It is becoming increasingly common for property owners to live far away from their rental units. Whether you couldn’t sell your home and needed to relocate, or if you are taking advantage of low prices in other markets to build your investment portfolio, you need a partner you can trust to ensure you get the best return and your property is consistently managed.
Here is what you need to consider when renting a unit out of your area:
Many new property owners underestimate what it means to manage a rental property. They believe if a family member or friend lives close by and can collect the rent and call a plumber when needed, everything is covered. The truth is, property management is a complex business where small mistakes can result in large losses. Anything less than attentive, proactive attention across all aspects of management will result in a lower return on your investment. Marketing, leasing, maintenance, collections, evictions, accounting, inspections and legal compliance all require active consideration. The right professional manager will pay for themselves in shorter vacancy times, proactive maintenance and responsive attention to the details.
In the rental business, you have one stream of income—rent. On the other side, you have a long line of expenses every owner has to deal with: marketing, maintenance, repairs, materials, replaced appliances, code violations, collections, evictions, etc. And, although every landlord doesn’t think it will happen to them, if you stay in the rental business you will experience these unforeseen expenses. Just like your other investments, your real estate asset will perform better with a professional property manager who is working for your best interest. A professional manager helps you proactively avoid and minimize vacancies, manage the property condition and help you avoid costly mistakes.
It’s so much easier to rest easy when you can see what is happening with your rental unit online around the clock. With Real Property Management, you have 24/7 access to photographs, leases, rents, inspection details, maintenance activity and comprehensive financial reports—for a single property or a whole portfolio. Professional management not only means you have a small army of specialists attending to every aspect of your investment, it also means you have complete, transparent access to everything that is happening with your property, whether you are right here in town, or halfway around the globe.
To make your property profitable, you need much more than drive-by “management” from a friend or relative. And, you need more than a small discount company that has limited resources, knowledge or experience to avoid costly vacancies and missed details. Real Property Management offers an affordable, comprehensive solution to help you get a better return, wherever in the world you may be.