Every now and then, you’ll need to be away from your investment properties, whether you take a much-needed vacation or need to travel for business.
While you’re away, it’s important that you have a way to keep an eye on your properties and take care of your tenants.
Here are some tips for making this process easy and smooth.
1. Hire a property manager
The first and most important task is to hire a property manager to look after your tenants and buildings while you’re away. You can hire an individual if you only have a single property, or you can hire a professional team. There are benefits to both, but if you have more than one property, it’s better to hire a company.
The biggest benefit of hiring an individual is the cost. It’s much cheaper than paying for professional services. However, if you need more than just someone to answer the phone, you’re better off with a professional.
For example, Sugar Land property management company, Green Residential, takes care of their clients’ properties from top to bottom, and investors don’t need to worry about what’s going to happen while they’re away. When you have a professional team of property managers, you can rest assured that all repairs and emergencies will be handled promptly and efficiently.
2. Let your tenants know you’ll be away
It’s important to communicate with your tenants, let them know when you’ll be away, and provide them with a list of both emergency and non-emergency contacts. Stress that they are to contact the people on your list and not you. If they don’t get an answer right away, ask them to wait or try again, but make sure they know not to contact you.
The contact list you provide tenants should include the person you’re leaving in charge who can make landlord decisions on your behalf, and 24-hour emergency service providers, like a plumber and an electrician. Your tenant can still call your main point of contact in an emergency, but it’s nice to give them contact information for a company you trust, just in case they can’t wait for a response, like if a pipe bursts and they can’t figure out how to turn off the water.
Also, set expectations for your property manager so they know they are on call 24/7 and can’t delay returning calls or checking voicemail messages. If your tenants need something, they need to jump into action.
3. Schedule chats with your property manager
Schedule some time to chat with the person you put in charge of your properties. If you’re only gone for a week, you probably only need to check in once, but if you’re leaving for a month, check in once a week.
Even though it’s unlikely that anything eventful will happen while you’re away, it’s still a possibility. If your temporary property manager is new to the job, then it’s even more important to touch base at least once a week to make sure they are doing okay and to answer their questions.
4. Plan your travels for the right time
With the exception of a month-long vacation, plan your time away with intention. For example, if you’re gone during the first of the month, it will be hard to collect rent and send out late notices. Your property manager can do this for you, but it’s still easier if you can avoid this and other inconvenient situations.
You can also avoid problems with rent collection by setting up electronic rent payments through an online tenant portal on your website. It’s easy to set up, and it will make your job a whole lot easier. Tenants will also be able to have rent taken out automatically each month if they choose.
5. Tell your usual contractors that you’ll be away
Since you’re the one who contacts people, like plumbers, roofers, and other contractors, you’ll want to give your service professionals a heads up that they might get a call from your designated property manager, or directly from your tenants in an emergency.
7. Handle important tasks before you leave
Handle important outstanding tasks before you travel. If your tenants have been nagging you about replacing a broken screen, that may not seem important to you, but it is to your tenants. Before you head out, tie up any loose ends.
Enjoy your travels
Don’t feel obligated to stay connected to the world through the internet while you’re traveling. Trust that the person you put in charge will handle your business. If they need you, they’ll let you know. Until then, relax and enjoy your vacation.
