By Theresa Hus
In our modern world, it’s easier than ever for investors and landlords to be in more than one place at the same time. Red-eye flights can be booked from your phone and face-to-face online video chat services connect property managers with their tenants. Online checking makes bill payment easy, and the use of email and SMS messaging makes it much easier to communicate effectively.
Regardless, when you have a property in multiple states, things can get a bit hectic as far as managing them goes. Multiple trips can eat up the majority of your time, as you try to keep up with the heavy load of responsibilities that accompany ownership of properties so far removed from one another geographically.
However, the advantages of having this kind of geographical diversity are undeniable. For starters, having a property in multiple different states allows you to diversify your holdings by virtue of their position in different markets. Real estate markets often fluctuate due to a host of different factors, and having a property in markets partially or completely isolated from one another reduces the risk of falling victim to a local market crash.
For those of you who have multiple holdings in different states, the struggle to effectively or even adequately manage your property is all too familiar. Fortunately, we’re here to help. We’ve put together this handy list of tips and tricks to make your busy schedule a bit less trying. With no further ado, let’s get into it!
1. Make Use of Technology
This might seem a bit obvious, but use technology! If you can do it with an email, don’t make the trip! If you can resolve an issue over FaceTime, there’s no point in driving halfway across the country. The wealth of communications technology we have at our disposal makes a lot of the travel that used to be necessary for property management moot in the current age.
There are also a lot of tasks that can be made easier with the help of modern inventions. Having trouble finding tenants? Put your home up on Airbnb or one of the many other available services for renting out property. Want to sell your property? Try RealEstateAgent.com or other similar real estate directories to find a real estate agent to help you sell that listing in no time!
2. Get Organized
Another obvious tip to help make your management duties more manageable is organization. With the long list of responsibilities that accompanies ownership of multiple properties that are this far removed from one another, organization is key. Get on a schedule, and note down your tasks in order of importance and how imperative they are. Use technology as much as possible making use of the wide variety of programs available to help you add a sense of order to your life as the owner of a property in multiple states.
3. Travel a Circuit
While you can use technology for a lot of things, sometimes there’s no substitute for a good old fashioned face-to-face meeting. What’s more, you’ll have to visit your properties from time to time anyway, to make sure everything is in order, or to introduce new tenants to the property. A great way to manage these management-related trips is to set up a circuit at regular intervals.
By setting up several days where you fly or drive to each holding in succession can free up a lot of time and eliminate a lot of the hassles you’ll deal with if you only visit your properties sporadically. Instead of jetting off to each property irregularly, you’ll have a methodical and routine schedule that will free up time in your schedule and make planning much easier. Of course, you may still have to make unplanned visits from time to time, but the routine this tip offers will make a welcome addition to the life of anyone who owns property in multiple states.
4. Hire a Handyman
Speaking of maintenance and upkeep, how are you going to keep your properties in shipshape condition? You could fly or drive to your properties each time something goes wrong, making the necessary repairs yourself. This is tedious and time-consuming, not to mention the investment in tools and equipment necessary. Instead, why not hire a handyman and make your life that much easier!
Home upkeep services specialize in maintaining properties, especially those whose owners who live out of state. What’s more, these handymen have years of experience making these types of repairs, giving them valuable insight on how to repair your property in the best and most cost-effective way.
A friendly handyman can help make the moving process much easier by providing tenants with information about moving companies, truck rentals or prices for self-storage facilities in the area.
Regardless of how well you manage your property, it’s never going to be an easy task. Managing property is a full-time job, and when your property is hundreds or even thousands of miles away, you’re going to spend even more time and effort keeping up with it. Regardless, these tips should help you keep on top of the workload.