benefit any incoming tenant upon the expiry of the lease agreement with your current tenant.

Analyze the Competition

Since you stay in a different location from the property you are renting out, you should research the market trends in that location. Other landlords may be charging more while you are charging less or you might be charging more while they are charging less. You should always be up to date to avoid such disparities.

Laws change from time to time. So, you should be aware of when government policies change regarding real estate. You should always keep tabs on the local news and when rental rates are being changed in the area. This allows you to make adjustments when necessary to avoid being out of the game.

Connect with Local Resources

As the landlord, you need to gather local resources that you can quickly get to when you need them. For instance, repairs are inevitable and since you are not local, you should have repair and maintenance professionals available to you at all times.

This is crucial as your tenants do not want incompetent contractors fixing issues on the property. You should research the area to find out the best repair and maintenance services available as it may be difficult for you to do the repair yourself considering the distance.

Also, you should have contact with legal professionals in the area who will help you with all the paperwork that comes with rental property such as renewing leases and any other contracts. Having a lawyer will also help you to keep up with any changes in laws.

Hire A Property Manager

If you want ultimate success as a long-distance landlord, the assistance of a local property manager would be the best option for you. They handle tasks such as marketing the property, conducting tenant screenings, and preparing lease documents, to mention a few.

If it is difficult for you as an individual to market your property and to avoid wasting time and effort, a Minneapolis property manager can save you all of that trouble

Bottom Line

You might then be asking yourself, which local property manager should I contact?

Well, look no further and worry less. MN Property Nerds is the perfect company for the task. With rich experience and a well-seasoned property management team, you are guaranteed success as a long-distance landlord. You can contact us for further guidance and advice.