Tips for Owning and Leasing Property in a Different State or Country
Investing in a rental property in another state or overseas provides you with a highly effective way to bring in a steady source of income. However, owning and leasing in one of these areas can be a challenge. If you lease an out-of-state or overseas rental property, it’s important to make sure you know how to manage it efficiently to get a high ROI. Keep the following tips in mind for managing your rental property.
Make Maintenance Arrangements
Ideally, tenants should keep your rental property clean and in good shape, but this is more difficult to enforce and check up on when that property is in another state or overseas. In order to ensure that your rental property stays in excellent condition, it’s important to make arrangements for regular maintenance and repairs. Having a rental property manager to rely on for this task can make it easier to keep your property well-maintained.
Keep Detailed Records
Although this is important for any rental property, it’s even more so when you own and lease one that’s out of state or in another country, especially if disputes arise. These detailed records make it easier to handle disputes with tenants, such as rent payments. You should also keep detailed records for tax purposes. Rental property managers can also oversee this task for you and ensure that you have access to financial statements, tax documents, payment receipts and all other paperwork that is part of owning and leasing a rental property.
Have a Plan for Emergencies
Being able to assist your tenants if an emergency comes up is much harder to do when you’re not near your rental property. Hiring a rental property manager helps ensure that your tenants can reach someone at all times in case they have an urgent problem or emergency with your property. Good property managers provide emergency contact information to tenants so that urgent issues can be handled as quickly as possible.
Enforce Rules and Restrictions
If you have specific rules and restrictions for your out-of-state or overseas rental property, such as a no smoking or no pets policy, being able to enforce them is challenging when you’re not around. A dependable property manager can make sure that your tenants are following these rules and restrictions and inform you if that’s not the case.
If you have plans to purchase a rental property that’s in another state or overseas or if you need help managing a rental property, please contact us. At Aria Properties, we provide dependable property management services to make it easier for you to own and lease rental properties.