Tips for Managing a Property in a Location Far Away
Whether you’ve found a great deal on an investment property in another area or have become an accidental landlord due to a job transfer or pending move, you—like many others—might end up managing property far from home. This can pose some challenges for most real estate investors, but these challenges can be easily handled with the right supports in place. Here’s a few ideas for those supports from our property management team at Bancroft & Associates:
Screen Your Potential Tenants
Good tenants pay on time, don’t damage your property, and keep things in good shape. Less favorable tenants can be a total nightmare and can potentially leave you with thousands of dollars in repairs. Screen your tenants to ensure they’re able to afford your rental property. It’s also important to verify whether they have a strong credit history or not, and to make sure they don’t have a problematic background or criminal history. As a property owner, especially living in another city, it’s absolutely essential to attract the best possible tenants for your home.
Have a Clear Pet Policy
A pet policy ensures that you can control the number, size and even breed of pets that are allowed on the property. Creating a policy regarding pets will help you avoid some common issues—from increased liability to damages to your property. Limiting the number of pets and charging a pet fee can help manage wear and tear in the home, damage to your yard, and other additional damage that pets can cause.
Create a Maintenance Plan
Savvy property owners know that a proactive, preventative maintenance plan is a must. This helps keep your property in the best condition and ensures you attract the best possible tenants. Prompt attention to repairs and needed work can also help you retain the good tenants you have, which will save you both money and time since you won’t have to constantly look for new renters. Have a plan for both urgent repairs and regular ongoing maintenance for times when these needs arise.
Hiring a Property Manager
When you own a property in another city, you won’t nearby to keep an eye on things or respond in a reasonable time frame when a tenant needs you. A good property management company can handle all of the urgent and routine needs when it comes to your rental property. They’ll also keep a watchful eye on your property and ensure it’s being cared for by your tenants. If your property has an HOA, things like an untended lawn or an unsightly vehicle can trigger penalties and fees, but a local property manager can step in and address issues before they become potential problems.
Working with Us
Protect your Tucson rental property by choosing Bancroft & Associates as your experienced property manager. We’ll help you find great tenants, reduce vacancies and keep you informed about the local real estate market. You’ll be able to proceed with confidence and make the most of your investment property. Get in touch with us today to discover how easy it can be to own a lucrative, worry-free rental property in Tucson, even if you don’t live nearby.