How to Manage a Long-Distance Rental Property

Landlord giving keys to new tenantManaging a long-distance rental property can be a pain. However, if you handle it correctly, the investment is worth it. One of the easiest ways do this is to procure property management services from a reputable real estate company in Denver.

For better management, you will need a system that can run without your direct input. You will need to work hand in hand with your property manager to get the most out of your commercial property. With that in mind, these tips will come in handy:

Find Trustworthy Tenants

Let your tenants or have your property manager do it to make sure that they will not be a source of headaches in the future. Insist that all tenants sign an ironclad lease agreement insuring you against any loss. Have the property manager do a walkthrough with the tenant when they move in and out to assess the state of the unit and bill them for repairs.

Consult a Maintenance Company

Contract a property maintenance company that offers a wide array of services, such as landscaping, plumbing, painting, and more. A good company should be able to provide these services at a phone call’s notice. Have them send you a service acknowledgment form signed by the tenant.

Collect Rent Efficiently

Automating your rent collection means that your tenant will pay rent directly into a bank account to avoid mishandling of funds by the property manager. You can use software for easy management of the electronic rent collection. If this is not an option, find a good property management company with a transparent rent collection system.

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In the end, ensure that your property is insured and have it inspected occasionally to enable you to handle repairs before your property becomes dilapidated. You will also need to ask your property manager to send you regular reports on the occupancy rates and your tenants’ profiles.