Instead of selling a home after moving to another city or country, some homeowners prefer to transform homes into rentals. While collecting monthly rent is a great way to earn a supplementary income, managing rental homes from afar can be highly challenging. While choosing a good property management company is vital to becoming a good long-distance landlord, these nifty tricks will help you handle your rental as smartly as possible.
Choose Clients with Clean Background Checks
The last thing you want as an out-of-town landlord is a trouble-causing tenant with a criminal history or poor tenancy record. Since you're not close enough to get to your property quickly, it's vital that you choose tenants that come up clean on all background and employment checks. Make sure you or your property manager screens tenants thoroughly before letting them into your home. Talk to your property management company about their tenant screening systems to ensure they follow foolproof processes.
Make Sure Your Lease Terms Are Strict and Clear
As an out-of-town landlord, it's easy to leave room for ambiguity in tenancy agreements, but this can give rise to a tremendous amount of problems later. For example, unclear information about tenant and landlord cleaning responsibilities can cause you unwarranted grief, so you'll want to be crystal clear about the responsibility to be shared between you and your tenant. You'll also want to enforce certain rules for your property. It's always ideal to be as clear as possible with lease terms to make sure your tenants are aware of what is and what isn't acceptable in your home. For example, you can set up a no-tolerance policy for smoking or pets in your apartment to minimise the risk of damage to your property. Discuss your concerns with your property management company so they can help you set up a tenancy agreement that meets your specific needs.
Organise Regular Inspections
As a long-distance landlord, you're probably in no position to undertake a home inspection on your own. Your property management company can organise regular inspections on your behalf to ensure that your tenant is maintaining the good condition of your home. Make sure the property management company documents details of every room. You can lay down the conditions of these regular inspections in the rental agreement and make sure the tenant agrees to it before signing on the dotted line.
If you live far away from your rental home, a good property management company will ease your burden by undertaking every element related to your tenancy requirements. Contact a service like Calibre Real Estate for more information.