Perhaps you never meant to be a long-distance landlord, but as it turned out you need to leave your home for a few months or years. You can earn money by renting it, and since you won`t be in the same city or state, you need some tips for the long-distance landlord. Or your close relative passed away and left you a property that you can rent. Whatever the reason, renting is a great way to earn extra money, and there are plenty of ways to make long-distance landlord project successful. With a bit of extra caution, care, and plenty of checking, being a long-distance landlord is not that hard, or at least not much harder than a landlord who lives near the property they are renting.

Choose your tenants wisely

If you do this step right, you will not have to worry about plenty of other things. Your tenants must pay on time, are willing to stay for a longer period, don`t vandalize your property, call you whenever something goes wrong, etc. The best way to find great tenants is to do a thorough screening. Check their financial and criminal background. Call their referrals and have an honest conversation with them. If you notice any red flags, move on, as you want to have reliable tenants for your long-distance property.

Automate payments

Having your tenants pay rent online is a much easier, safer, and convenient option both for you and for them. Collecting rent in person may be a problem if you live far away from your property. It can induce extra money for gas and other expenses, so it is not convenient. On the other hand, if your tenants send you a check via mail, you risk the mail being late or lost. Plus, your tenant can always claim they sent the mail on time. This is not only inconvenient, but it is also risky as you may lose your rent. This is why the best option for you as a long-distance landlord is to use the property management software, through which your tenants will pay you via ACH or credit card. The money sent will appear in your account. This is a reliable way to collect rent.

Get to know local laws

Housing laws are made on a state level. If you live in a different state, make sure you get to know the laws of the state your property is situated in. Learn the local laws so that you avoid any potential mix-ups and unnecessary issues.

Hire a property manager

If you have more than one property, and you live far away, perhaps it is a great idea to hire a real estate property management company  Yes, you would pay a fee for the property manager’s services, but you would also get a lot. So, what does a property manager do? An experienced property manager will screen tenants carefully, and choose the best ones. They will inspect your house for potential problems, find repairmen fast. Furthermore, they are responsible for collecting rent on time. They know the best way to collect rent from tenants. Also, your tenants will call them first in case of any emergency. If you want to rent your property and have peace of mind, hiring a property manager is the best solution.

Visit the property in person at least once a year

You should visit your property in person at least once a year, preferably once every few months. There is simply no better solution than this if you want to know the real condition of your property. No matter how reliable your tenants are, when you visit the property in person you will know what is it like. Also, you will be able to inspect for yourself whether there are some potential issues, especially if you used to live in the property yourself.

Communication is the key

Great communication is the key to being a successful long-distance landlord. Make sure that you leave your tenants your e-mail address, contact phone, fax, office number, landline, or any other number they can call you on. Especially in case of any emergency. Likewise, get as many contacts from your tenants so that you can reach them anytime. Make yourself available for phone calls as well as for texts. You should not be hearing from your tenants every day, of course, but whenever there is a necessity, you should be able to reach others.

Have the right connections

It would be great if you could have someone you know go over to your property if necessary. Having someone you rely on to go there instead of you (until you can come) is fantastic. Also, you should have the contact numbers of plumbers or any other repairmen that you could reach when needed.

Get landlord insurance

Don`t forget to get this type of insurance, as homeowner`s insurance may not cover everything. This insurance will make you feel safe against potential financial loss or damage inflicted on your property. Perhaps you have one extra reason for getting the landlord insurance, as you don`t live nearby and cannot visit your property regularly.

Make sure to have a proper lease agreement

In your lease agreement, write your terms clearly and have tenants get familiar with them. For example, if you have no tolerance for pets or smoking, you should state this in your lease. Having a legal lease agreement is perfect for the situation when you live far away, as you can rest assured that everything inside the lease will be followed.

Don’t stress too much

Focus on finding great tenants, and don`t worry too much. Even if you live next door to your property there is no guarantee that there will be no issues. So, follow our ultimate tips for the long-distance landlord and then go about your normal activities. The more you think and stress about something, the harder the whole idea will be on you. That is why you should relax as much as possible and enjoy your life as much as you can.