If you're looking for a way to make some extra cash and don't want the hassle of dealing with tenants, becoming an absentee landlord might be the perfect option for you! In this guide, we'll discuss what being an absentee landlord entails, as well as some tips on property management in Texas. Keep reading to learn more!
What Are My Responsibilities As an Absentee Landlord?
If you own investment property in Texas but don't live in the state, you are considered an absentee landlord. As an absentee landlord, you are responsible for ensuring that your property is well-maintained and that your tenants have a safe and enjoyable place to live.
To be a successful absentee landlord, you'll need to find a reputable property management company to handle the day-to-day tasks of running your rental property. A good property management company will screen tenants, collect rent, handle repairs and maintenance, and ensure that your investment property is well taken care of.
Management Tips For Absentee Landlords In Texas
There are many things to think about when you're not there to oversee everything yourself, and it's important to ensure that your property is being well taken care of in your absence. Here are some tips for how to be an absentee landlord without having to worry about your property:
1. Hire a professional property manager.
This is by far the most important thing you can do to ensure that your property is being properly taken care of while you're gone.
A good property manager will have experience in dealing with all of the necessary tasks associated with running a rental property, from marketing and advertising to screening tenants and making sure tenants are paying their dues.
Make sure to interview several different property managers before making your final decision, and be sure to ask for references.
3. Make sure your property is in good condition.
Before you even start looking for a property manager, you need to make sure that your property is in good condition.
This means repairing any damage, making sure the landscaping is up to par and ensure that the property is safe and secure. If your property is in good condition, it will be much easier to find a good property manager who is willing to take on the job.
4. Be clear about your expectations.
When you're hiring a property manager, it's important to be clear about what you expect from them. Make sure to go over everything in the contract, including how often you expect them to communicate with you and what kind of reports you want to receive.
If you're clear about your expectations from the start, it will be much easier to find a property manager who is a good fit for your needs.
5. Be available for emergencies.
Even though you're not there to deal with problems yourself, you need to be available in case of an emergency.
Make sure your property manager has your contact information and knows how to reach you in case of an emergency. That way, you can deal with any problems that may come up as quickly as possible.
6. Trust your property manager.
Once you've found a good property manager, it's important to trust them to do their job. This doesn't mean that you should never check in on your property, but it does mean that you should give them the space to do their job and handle things as they see fit.
If you micromanage your property manager, it will only make their job more difficult and increase the chances of problems arising.
By following these tips, you can be an absentee landlord without having to worry about your property. Just make sure to find a good property manager who you can trust to take care of everything in your absence.
How To Choose A Property Manager
Many property owners live out of state or even out of the country. If you're an absentee landlord, it's important to have a good property management team in place to take care of your investment. Here are some tips for finding and working with a property management company in Texas:
Do your research
Not all property management companies are created equal. When you're looking for a property manager, do your research to find a company that has experience managing the type of property you own and is familiar with the laws in your state.
Interview multiple companies
Once you've narrowed down your options, interview multiple property management companies to get a sense of their services and fees. Make sure to ask about their experience, what type of properties they manage, and what services are included in their fee structure.
Get everything in writing
Once you've selected a property management company, be sure to get all the details of your agreement in writing. This will help avoid any misunderstandings down the road.
Even though you're not physically present at your rental property, it's still important to stay involved with the day-to-day operations. Be sure to set up regular communication with your property manager so you can stay up-to-date on any issues or concerns at your rental property.
As an absentee landlord, it's important to research and find a reputable property management company to take care of your investment. By following these tips, you can be confident that your rental property is in good hands even when you're not around.
How RentSense Can Help With Your Business?
For businesses that deal with renting out properties, security deposits can be a big hassle. Not only do you have to keep track of the security deposit money, but you also have to deal with the potential for damage to your property.
RentSense offers a security deposit alternative called RentSense Deposit Plus+. With RentSense Deposit Plus+, tenants only have to pay a small one-time fee per rental unit. This can save you a lot of money in the long run, and it can also help to have peace of mind knowing that your property is protected.
We also have Return To Renter for those who want to convert existing tenants and allow the return of security deposits. With Return to Renter, your renters' interests are included and property owners or managers may submit claims directly.
To learn more about our insurance products, you can contact our team today!