Hire a Local Property Management Company
It is challenging to be an out-of-town landlord because of the hands-on nature of managing rentals. It is much easier for landlords to perform inspections, manage tenant requests, respond to emergencies, and screen tenants when proximate to their properties. Out-of-town landlords and owners can see positive investment returns by hiring a local property manager that follows the property management best practices.
Finding Good Tenants
Finding and keeping good renters is a must for any rental property owner. A thorough tenant screening process helps find good renters regardless of whether the owner lives in town. Tenant screening helps avoid time-consuming troublesome tenants. Renters who know their landlord is not around may damage property, bend the rules, or even neglect to pay their rent. Proper screening is necessary for all tenants, even if they seem friendly – no exceptions. It is always better to wait and rent to the right tenant rather than quickly placing a questionable renter in a property. One tactic out-of-town landlords can use to find quality renters is to rent exclusively to trustworthy family members or referred tenants.
Communicating With Tenants
Cell phones and the internet make it easy to communicate with tenants. Out-of-town landlords must determine each renter’s preferred communication method and occasionally check in with them. Be sure to provide the leaseholders with local emergency contacts they can call if they need immediate assistance.
Use Trusted Friends or Family to Keep an Eye on Properties
Ask Denver-based friends and family to drive by each rental periodically. They should look for anything unusual, like trash in the yard, vehicles under repair on the driveway or street, or loud parties. Another approach is networking. When in town, owners should go to local real estate and landlord events to get to know other real estate professionals and investors. Owners should ask them to monitor their rentals as a favor.
Visit Property Twice Per Year
Biannual inspections catch tenant and maintenance issues early. It is wise to visit rental properties twice yearly to check each rental’s condition. While in town, landlords get a firsthand look at each property instead of relying on others to relay the information to them. Be sure to give plenty of notice to each tenant by making an inspection appointment beforehand. Tenants should never be surprised by a landlord’s visit.
Online Rent Payment
Out-of-town landlords need to make it easy for tenants to pay their rent. An online payment system increases the professionalism of an owner’s property management business. Rental property lease agreements should clearly state how and when tenants pay. Chasing down rent money is even more complicated when out-of-town landlords have to do it.
Create a Professional Service Company List
Rentals need maintenance and get damaged. It behooves out-of-town landlords to proactively find capable and reliable handymen, plumbers, and electricians to contact when issues occur. Ask each company if they are willing to take emergency calls.
Hiring A Local Denver Property Management Company
Active real estate investors looking for other business opportunities are busy and should consider hiring a property management company. Being a landlord is demanding – even more so when owners manage their rental investments from afar. Rather than managing their rentals, owners can enjoy their time outside of work and increase the return on their rental investment. Click here to find out how to hire a property management company.
DenCO is here for owners when they decide to put their investments under expert management. DenCO manages over 150 home, duplex, and apartment rentals in the DU, Washington Park, and other Denver neighborhoods and has been in business since 1990. Call us at 303-722-9688 or click here to complete a contact us form.
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