Thanks to technology and the rapidly increasing amount of tools and resources that property managers have at their disposal, investing from out-of-state or even out of the country is completely possible. You don’t have to live where you invest. In fact, in order to pursue and grow a strong and profitable real estate portfolio, it’s a good idea to diversify and look to a variety of markets when you’re putting together real estate investments.
It won’t take you long to adapt to remote property management. If you are the type of property owner who likes to drive by and have eyes on their investment every once in a while, you’ll have to settle for photos, videos, and detailed inspection reports. If you want to invest in a Portland rental property without actually seeing it because you live on the other side of the country, you can do that, too. Just make sure you’re partnered with local real estate experts and Portland property managers.
We’re sharing some tips today, because we work with a lot of investors from outside of our area. Here are some of the ways that we protect your property, ensure it’s profitable, and keep you informed while you’re managing your investments remotely.
Portland Property Management and Out of State Investors
While managing on your own remotely is possible, it’s not recommended. You need to have someone near enough to the property that they can handle any emergency maintenance issues or tenant problems. You’ll want to partner with a professional Portland property management company when your investment property is here and you are somewhere else.
We recommend finding a management partner who specializes in working with remote investors.
Local experts will do an excellent job of protecting your property and keep you informed about what’s going on and why. Expect your property manager to:
Respond to emergency and routine maintenance in-person with a strong team of vendors and service professionals.
Make sure rent is collected on time and paid to you electronically.
Provide you with real-time information through online portals on how your property is performing.
Local property management professionals know the market. We know the laws. We’re ready to provide an outstanding experience for you and your tenants.
It’s essential to choose the right management team.
Look for good reputations. Look for experience with out of state investors and owners. Make sure the property manager you choose has the capacity to meet your needs. It’s especially important that they prioritize communication and invest in technology. Here’s how we make sure we’re communicating transparently and leveraging our technology:
Communication
We communicate frequently and transparently with our out-of-state investors. We’ll discuss expectations about communication and get an understanding of your comfort level; how frequently do you want to hear from us? Some of our out-of-state investors want a verbal update every month. We have other investors who are remote and very hands-off; they don’t want to hear from us unless there’s a problem.
It’s essential that you’re willing to adapt to remote communication as an out-of-state investor. Get comfortable with an online portal that your management company will likely provide. This will allow you to send messages, check statements, and access reports and other documentation.
Technology
We invest heavily in property management technology, and you’ll want to make sure the management company you choose does the same.
Online portals are pretty common these days. Make sure you’ll have access to one and that you’re willing to use it. You can check to see when rent has been paid, review maintenance invoices, and send messages to your management team.
You will want to make sure you can receive electronic rental payments through direct deposit. You’ll also want to make sure you can look at accounting statements and run reports online. Find out how you’ll be informed when a repair is needed, and how those invoices are paid.
With technology, you can track income and expenses, communicate with your property managers, and stay up to date on lease renewals, marketing strategies, and lease negotiations.
Vacancy Concerns for Portland Investment Properties
Remote investors are often especially concerned with vacancies. We understand. Long vacancies are problematic because they cost you money and they leave your property at risk.
When your rental home is occupied with good tenants, your property is making money. Rent is coming in and you know your residents are helping to maintain the home and keep it safe. But a vacant property isn’t making you any money. It’s also especially attractive to thieves, vandals, and even squatters because they see an opportunity in an empty home.
Vacancy is disruptive to all investors, but it’s especially stressful when you’re outside of the area. You can’t be there to drive by your home or walk through it to make sure there isn’t a slowly leaking pipe or a broken window.
Rely on your Portland property management partner. You won’t have to plan for long vacancies. Even if there is a vacancy period, you know you’ll have someone who can check on the home and its condition.
As property managers, we protect your Portland rental property from vacancy by doing the following:
Pricing your rental property competitively and accurately to attract good residents quickly.
Marketing your investment property by leveraging professional photos, detailed descriptions, and social media posts. We syndicate your listing across all the most popular rental sites as well as our own website.
Offering responsive tenant showings that allow for pre-screening and fast follow-up.
Conducting an efficient and yet thorough tenant screening process after an online application is submitted.
When you want to protect an out-of-state property against vacancy, make sure you’re working with a local property manager who understands the Portland rental market and its tenants and can rent your home quickly.
Protecting Your Investment from Unqualified Residents
You’re living out of state, so you really cannot know whether your tenants are taking good care of your rental home. You don’t know if their pets are tearing up the yard or if they’re keeping the kitchen free of food and trash or if they’re taking good care of your appliances.
Unqualified tenants are a problem, especially for remote investors. They mistreat your home. They pay rent late. They leave behind damage.
They just don’t care about your property the way you expect them to.
You’ll need to be sure your local Portland property management partner is protecting you against these tenants with good screening, excellent tenant relationships, and routine inspections.
We have a screening process that’s thorough, consistent, and well-documented. We protect your property by only placing qualified tenants who have a solid history of paying rent on time, taking care of their homes, and getting along well with landlords and property managers.
We also:
Ensure Rent Comes in on Time
It’s difficult to collect rent on time from afar, and it’s even harder to enforce the lease agreement consistently. You’ll need a property manager with a consistent rent collection process. This will ensure you get paid on time every month. All things financial can easily be done electronically, and that’s really going to help when you’re out of state. Paper checks in the mail are unreasonable; you’ll need online access to your rental payments.
Enforce the Lease Agreement
Unless you’re working with a property manager, it’s impossible to know whether your Portland tenant is following the lease terms. We take care of inspections and communications. We enforce the lease consistently and fairly.
What if your tenant breaks the lease? We talk to non-local landlords who are concerned that their tenants will leave and they won’t even realize it until rent stops coming in. Our constant tenant communication ensures no one is surprised by tenants suddenly vacating.
Protecting Portland Properties from Property Damage
It’s easy to worry about a tenant damaging your property.
You will have to cover the cost of general wear and tear in your rental property after one tenant moves out and before another tenant moves in. When there’s damage to your property, however, your tenants can be held accountable.
But you’re not there to inspect the damage or gather quotes and estimates from vendors. You cannot go to the property and see the problems for yourself. Property damage often feels worse than it is when you’re not actually there.
We protect your property from damage by setting some clear and consistent expectations with tenants ahead of time. We collect a security deposit, inspect your home, and work with tenants to avoid excessive property damage.
Maintenance, especially preventative maintenance, is a big part of how we protect your property.
If you’re living out of state, a reliable maintenance plan is absolutely critical to protecting the condition and value of your investment. You’ll need vendors who can handle emergency and routine repairs. You’ll also need preventative services. We recommend you to put together a preferred network of professionals, including:
General contractors
Plumbers
Electricians
Roofers
HVAC technicians
Landscapers
Cleaners
Pest control
With a Portland property management partner, you’ll have a maintenance team already in place. Most management companies either have their own professionals in-house or have long-standing relationships with licensed and insured vendors who often provide the best and most competitive prices.
You can absolutely manage your investment property in Portland remotely, as long as you have the right property management partner.
Like us.
Contact us at PropM, Inc., and we’ll tell you more about how we ensure you have a smooth and profitable investment experience. You can reach us seven days a week.
