How to Be a Long-Distance Landlord
You might end up choosing to be a long-distance landlord for various reasons. Your work may relocate you and you decide to rent out your old home rather than sell it. It’s also possible that you may also find a great investment opportunity in another town or province.
Regardless of the circumstances, being a long-distance landlord is entirely possible! The below strategies will help you manage your rental properties from a distance so you can maximize your ROI!
Rent to Quality Tenants
Landlords want tenants that pay rent on time, take good care of their property, report maintenance issues quickly, and want to stay for the long term! Attracting quality long-term tenants is critical to the success of long-distance landlords.
This is because, as a long-distance landlord, you won’t have the same easy access to your property as you would if you lived near your rental. In many cases, long-distance landlords may only be able to visit their property every few months.
If your tenants neglect your property or don’t inform you of maintenance issues, you will likely suffer financial losses. When filling a rental vacancy, always employ a comprehensive tenant screening process.
Verifying a prospective tenant’s credit score and employment status can help you determine whether they are financially able to rent your property. We also recommend contacting prior landlords to learn whether the tenant is reliable.
It’s important to note that your screening process must abide by the Saskatchewan Human Rights Code.
Simplify Communication Processes
Once you’ve landed a quality tenant, it’s in your best interest to keep open lines of communication. That way, if a faucet is leaking, a shingle is missing, or any other issues arise, your tenants can reach out immediately. If your only contact with your tenant is based on rent collection, your ROI may suffer.
Provide your renters with your phone number and email address. Then, encourage them to get in touch with you whenever they experience an issue. Be sure to respond to tenants as quickly as possible. This will ensure your tenants stay happy and trust that you care about their well-being.
Regularly Visit Your Property
No matter how far you live from your rental property, try your best to visit it at least once or twice year. These visits will allow you to inspect your property and keep your tenants happy!
However, you shouldn’t show up unannounced. Under Saskatchewan Landlord-Tenant Laws, landlords must provide their tenants with advance notice of at least 24 hours prior to visiting the property.
The only exception to this rule is if there is an emergency or the tenant agrees to your visit with reduced notice. Additionally, be sure you visit the property between 8.00 am and 8.00 pm.
Also, you may be able to deduct travel expenses when filing your taxes as a long-distance landlord!
Monitor the Real Estate Market
For long-distance landlords, it can be difficult to keep up with shifts in localized real-estate markets! However, to ensure your success, it’s important to watch for emerging market trends.
Rental markets are influenced by a myriad of factors, business environments, government policies, and changes in population demographics.
As such, average rent prices are bound to fluctuate. Be sure to adapt your properties rent prices to better suit the rental market so you can minimize vacancies and maximize your ROI!
Choose Quality Contractors
Maintenance issues are inevitable for any landlord. And when they happen, it’s important that you have a list of qualified professionals that you can turn to for expert help.
Hire a Reputable Property Management Company
Being a long-distance landlord can be challenging! While some landlords may be able to manage their properties easily, hiring expert help can save you both time and money.
A good property manager will help you achieve peace of mind by handling all aspects of your property’s management. A full-service property management company can help you in the following ways.
- Marketing your property
- Screening and placing tenants
- Collecting rent payments
- Handling evictions when necessary
- Responding to maintenance requests and tenant complaints
- Filing your taxes and providing detailed financial reports
While being a long-distance landlord is achievable, it can require a lot of time and effort. For expert help in managing your rental property, contact Leenan Property Management! We’re a professional property management company that proudly serves landlords with properties in Regina and Saskatoon!