3 Tips for Being a Successful Long Distance Landlord

3 Tips for Being a Successful Long Distance Landlord
source: tsci.com

Whether you have decided to move to a different country and rent your house out, or you have bought another property in a different place to where you live, becoming a long-distance landlord is relatively common.

However, it can feel much more difficult to be a good landlord when there is so much distance between you and your tenant, especially if something is wrong with the property.

However, the distance does not mean disaster and this piece is going to take a look at some top tips on how you can be a successful long-distance landlord.

Focus on Trustworthy Tenants

The tenants you get will make or break your entire experience of being a long-distance landlord, so making sure you have vetted trustworthy tenants can make your life much easier. Make sure to get references from previous landlords, any statements you need, and use an agency or management to vet any potential applicants to find the right tenants for you. You want your house to be maintained in good condition, with minimal issues, and especially no complaints from neighbors, so checks and character references can really help you choose.

Encourage Open Communication

Since you will be living miles apart, having consistent, clear communication is crucial to your agreement with your tenants in order for it to be successful. They are much more likely to keep you up to date on any issues that need to be fixed or kept an eye on, which can prevent any significant damage to your property. Making sure they have up to date contact details and a means of getting hold of you efficiently will also encourage the process of them keeping you up to date on your property, which can give you less to worry about.

Because you are a long distance landlord, you might need some extra help on hand, so take a look at ‘property management companies near me’ when you are at your property for professionals on hand that can help when you are not around.

They can also do checks on tenants, inspections out on properties and can be a contact point for your tenants if you want to be more hands off.

Schedule A Yearly Visit

It will depend on where you are based as to how often a visit to your property is feasible, but if you can, scheduling a visit once every one to two years will allow you to keep on top of your properties condition, meet your tenants and also understand how they are getting on. While it can be useful to have your tenants report on the condition of your property from afar, you cannot always be certain you are getting the whole picture. This is why it is important to go and check yourself in person or use a property management agency that can give you accurate feedback.

Being a successful long-term landlord is not much different to being a local one – just make sure to put your tenants first.