Owning a rental property comes with its own set of unique challenges, but managing a home when you live in another state is near impossible. Partnering with a property manager becomes imperative at this point, but even with someone managing the home, you're still at a disadvantage when you live far away. If you own local real estate and are wondering how to keep tabs on your property from afar, use the following guidelines as a roadmap to success.
Choose the right Property Manager.
It goes without saying that your choice of property manager makes all of the difference when you're an out-of-state investor. A management firm really needs to act like your man on the ground, monitoring the health of your rental home, keeping your tenants happy, and following local property trends.
To ensure you're in good hands, speak to a manager about how they can keep you in the loop when you're not a local homeowner. Furthermore, use these tips to learn how to suss out a trustworthy management firm.
Rely on regular inspections.
Some property managers never enter a home after its rented, leaving you guessing as to the health of your property. At BMG Rentals, we schedule two inspections each year, one in the spring and one in the fall. If requested, we can even compile a full inspection report with photos for your review.
In addition to these visits, we perform multiple drive-by inspections throughout the year. And if you have a sneaking suspicion that something isn't quite right, we'll accommodate reasonable requests for additional visits to the home. It's a simple way to obtain immediate peace of mind for your investment.View a Sample BMG Inspection Checklist
Check in regularly
Trustworthy property managers do our part to keep your home in great condition, but its your responsibility to correspond with the team and make certain that all is well. At BMG Rentals, we use resources like digital portals to provide a clear snapshot of your home. You can access your account information around the clock, anywhere in the world.
You can also schedule conversations with our management team to get a better idea of what is and isn't working inside your rental home. Our rental experts constantly work to identify areas of improvement and will help you maximize your home's potential for success.
Whether you're inherited property in Utah or Idaho or you've decided to built your investment portfolio in the American West, BMG Rentals has happily helped countless property owners from out-of-state. When you can't be present to handle the responsibilities of your rental home, we're there to take the reigns and make certain everything goes well.
Ready to learn how we can help with your property? Give us a call today.