Table of Contents
- Find trustworthy tenants
- Enforce strict lease terms
- Establish clear communication
- Make friends with local service providers
- Insure your remote rental property
- Inspect your remote rental property
- Learn local laws and regulations
- Set up an automated payment system
- Consider hiring a property manager
- Make out-of-state property management work for you
Find trustworthy tenants
- Does the tenant have a stable source of income and job security ?
- How much property maintenance does the property require on a regular basis? Can the tenant assume some responsibility for these tasks? For example, an elderly couple may be unable to handle physically demanding tasks.
- Does the tenant’s lifestyle affect the way they might use the property? For instance, pets and children may require more space and sturdier fixtures.
- What mode of communication does the tenant prefer? Do they have a history of good communication with past landlords
Enforce strict lease terms
A Lease Amendment Form allows you to change or modify an existing lease without signing a new Residential Lease Agreement.
Establish clear communication
Make friends with local service providers
Insure your remote rental property
- Property damage: Covers physical damage done to the property (i.e., fire or tornado)
- Liability: Compensates you if are found liable for injuries on your property
- Lost rental income: Compensates you for lost income or rent if your rental property sustains damages and becomes uninhabitable
- Water backups
- Acts of war
Inspect your remote rental property
- A preliminary walk-through before the tenant moves in
- A final inspection after they move out
- Regular inspections throughout the tenancy (If needed for peace of mind)
Rental inspections should always be conducted before a tenant moves in and after they move out.
Learn local laws and regulations
Set up an automated payment system
Consider hiring a property manager
- Consulting real estate agents in the state where your remote property is
- Asking for referrals through other landlords that live in the state
- Hiring a trusted family member or friend to act as the property manager