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Tips For Managing Out Of State Rentals Winston Rowe & Associates
Your rental property is out of state, keeping tabs on them becomes much more complicated.
By: Winston Rowe & Associates
Property owners should be checking in on their rental properties on a regular basis to ensure tenants are taking care of the home and that everything is in good working order.
It's not a hopeless situation, though. Here are five simple tips the pros use to keep tabs on long-distance properties:
Use online landlord software to streamline management.
You know the saying: "There's an app for that." Online landlord software allows you to handle the process of screening tenants and accepting payments electronically and remotely, all from one central location. We could all use a little streamlining in our life and business, and property management software is a great example of this type of technology.
Install smart locks to boost security.
Smart locks allow for keyless entry, eliminating the hassle associated with creating or replacing lost keys. Better yet, the keys can't be reproduced or transferred without your permission. You can even control who has access to the home from your smartphone, so when a tenant moves out, it's easy to deactivate their access and grant it to the new tenant. This saves both time and money when having locks replaced.
Stay involved with neighborhood home owners associations.
Establish regular communication with the board and check in with them often to make sure your property meets any HOA requirements. They'll be more than happy to let you know if something looks amiss so that you can address it quickly.
Plan occasional trips for inspections and showings.
You'll still have to make physical trips to see your property every so often. In these instances, try to coordinate with your tenants so that you can hit all your area properties in one trip.
Keeping up with your rental properties is critical to success in real estate, but it doesn't have to be a daunting task. Armed with these tips, you'll be off to a great start with turning your out-of-state property into a source of consistent income.
Winston Rowe & Associates, a national due diligence and advisory firm that specializes in assisting commercial real estate investors with financing. They can be contacted at 248-246-2243 or visit them at http://www.winstonrowe.com