Managing a property is a hard enough task on its own, but managing distant rental property offers the ultimate challenge to owners. The lack of proximity means less opportunities to keep an eye on the neighborhood, on the tenants, and on the property itself. For this reason, distant rental property is one of the clearest cases in which property management services offer numerous advantages.
The right property management company will work with you, understanding the difficulties that distance imposes on you. It should know when to inform you of difficulties, and when to take the reigns and make a decision without your input. Since the property management company you choose will likely be local to the property, and so, also distant from you, communication becomes absolutely essential. It wouldn’t be unreasonable to ask the company for a quarterly update report, whether by phone or in writing, that keeps you in the know about all new potential issues with your property.
Regardless of what regular communication you set up with the management company, you should be able to easily get in touch with your company contact at all times. The availability of an online interface is also more important than ever, because it can alert you to potential maintenance issues the tenants raise with the company, and let you check how quickly those are handled. Additionally, an online portal will let you easily keep track of rent payments, maintenance expenses, and management fees, keeping all records easily accessible.