Surveys show that there are nearly 50 million rental units in the United States. If you're a home investor, handling the many landlord responsibilities on your plate can feel overwhelming. Between renovations, inspections, and rent collection, your work is never done.
One of the most complex tasks is managing the balance between being there for your tenants and overwhelming them with your presence. How can you function as an absentee landlord without leaving your tenants without help?
We're here to help you in your journey of becoming a real estate investor. Read on to learn how you can succeed in your role as an absentee landlord.
The first step is to find tenants that you can trust with your home. If your tenants aren't trustworthy, it's difficult to fight the urge to look in on the home.
Tenants that pose a threat to your property are a safety concern. As such, leaving the home in their hands is a harder task. The best way to battle this issue is to have high-quality and trustworthy tenants.
Reliable tenants are people that you can safely leave your investment in the hands of. You should perform some tenant screening and interviews to find the right people.
Once you have the best tenants, strong communication is integral to your role as an absentee landlord. The reality is that most tenants don't want to have their landlords checking in on a weekly or monthly basis. As such, it's often difficult to find a way to balance healthy communication and overbearing nitpicking.
You should ensure that your tenants always have an available channel to communicate their needs with you. These channels may include email, calls, texting, or any other form of communication.
Another way to keep your mind off your rental property income is to regularly check if it's still in safe hands.
You should schedule annual inspections to see if there's any hidden damage. Your tenants will also enjoy knowing that their home is constantly getting the attention it needs.
In the event that a tenant has damaged your property, you can take the actions you feel necessary. Ensure that you properly communicate the date of these inspections with your tenant.
Hiring a Property Manager
Finally, one of the best ways to stay hands-free is to hire someone else to handle the day-to-day tasks. A property manager is a strong resource and an excellent team member that can help facilitate your landlord's responsibilities.
Your property manager will help to handle inspections, communication, and tenant screening. Consider finding a manager that offers services that fulfill your specific needs.
Becoming an Absentee Landlord
Becoming an absentee landlord is a great way to ensure your tenants enjoy a hands-free lifestyle. Find tenants that you can trust the safety of your real estate investment with. Consider hiring a property manager to handle the inspections, communication, and other day-to-day tasks of your real estate.
For more tips on becoming a real estate investor, be sure to browse the rest of our site. You can also contact us to see how we can help you increase your rental property income.