Owning rental property in southwest Florida can be an excellent investment, even for those who don’t reside nearby. Whether you’re across the state or in a different country, being a long-distance landlord presents unique challenges. At Douglas Realty Property Management, we specialize in helping property owners navigate these challenges with ease. In this post, we’ll share valuable tips to help you become a successful landlord, no matter where you are.
Understand the Local Market
Even if you don’t live here in southwest Florida, you still need to familiarize yourself with the local real estate market. Research rental rates, demographics, and legal requirements to rent out properties here in the Sunshine State. This knowledge will allow you to set reasonable rental rates and policies that will keep your properties occupied and profitable.
Choose the Right Tenants
Tenant screening can be particularly difficult for long-distance landlords. When meeting face-to-face with prospective tenants is not possible, try to gather as much information as possible to make an informed decision about your rental. Conduct background checks, credit checks, and employment verification to be sure the tenant is financially and morally responsible. Host a video conference with the tenant to put a face to their name and double-check that they are being honest in their application and screening questions. Proper tenant screening will minimize the risk of non-payment or damage to your property.
Leverage Technology
Technology has made it much easier for long-distance landlords to handle their rentals from afar, so use it to your advantage. Use online platforms to collect rent, handle maintenance requests, and communicate with tenants in a traceable manner. You can even conduct virtual property tours and complete all the rental agreement paperwork online using various tools that are readily available and easy to use.
Build a Local Support Network
Always make sure to have eyes and ears in the area of your rental properties if you’re not able to do so yourself. Build a network of trusted professionals in the area such as real estate agents, contractors, vendors, and legal advisors. They can all help you keep an eye on your assets while providing valuable insights and support.
Regular Property Maintenance
Property maintenance will still need to happen regardless of your location, so hire a contractor to conduct routine maintenance checks on a schedule and make repairs as needed. Use your existing network in the area to get recommendations for contractors who others already know and trust, or hire a top-quality property management service like Douglas and leave the details to us! We conduct scheduled inspections on every property we manage, plus we give landlords the option to have even more inspections done for an extra management fee. If a problem is found during an inspection, we communicate with the landlord and tenants to get the issue fixed quickly.
Have a Solid Lease Agreement
An ironclad lease is your best line of defense against problems with tenants while you’re far away. Consult with an attorney who is familiar with Florida’s landlord-tenant laws so they can be sure your rental agreement is comprehensive, clear, and compliant. This is yet another opportunity to build your local network while also protecting your real estate investment.
Consider Professional Property Management
Hiring a professional property management company can be a game-changer for long-distance landlords. They can handle day-to-day operations, tenant communications, maintenance, and legal compliance, allowing you to enjoy the benefits of your investment without the stress of daily management. In southwest Florida, there is no better property management service than Douglas Realty Property Management!
Partner with Douglas Realty Property Management
If you own rental properties in Cape Coral, Fort Myers, San Carlos, Lehigh Acres, Port Charlotte, Punta Gorda, or North Port, we invite you to contact us at 239-542-6906 or online to discuss how we can help you manage your properties more efficiently and profitably, regardless of where you are based. We work with both local and long-distance landlords, providing the same next-level service to all whom we serve with care, compassion, and a dedication to our clients that cannot be matched.