How Can I Manage Property from Out of State or Country?
The question of how to manage property from out of state or country is a common issue for landlords. Many landlords decide to buy property located far away from their own residence because of favorable property values and rental markets in other areas. Other landlords do purchase rental properties near them, but later decide to move to another state or country. They are then faced with the conundrum of whether to sell their rental properties or figure out how to manage property from out of state or country. Fortunately, there is an easy—and profitable!—solution for that.
The Simple Way to Manage Property from Out of State or Country
The simplest way to manage property from out of state or country is to hire a property manager located near your rental property. This allows you to have a hands-off business that provides passive income, no matter where you live in the world. Your property manager will take care of everything for you and pass along the rental income to you, minus his or her percentage.
With full property management services, you’ll no longer have to worry about doing any of the following tasks yourself.
- Property inspections: The property manager will conduct inspections when a tenant moves in or out, as well as seasonally. As a result, you’ll never have to worry about minor repair issues turning into major problems.
- Property marketing: The manager will take care of marketing your vacancies to get them filled quickly. As a result, you’ll enjoy minimal interruption to your rental income.
- Tenant screening: It can be tough to screen tenants while in another state or country. Your property manager will speak to prospective tenants and review their rental applications for you. He or she can even do background and credit checks.
- Rent collection: Landlords often have trouble with rent collection, particularly if they live far away. A property manager can handle everything for you.
- Evictions: No landlord wants to deal with the hassle of long-distance travel in order to evict a non-paying tenant. Your property manager can initiate eviction proceedings for you, as well as ensure the eviction is fully compliant with local laws.
- Property repairs and maintenance: Your manager will be able to schedule routine maintenance visits from well-vetted professionals. He or she will also field repair requests from tenants in order to keep your rentals in good condition.
In addition, your property manager may offer legal guidance to ensure you stay in full compliance with all applicable housing codes and regulations. As an added bonus, some managers offer financial reporting. This service allows you to easily optimize your rental income.
The Importance of a Cloud-Based Portal for Landlords
So you’ve decided to hire a property manager to manage property from out of state or country. Now you’re faced with the issue of how to choose the right property manager for your needs. Aside from choosing one who offers all of the services listed above, it’s also important to ensure they offer a cloud-based portal. Cloud-based portals enable you to access your rental information from anywhere in the world. All you’ll need is an internet-connected device and your login info.
With a cloud-based portal, you can instantly see when your tenants have paid their rent. You can also read any notes left by your property manager. For example, you’ll see when the property manager schedules services like seasonal air conditioning maintenance. If your property manager offers financial reporting, you can also review these monthly reports via your portal. You’ll be able to easily evaluate which rental properties are performing well, which aren’t, and what changes you can make to maximize your income.
The Other Factors Involved in Choosing a Property Manager
One of the most critical factors for choosing the right professional is their licensure. Nearly every state, including Arizona, requires property managers to hold a license. Usually, that license is a real estate broker license. Never hesitate to ask a property manager whether they have the right licensure. By choosing a licensed property manager, you can rest assured knowing he or she has:
- Passed an extensive background check
- Undergone fingerprint clearance
- Completed a pre-licensing education program
- Passed a rigorous state licensing exam
In addition to appropriate licensure, it’s a good idea to hire a property manager who has a track record of success. Look for one who has been in the business for at least a few years (some property managers enter this specialty after spending some time in real estate). You can also check for the property manager’s Google reviews. A property manager with positive reviews from both landlords and tenants is a smart choice.
New Concept Property Management is the solution if you need to manage property from out of state or country. Our licensed property manager offers a full suite of services, including financial reporting, legal guidance, and cloud-based portals for both landlords and tenants. You can get in touch with our office in Tucson at (520) 305-3950.