Real Estate Empire Reaching Across State Lines? 5 Tips for Managing Properties in the Different States
Managing a day-to-day business can be a struggle for an investor maintaining multiple real estate properties in different states. From separate lease agreements to variations in the local market, endless maintenance requests, and more, it’s easy to get overwhelmed.
Luckily, there are a few key ways to make life easier as a remote real estate investor. These five tips will make property management easier and improve your relationship with tenants and staff.
Figure Out How to Manage Mail
Getting a handle on mail for your property might feel challenging, but there are ways to simplify the process and free up time in your busy schedule.
For example, using a digital mailbox allows you to access a local address and manage all rental-related mail you receive at that address without ever having to leave your home state.
Keep an Eye on the Local Real Estate Market
One of the best ways to keep a handle on your business is to monitor the local real estate market. By keeping an eye on how rent prices fluctuate, watching the local news, following real estate blogs, and seeking out new information, you’ll always be prepared for the changes around the corner.
Automate Rent Collection and Requests
Automating rent collection and maintenance requests is the simplest way to make your life easier. Rather than processing dozens, or even hundreds, of checks a month and trying to manage multiple emails for repairs and changes, find an automated system that works for you.
This way, your tenants can pay rent online (or choose to use autopay).
Also, allowing them to submit maintenance requests through the same platform will save you and your employees a lot of time. Tech entrepreneurs develop new technologies daily, many of which could be beneficial to your business.
One of the issues that remote real estate investors may face is communication with staff, from the office staff, and managers, to maintenance workers.
By regularly sending out updates, replying to emails promptly, and encouraging your employees to reach out with concerns, everything will run a lot smoother.
Perform Regular Inspections
While inspections can be a hassle for everyone involved, they are a must-do for remote rental investor who wants to maintain control over their various properties.
Some landlords perform walk-throughs before a new tenant moves in and right after they leave. Others may decide to perform regular inspections throughout the tenant’s lease period.
No matter what you do, make sure the rules are laid out clearly in the lease and that your renters understand your expectations. This way, you can optimize your budget and avoid any unplanned, costly repairs.
Before You Go
No matter where you live or how many properties you own, these five tips are key to maintaining a successful rental business.
Make life easier for yourself by always keeping an eye on local rental markets, using a digital mailbox, automating wherever possible (including rent payments and maintenance requests), maintaining communication with your employees, and performing regular inspections.
Remember, reliability and predictability are your friends when it comes to maintaining a successful real estate empire remotely.