The Absentee Landlord Gauntlet

The Absentee Landlord Gauntlet By Achut Neelam

One component we tend to hear about consistently in the rental real estate world is that being the absentee landlord can be considerably strenuous.  The list of tasks at hand for any landlord range from screening and interviewing possible tenants to marking units to coordinating and adjusting rental rates.   And let’s not forget the highly enjoyable (sarcasm) chores like property viewings, rent collecting, upkeep on properties, maneuvering through court procedures when a renter fails to pay or money needs to be recouped from property damages.  A landlords responsibilities are never-ending (surprise, surprise!)  

Now let’s pair this with an absentee landlord  and you’ll find that if there is no person to designate the monitoring of properties to on a consistent basis, things can simply go amok.  Experienced landlords agree that if you are going the absentee/do-it-yourself route, make sure you do this with good help.  

Let’s weigh the facts as to why help is imperative.   First, you could easily miss the warning clues that out of town landlords are too often blind to.  This could be HOA violations, unreported weather damage, junk cars, drug activity, or any other developing issue that may never be brought to light until it’s too late. The ugly truth rears its head when the long term significant outcomes final come to fruition effecting values and rentabiltiy of the landlord’s property.  

As an absentee landlord, you’re obviously prey to missing out on this important information, but aside from these you could simply be overlooking market trends that would usually keep a local landlord on top of his or her property data.  This data is essential to know regarding market value inclines or declines due to factors like construction of neighboring businesses and local changes to highways.

We have only touched the mold when it comes to absentee landlords, but this is just a portion of what to be aware of when it comes to managing investment property when you are out of the normal range of tending to real estate property management.  You may even find that the extra investment in good help can not only save you money, but make you more money in the long term.

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