Let’s be clear about one thing: managing a rental property remotely is not ideal. It comes with a lot of difficulties. But there are many reasons why someone might need to manage their PG remotely. For example, some people might have decided to invest out of state while some people have been forced to isolate themselves due to coronavirus pandemic.
Whatever the reason is, you need to have a system in place to ensure smooth operations and day to day running of your PG. Here’s how you can maintain your PG without setting foot where it’s located:
Detailed Rental Agreement
Your PG, your rules!
A detailed rental agreement ensures that both sides, PG/Hostel owners and tenants, are aware of their responsibilities and liabilities. Make sure you cover all relevant issues like the rent payment, due dates, repair charges, codes of conduct, etc.
Also, include everything in the rental agreement that you will and won’t allow in your PG/hostel to avoid conflicts in future. For instance, you might want to set up a zero-tolerance policy on late check-ins or on allowing guests in your PG/Hostel without informing you in order to lessen the potential damage these permissions often cause.
Think it through, and do not leave any gaps in your wording.
Get a Small Army of Repair People
You need a small army of trustworthy and low-cost repair people to handle regular maintenance & repairs. Whether you live next door or not, it pays to make friends with repair people, especially plumbers, carpenters, electricians, etc.
The close relationship you have with these repair people, the better off you’ll be as a long-distance rental property manager. They will act as your eyes and ears at your rental property and help you manage it efficiently by reducing your stress.
Install a property security system
Installing a property security system will give you and your tenants a sense of security at your property. It will help you in monitoring your rental property and prevent vandalism and break-ins.
In case you are thinking that the property security system is just a CCTV camera, then you are wrong. It is more than that. It also includes many other safety features like smart door locks with digital keys, carbon monoxide detectors with digital alerts, etc.
“Automation?” More like “Automagic!”
Collecting payments on time is one of the most difficult aspects of managing a rental property remotely. That’s why you might need to set up a form of digital payment if you are not there at your property to ensure that the rent is paid on time every month. Online payments save time for both rental property owners and their tenants.
Check-In once in a while
Make sure you visit your rental property once in a while because no how much you trust your tenants, nothing can replace checking out the property with your own eyes.
Even during the coronavirus times, you can video call your tenants and do a quick walk through of your rental property. This will keep you updated about the general conditions of your property and your tenants will also take care of the property knowing you are concerned about them and the property.