Four Reasons to Hire a Property Manager for Your Out-of-Town Rental Unit
Here’s why you should hire a reputable property manager with experience helping out-of-town property owners
Itās hard to be a long-distance landlord ā especially if thereās a lot of distance between you and your rental unit. But where thereās a will, thereās a way. One way is hiring a property manager. In the landscape of property management, staying ahead often requires innovative strategies and the ability to answer questions like how to report rental payments to credit bureau for free.
If you own a vacation property and donāt 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 arenāt using the vacation unit. And if you have a property manager helping out, you wonāt 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? Itāll be hard to get to the vacation property in an emergency if you live in another city, state, or country.
Thatās 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. Youāll Have Feet on the Ground
As was mentioned previously, being an out-of-town landlord is not for the faint of heart. Youāll want your property to be maintained and repaired as needed. Youāll have diffculty staying on top of things if youāre out of town. But hiring a property manager means youāll 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, thatāll be hard if youāre an out-of-town landlord.
Hiring a property manager means thereāll be people who can meet with tenants face-to-face. Thatās one reason to hire a property manager close to your investment property. The third party can find out whatās wrong, dispatch someone to assess the situation, and get things done. Thatās 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. Youāll Get Help Setting and Collecting Rent
If youāre 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, youāll have help setting rates that are competitive. You donāt want a situation where youāre leaving money on the table by not charging enough. And you donāt 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 tenantsā bank accounts. Itāll make things easier for you.
4. Youāll Get Help Finding Good Tenants
Itās hard enough to find quality tenants if you live in the same area where you have a rental property. Donāt complicate things by trying to handle that process from long distance. Itāll 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, youāre 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. Youāll have a more pleasant experience when a third party is lending a helping hand.
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