Have you relocated for work and decided to rent out your apartment home instead of selling it? Maybe you found a property in another state and didn’t want to pass up the opportunity? Or perhaps you’re expanding your real estate portfolio to other locations?

The reasons for becoming a long-distance landlord could be many and varied. And with it comes a set of challenges. For instance, finding tenants or responding to maintenance issues can be tricky when you’re not nearby.

Fortunately, smart home technology has made it easier to manage rental properties from afar. Here are some strategies to help you succeed as a long-distance landlord.

1. Rent to Trustworthy Tenants

Quality tenants are key to a successful rental investment. They pay rent on time, take care of your property, and report issues promptly.

And as a remote landlord, you have much less room for error in your tenant screening process. Unlike a regular landlord, you won’t be able to do a quick drive-by to inspect your property for possible lease violations. 

While being miles away, you can’t easily check on your property, so your tenant screening process needs to be thorough. Don’t rush to fill a vacancy. Screen tenants carefully by checking their employment history, rental background and credit rating.

Sure, this process will be time-consuming and possibly more expensive to run. However, it’s worth it to ensure your property is in good hands and avoid tenant damages.

2. Be Available for Communication

Once you have great tenants, keep communication open. You won’t be on-site, so your tenants need to be your eyes and ears.

Make sure they can reach you easily with any issues, like leaky faucets or broken appliances. Unaddressed problems can escalate, leading to expensive repairs.

Give your tenants your updated contact information and encourage them to report issues right away. Regularly check in with them, maybe once a month, to ask about any problems and ensure everything is running smoothly.

Keeping communication lines open helps you stay on top of maintenance issues and supports a good landlord-tenant relationship.

3. Try to Visit the Property as Often as You Can

Plan to visit your property at least once a year, or more if possible. During visits, conduct thorough inspections to catch any issues early. 

Remember to follow local laws about giving notice before entering the property. It’s also advisable to communicate these inspections clearly when signing a lease agreement with your tenants.

Regular visits help you personally check the property’s condition and ensure it remains well-maintained.

4. Stay Plugged in with the Community

When you’re far away, it’s easy to lose touch with the local community. You might miss out on important changes in landlord-tenant laws, rental rates, or policies.

Staying informed about local trends helps you manage your property effectively. Without this knowledge, you might undercharge or overcharge rent, affecting your return on investment. 

It’s a great idea to stay in touch with your neighbors by being friendly and talking to them when you visit your property or even when you’re away.

Keeping a tight connection with the local community allows you to update on important changes, helping you stay informed on recent market trends even as you manage the property remotely. 

5. Form Relationships with Local Professionals

As a landlord, there are certain professionals that you cannot live without. They include the following:

• Property Manager: You can hire a professional property manager. They can handle day-to-day operations like maintenance requests, tenant screening, and rent collection.
• Maintenance Technician: Repairs and maintenance are inevitable in the life of a landlord. Having a reliable handyman or maintenance technician can save you time, money, and frustration. 
• Lawyer: You may need to hire a lawyer to help you draw up a lease agreement, file an eviction lawsuit, or handle a discrimination lawsuit lodged against you by a tenant. 
• Accountant: Hiring a good accountant can help you with bookkeeping, taxes, and overall financial management of your rental property. 
• Real Estate Agent: If you’re looking to sell or buy a property, a realtor can provide valuable insights into the local real estate market. 

In general, building relationships with local professionals ensures you have the support you need to manage your property efficiently.

6. Hire a Property Management Company

Hiring a property management company can be a great solution for remote landlords. They handle everything from finding tenants to maintenance and rent collection.

While it’s an additional expense, a property management company brings expertise and peace of mind, ensuring your property is well-managed. With proper care and management, your rental apartment can yield a better return on investment.

Bottom Line

Being a long-distance landlord has its challenges, but with the right strategies, you can manage your property effectively. By partnering with a professional property management company, you can ensure your investment is well-maintained and tenants are happy.

For expert help with managing your Las Vegas apartment property, contact B&R Property Management. We’ve been in business since 1981. Get in touch to learn more!