While many rental property owners keep their real estate investments close to home, that isn’t the case for others. One popular area to own residential rental homes or units is Orlando / Central Florida, due in large part to its long list of attractions and its year-round temperate climate.
Although long-distance rentals can certainly be lucrative, the way that they are managed can be quite different compared to local investments – starting with the fact that you aren’t able to get to the property quickly in order to respond to emergencies, nor can you easily take care of regular maintenance and rent collection.
But the good news is that there are some ways you can make things easier on yourself if you manage your rental property remotely. These can include:
- Drawing up a solid lease agreement
- Checking in with your tenants regularly
- Collecting rent automatically
- Working with an experienced local property manager
One of the most important components to any type of successful rental property endeavor is having a good, solid lease agreement in place. This should clearly define who is responsible for what – such as making utility payments and performing yard maintenance, as well as rent due date, late fees, pet policies, and damage assessments.
Checking in with your tenants on a regular basis can also be beneficial. In this case, the better relationship you have with your renters, the more likely they may be to treat the property with respect.
Rent collection can also be done from just about anywhere now, thanks to the many online platforms that are available. These typically allow you to set a date to sweep funds from your tenants’ bank account, or possibly even from a credit card.
An easy alternative that can take care of all the above – and more – is to hire a local property manager that knows the area well and is experienced in operating the type(s) of property that you own.
So, if you own residential rental units or homes in Orlando and/or the Central Florida area, give us a call and we will be happy to provide you with all of the information that you need for keeping your investments running smoothly, regardless of where you are.