Effectively managing rentals from afar
Managing rental properties from afar can be challenging, but with the right strategies and tools, it can be done efficiently.“There are two vital parts to managing rentals when the landlord is in a different country, province, or area,” says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa. “The first is to hire a reliable managing rental agent who can handle all the day-to-day operations, tenant interactions, maintenance, and emergencies,” says Goslett.
After finding the correct professional, he recommends setting clear guidelines and expectations for your property manager regarding maintenance, payments, and reporting issues. “Being upfront and clear about your expectations will help to avoid any misunderstandings about who was meant to be responsible for the various tasks.”
The next vital part is to ensure that the tenant is properly screened to minimise the risks of rental arrears or misconduct. Arrange with your rental agent to screen the tenants carefully to ensure they are reliable and responsible. “The last thing you want is to be dealing with a reckless tenant who causes damages or neighbour complaints while you are out of the country,” he mentions.
That being said, damages and regular wear and tear will occur on any rental home. These can be tricky to manage from afar, so Goslett recommends that landlords establish relationships with reliable local contractors for regular maintenance and emergency repairs.
“Arrange for your managing agent to conduct periodic inspections to ensure the property is being maintained properly. It can also be useful to implement a preventative maintenance schedule to avoid major repairs, as these can be tricky to oversee effectively from afar,” he notes.
Especially if you are living elsewhere, Goslett adds that it can be useful to provide tenants with a list of emergency contacts for issues like plumbing or electrical problems. Your managing agent should also be the emergency contact person who can handle these situations on your behalf.
By hiring competent local professionals and maintaining clear communication, Goslett says that you can effectively manage rental properties from a distance.
“Thanks to online calls and video technology, it is no longer necessary to limit your property portfolio to your immediate surroundings. When done right, diversifying your portfolio in this way can safeguard your returns and bolster your income.
“If you would like to explore the idea of investing in a different province or country, reach out to a real estate brand with an extensive local footprint and a truly global reach, like RE/MAX,” he concludes.