How to Be a Successful Long-Distance Landlord

Six tips for managing your properties and maximizing the return on your long-distance rentals.

Have a local connection

Be it a friend, family member or neighbour, if you are not able to check up on your property regularly – think quarterly inspections – you need some feet (or eyes) on the ground for you. These are the people who will help select your tenants and interact with your renters should they have problems, maintenance requests or concerns.

Find the right Tenant

Review your processes and applications every year to ensure you have the right procedures and documentation in place, so you can find the right tenant for your long-distance rental. Preferably a low maintenance, long term tenant – putting the property at just below market value should assist here.

Set expectations clearly

Alongside your lease agreement, creating a few more pieces of paperwork such as – emergency maintenance approved tradespeople and late rent procedure guide will let your know even though you are not physically around so much, you are still very much invested in the care of your property.

Check in with your tenant

Don’t wait for them to come to you, email or call your tenants every now and then to check on how things are going and to make sure everything is working properly in the property.

Get online

If you aren’t there in person your tenant needs to know they can find you online. Be responsive to contact from them. Video calls or emails can be especially useful when new tenants move in and may not know how certain appliances work. Rather than calling out a technician you may be able to solve the problem for them if they can show you what is happening.

Visit

Every now and then make an effort to see the property in person. Tenants often don’t bother to mention things that break, thinking of them as a hassle to you which might have them kicked out. It’s important that you be the one to check and manage this.

Don’t forget to supply adequate notice to occupants.

Disclaimer: The information contained in this publication is exclusively for promotional purposes and is not to be relied upon for legal or contractual dealings. Tenant Source recommends you seek independent legal advice, and that you may need to seek technical or other advice and information prior to making any actions in regards to tenancies in your investment properties. Tenant Source Ltd including its staff and directors accepts no responsibility for any issues arising as a result of taking advice from this publication.