When relocating to another country instead of selling a property, some owners prefer to rent it out. Aside from the extra income it will bring in, being a long distance landlord is not without its own challenges. It is very difficult to be a landlord when you are in the same country with your tenants let alone being overseas. Rent collection, inspections, complaints and the like are just few of the things a landlord has to go through. But all hope is not lost because things can be worked out smoothly if you have the right strategy. Here are some tips that will help you become a good long distance landlord.
#1.Choose trustworthy tenants
Not being close enough to know what tenants are up to can be difficult for landlords. Which is why as a long distance landlord, you should do thorough background screening of tenants. It is also recommended to have tenants that are family members, friends or trusted people to rent your property to when you are not around.
#2. Ask someone to check in
Even though you might have a trustworthy tenant, you cannot always be sure of people’s behavior. The way the property is being taken care of cannot be predicted. On this note, landlords that are away should have someone to be checking in on the tenants every now and then. A property manager can be hired to take care of the property.
When it comes to major maintenance work to be carried out, it is the responsibility of the landlord. But if you are not present as a landlord to do such repairs, hire someone that will see to it. If you have a good relationship with the tenants, you can negotiate with them so that they will be taking care of maintenance.
#4. Find maintenance people
It will be in the best interest for landlords to have various contacts of handymen. Having an electrician, plumber, and carpenter to call whenever there is a problem in the property can be very useful for long distance tenants. You can discuss how bills will be arranged when ever there services are needed.
Rent collection is one of the major things a landlord has difficulty in. Getting paid in various ways like cash or check can become a great difficulty for long distance tenants. That is why in this kind of situation especially when there is more than one tenant available, a landlord should have an efficient way to received payment. An agreement should be reached with the tenants on the best way to pay the rent.
This is just like a long distance relationship that is hard to maintain but it is workable. A long distance landlord should be able have communication with tenants every now and then. Communication can be one through phone calls, text message, email etc. if in any case there is a change of number from any party, this should be well communicated.
If all else fails, the best option a long distance landlord has is to hire a property manager that will be near to handle all things related to the tenants. It is difficult to balance between being a landlord and other aspects of your life. Whatever the case a long distance landlord should be prepared for any emergency that will arise.