It’s challenging to manage a rental property on your own, and even more so when you’re keeping an eye on things from a distance as a digital nomad. If you own property located out of state or a great distance from your primary residence, you’ll want to take advantage of every opportunity to simplify your life as a landlord.
If you’re managing rental properties remotely, your strategy must be highly strategic. The slightest miscalculation might harm your investment, leaving you unprotected. The following suggestions will help you manage your property as a digital nomad:
1. Get a Reliable Property Manager
As a digital nomad who’s also a landlord, you can outsource some work to a property manager like Tetonvalleypropertymanagement.com and similar companies. If the rental unit is quite far from your home, having someone you can rely on to check in on things regularly can be beneficial. Having a second set of eyes to oversee daily operations and attend to emergencies frees up your time to concentrate on other aspects of property and business management.
Whether you manage remote properties on your own or with the assistance of a property manager, they can present distinct obstacles. The next tips might alleviate some of your concerns and enable you to begin receiving the steady rental income you desire from your property.
2. Decide On A Fair Price
When operating your business in the city, you can experiment with certain variables such as prices to see which ones you should tweak or improve in order to attract more tenants. That’s not an option when managing properties remotely, so renting out a place at a lower rate than the going rate is almost always a good choice.
By keeping your rental fees lower than those of competitors, you can instantly get the attention of a broader pool of individuals, which increases your chances of finding a good tenant and reduces the time your property is vacant. Additionally, you get a better opportunity to secure a long-term tenant. Renters who understand they’re receiving a good deal are less likely to leave.
3. Maintain Open Lines Of Communication
After getting exceptional renters, remote landlords must allow for open and constant interaction. You’ll need your tenants to serve as your trusted eyes and ears on the ground because you’ll be on-site infrequently. Whether it’s a water leak, missing shingles, or something more serious, it’s critical to become aware of such issues as soon as possible so they can be addressed. On the other hand, if you sit back and simply collect rent checks, you may be in for a rude awakening when you visit your property.
Make sure your tenants have your updated contact information, including your phone number. Then, in the event of an issue, encourage them to get in touch with you immediately. Additionally, you may wish to contact them once a month to conduct a check-in. It’s your chance to inquire about the state of your rental property and your tenants’ well-being. There’s a fine line between being attentive and encouraging and being nosy in this situation, so proceed with caution. Otherwise, your renter might stop answering your calls or messages.
4. Use An Electronic Payment System
One of the most challenging facets of remotely managing a property is collecting rent. At the same time, it’s critical for you to be paid monthly. A digital payment option benefits both you and your tenants by speeding up the entire procedure.
Choose a payment system that accepts various methods such as credit, debit, and direct bank transfers and processes transactions quickly enough that you don’t need to wait for funds to appear in your account. You can collect rent more swiftly and without the fuss of paper checks when using digital payments.
5. Automate Check-In And Check-Out Activities
Even if they live nearby, many hosts have embraced the concept of automated check-in and check-out in their vacation rentals. With this, you’ll no longer be obligated to personally welcome your guests upon their arrival or approach them prior to their departure. It’s an especially significant advantage if guests arrive late or are delayed.
Guests can check in securely in several ways, including wireless door locks, lockboxes, electronic locks, and smart locks. A smart home system can help remove your security worries. If you prefer the more traditional manner, you can set up a secure key drop-off point near the property. Similarly, you can provide the key to your rental home to your neighbors or trusted acquaintances.
6. Establish Remote Screening Systems
Typically, property managers who look after rentals are responsible for vetting prospective tenants. The screening process is even more critical for remote managers as troublesome tenants are more difficult to manage from afar. You can accept applications online and screen them for suitability, either in collaboration with the owner or independently, to determine whether a particular candidate matches the established requirements.
Depending on your location, tenant interviews can be conducted in person at the management office or via online video calls. Remote background and credit checks are easier with digital databases, and employment verification is just a phone call away. A rigorous vetting approach might help avert future issues.
7. Build A Network Of Local Help
Remote landlords must build a network of local services to call upon in an emergency. Use a landlord spreadsheet to keep track of your contacts. Local landlords can easily deal with inevitable repair requests themselves or outsource them to a responsible third party. On the other hand, landlords who reside out of state can’t just drop by to repair a leaking faucet or clogged trash disposal. If they don’t have a list of go-to professionals, they may be forced to do a quick online search and possibly end up with a subpar contractor.
Meanwhile, remote landlords who’ve researched and identified the best local property repair and maintenance companies or providers will always know whom to call for assistance. This way, they can keep tenants happy and have one less thing to worry about.
8. Hire A Trustworthy Cleaning Service
Along with contractors, a professional cleaning firm should be retained to take care of everyday activities such as sanitizing and cleaning as well as visitor turnover. Nothing is more critical than presenting your rentals in the best light possible, which begins with an immaculate property. Requesting professional cleaning services is one of the best investments you can make for your vacation rental business.
Negative perceptions and impressions due a neglected and filthy property are challenging to overcome. Fortunately, a cleaning service can guarantee that frequently ignored and difficult-to-reach areas are thoroughly cleaned, resulting in a spotless vacation home. Additionally, you may supply them with a customized vacation rental cleaning checklist to ensure that they adhere to your cleaning protocols.
While monitoring a rental property from afar can be demanding at times, it’s completely doable. If you have decent tenants, you may discover that owning an out-of-town home is no more complicated than owning one in town. In any event, simplify your life by anticipating emergencies, speaking regularly with tenants, hiring competent maintenance specialists, and working with a seasoned property manager to oversee your rentals.