5 tips to be a successful landlord

5 Tips to Be A Successful Remote Landlord

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One good way to earn good money is through rental properties. This business venture is something stable and can withstand difficult times since a home is a basic need for anyone. But what if your property is far from you? Is it possible to be a remote landlord? There are many possible scenarios why you might own a remote property, some of which are:

  • Need to relocate due to work: If you or your partner either gets new work in another city or was assigned to another location by their current employer, you may both decide to rent out your current home. 
  • Received an inherited property: You may have inherited a home either from a parent, relative, or close family friend who passed away. If you do not have any intentions of moving, you can be a remote landlord.
  • You have a vacation or temporary home: You may have properties that you only live in when you want a quick get-away, especially during summer or winter. You may choose to rent these out for extra income.

Before, managing real-estate properties remotely may seem far-fetched. However, if you have the right tools, connections, and strategy, it is possible. If you are considering venturing into this, here are some tips that may help you better manage your property even from a far location.

1. Maximize technology

Because of technology, a landlord’s remote work has become easier. 

When you start marketing your property, you can post it on different sites and platforms to have a wider reach of prospects. You can also screen your applicants online through a video call. Once you have chosen your tenant, communication on concerns and maintenance of the property will also be easier with the use of technology. Your tenants can also pay you online!

2. Do your research

As they say, “knowledge is power”. With that, make sure to research so that you have all the information that will be helpful for you. 

First, you may research the real estate market of your property’s location. Check out the average rent price in that city, the competitors in the area, and what they offer that you can too. You may also check out the facilities, establishments, and businesses existing there or are planned to be built there soon.

3. Screen your tenants well

Just like in any relationship, finding the right partner is tough but worth it. Find the right tenant and your work as a remote landlord will be simpler. 

To do that, first, ask the right questions when doing your interview with the applicant. You may ask the following questions:

• When do you plan to move in?

• Why are you moving?

• How long have you been staying in your current home?

• How many people will occupy the property? Will there be pets?

• Have you or anyone who will stay in the house been convicted of a crime?

• Have you ever been evicted by your previous landlords?

You can also connect with their former landlords for a background check. You may ask how is your applicant in terms of payment and their behavior.

Once you found the right tenant for you, you may opt to negotiate for a long-term lease so that you do not need to search for applicants often and you would not need that much hands-on interference eventually.

4. Establish good relationships

Life is better if you have good relationships with many people.

The most crucial relationship you will have as a landlord is with your tenant. Just like in any business, you have to provide good customer service to keep your customer satisfied. You may do that by constant communication. Make sure that you are available either through call or chat if your tenant has concerns. You can also be proactive by doing regular checkpoints to see how they are doing. This will make your tenants feel you are committed to being a good landlord, even if you are not physically there.

You must also widen your network and establish relationships with reliable partners. Look for contractors and professionals whom you can trust for the maintenance and repairs of your property. They will be your helping hand in making sure that any job for the unit will be done well.

5. Target to visit the property yearly

Even if you are effective in being a remote landlord, it does not mean that you do not need to visit your property. It is still better to see firsthand how the property and your tenants are doing. You may schedule your visits at least once every year.

Through your visits, you will be able to show that you care about your tenant’s welfare and you are trying your best to see to it that the rights of tenants are respected. At the same time, your visits will make the tenants feel that you hold them accountable for the property as well. 

Being a remote landlord may be challenging. But with the right tools, strategies, and relationships, this can be a manageable yet fulfilling task. It can also be rewarding, not just intrinsically, but also financially. 

About The Author:

Kat is a Molecular Biology Scientist turned Growth Marketing Scientist. During her free time, she loves to write articles that will bring delight, empower women, and spark the business mind. She loves to bake but unfortunately, baking doesn’t love her back. She has many things in her arsenal and writing is one of her passion projects.

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