Investing in rental properties in other countries, cities and states might be a good choice to earn more rental income. But, do you think you have meet the following must-have traits to be a successful offsite landlord?
➊ Have Free Time
This trait is extremely important. Long-distance landlords must be able to afford such a time-consuming business. Those who have a full-time job will have difficulty to managing their rental properties, their work and home lives at the same times. Rental property is kind of business which require your time, money and energy to make it successful. Therefore, if you decide to be an offsite landlord, it’s very important to treat it like a full-time instead of part-time job.
➋ Self-discipline
Since you have free time (must-have), you have to be able to use them wisely. Being an effective landlord means settle the complaints right away instead of waiting the tenants give you the reminder, or hang out with your friends or family rather than accomplishing work. In order to win the tenants’ trust and respect, you must be an effective landlord at the first place.
➌ Positive Attitude
This business requires being motivated enough to get things done and quick. You must have a positive attitude and a plan for constantly enhancing your efficiency and boosting productivity. When receive the complaints from the tenants, settle it quick even though you’re far far away. If you’re unable to get people to settle for your now, explain to your tenants about your situation and give them a deadline.
➍ Honesty
It is easier to get away with dishonesty when you are farther away. At least that’s what your tenant will assume. Show them that you are trustworthy by adhering to your end of the contract, communicating clearly, talking to them nicely about the complaints, and settle the issues as soon as possible.
➎ Powerful Network
This is under your negotiation skills and socialization skills. Before investing in other countries, cities or states, it is extremely important to build a strong network with the local people. Having a powerful network of people and companies that you can trust to accomplish the work is priceless for long-distance landlords.
➏ Reliability
You must be available to answer phone calls whenever your tenants looking for you. You can’t expect that your tenants to respect you and take care well of your property till the end of the rental contract, if you failed to keeping up with yours.
➐ Well-organization
Want to win your tenants’ trust and respect, even if they can’t see you frequently? Have all the documents ready to sign and the contract ready to go. You also need to create a well format to record the move-in and move-out processes, so it will be comfortable and simple for you and your new tenants, and you won’t get confused. Think this like a business, which you need to organize your business to make it run well and hence it can make profit to you.
➑ Communication Skill
Be friendly when communicating with tenants. You need them to know that you are willing to listen to their concerns, but not let them stand over your head. Besides, keep up a steady stream of communication through social media, phone apps and phone calls. You may be living hundreds of miles from where your tenant live, but still can communicating with you.
Last but not least, keep in mind that property investing like a business and your tenants are your customer. Besides, communication is very important, you need to be able let tenant reach you wherever you are. If you think you have all the above traits, then you’re good to develop property investment and be a successful landlord in near future. Well, if you think you’re not good at some of those, don’t worry, you can learn.
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