How To Manage Your Rentals While Remote Or Retired

Choosing to manage rental properties into retirement was not as possible a decade ago as it is today. Not only is it feasible, but it can also be an extremely smart and lucrative way to invest your money. Over half of the population wants to relocate in their retirement years. This could easily keep some potential property owners or current property owners from leasing their property from afar. In this day and age, there are many tools to help tear down this roadblock. It is now possible to make “landlording” from a long distance the same as “landlording” within a short distance of your property. There are a couple of key things to act on if you want to successfully manage your properties from afar.

Background Check

Something that may seem tedious initially but could save you from big issues down the road is running a background check on each prospective tenant. If you are not going to be in the same city or even the same state as your property, you want to make sure it is in the hands of a responsible tenant. A background checks will reveal the individual’s rental history, work history, criminal past, and a credit check. Putting a background check in place can ensure that these tenants are coming from a good standing.

Reliable Local Maintenance

If you are considering managing rental property from a remote location, then you will want to make sure you set up a good relationship with a reliable maintenance contractor who is close in proximity to your property. This person should be your primary point of contact for any emergencies that could occur at the rental property, as well as the person you’ll call if your property needs any routine maintenance work. Use local resources for word-of-mouth recommendations and interview these maintenance professionals in person, if possible, when you are in town with your property.  Meet them at the property and do an initial walk-through together.  That way, in the future, when you reference a particular element of the property (e.g., the drop-down attic access in the garage), you will both be able to have a true reference point.

Location

Even if you are remote, you need to make sure you are well informed about the location of your property and fully understand the surrounding area. It’s important to know the trends within the city so you can prepare yourself for any transitions (e.g., population increase, job prospects) and better cater to your tenants. Take some time to explore the city where your property is located and talk to locals about how it has changed over the last couple of years, if at all. The housing market is one that is always affected by the changing trends of a city. You and your rental business will be better off if you can stay ahead of these trends.

Efficient Management System

Keep in mind, you are considering managing during your retirement years. You want to make this as easy and seamless as possible. Fortunately, it’s possible to manage a business from across the world in a relatively simple manner thanks to property management technology.

For example, you’ll want to make sure you have a well-organized accounting system whether it be something like QuickBooks or integration with property management software. Find the best system for you and your tenants and make sure to communicate it to everyone who is involved in the management process. Keep in mind, the new incoming wave of renters were raised in a world of advanced technology and this may play a key role in how you decide on a management system.

Managing property from a remote location is possible if you are aware of the precautions to take. It is very easy to set up a simple system so you can enjoy your retirement years and bring in an extra source of income.

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