If you’re moving out of state, you may be wondering what will happen to your real estate assets. How can you lease, manage, and maintain them from elsewhere?
A lot can be managed from afar. Thanks to technology, you don’t have to worry about how you’ll collect rent or hire vendors. Maintaining your property, however, has to be your first priority, and that’s why it’s essential to work with
local Merced property managers.
Look for a management company like ours, that’s experienced working with owners who live outside of the area. Here are the specific things you should require when you’re looking for a professional partner to help you maintain your out-of-state investment.
Technology will be what continues to connect you to your property.
It’s always important for property managers to communicate well with their owners, but when those owners live out of state and away from their investments, it’s even more essential.
Find a management company that prioritizes communication and facilitates it with a great online software system. A good portal allows you to log in from any place in the world and at any time and see how your property and your tenants are performing. You should have access to:
The first step towards protecting and maintaining your out-of-state property is having access to information about that property. A
good management company will be transparent and accessible about how they’re maintaining your property.
Maintaining your assets while you’re living elsewhere will require a consistent and well-documented maintenance process. You’ll need to know your property manager can respond to:
A good maintenance plan protects the condition and the value of your asset while keeping your tenants happy and satisfied with their rental experience. When you’re an out-of-state investor, it’s nearly impossible to respond to emergency maintenance issues yourself; you can’t run over to the property to mitigate the damage.
You will rely on your Merced property manager to take good care of your property, whether it’s a minor cosmetic issue or a major project that needs some serious attention.
Talk to your property manager about the concerns you have about maintenance.
Ask about inspections and condition reviews. Find out how often you can expect property condition reports with pictures. Look for a property manager who makes you feel like they’re taking care of the property as well as you would yourself.
Even good tenants can become unpredictable. What if there’s property damage left behind after they move out? How can you possibly protect your home from that?
You look for a property manager who is prepared.
While you’ll have to cover the cost of general wear and tear in your rental property after one tenant moves out and before another tenant moves in, the damage is the tenant’s responsibility entirely. Your property manager will hold those tenants accountable.
It can be unnerving when you’re not here to inspect the damage or gather vendor quotes and estimates. You cannot go to the property and see the problems for yourself.
Property damage often feels worse than it is when you’re not actually here. That’s why it’s important to receive inspection reports and constant communication. We’re not only protecting your property from tenant damage - we’re talking you through any potential problems.
To adequately protect the condition of your out-of-state property, you’ll need a reliable maintenance plan in place and a team of outstanding vendors and contractors. The best vendors will be available when we need them. They’ll offer competitive pricing and they’ll deliver preventative services.
Our preferred network of professionals who are ready to protect your property includes:
It’s not always easy to find good vendors. With a Merced
property management partner, you’ll have a team already in place. Most management companies either have their own professionals in-house or have long-standing relationships with licensed and insured vendors who often provide the best and most competitive prices.
Managing and maintaining an occupied property can be challenging in its own ways, but at least you have a tenant in place who can alert you if something has gone wrong. You’ll know when there’s a leak or a potential electrical issue.
Vacant properties require extra attention.
Your property manager will need to maintain and protect your home when no one is living in it by conducting routine inspections. Frequent visits to the property will be necessary to look for potential maintenance problems and to ensure there aren’t any security breaches. Empty homes are more likely to be victimized than occupied homes. There could be thieves or vandals just looking for an opportunity.
You also want to be sure your vacancy times will be brief. Talk to your property manager about how long you can expect it will take for your investment to be rented and occupied. You cannot market and show a home when you’re living out of state. You’ll need a strong leasing partner.
We understand the additional challenges that investors face when they invest in properties far from home. If you’re leaving the area for a short while or the long term,
contact us at Wisdom Property Management & Realty, Inc. We lease, manage, and maintain investment properties in Merced, Atwater, Livingston, Winton, and Delhi, and we specialize in out-of-state investments.
