After working hard and saving money, you may have invested in a rental property. Being a landlord and balancing a full-time job is not an easy responsibility, but it may have worked out well. Living close to the rental is helpful because it allows you to respond to requests in a short time frame. If you are moving far away for a job, you have a difficult decision to make.
An ideal solution to this situation is to hire a residential property management company to take over.
Avoid Selling the Property
A huge benefit that comes from getting professional help is that you will no longer feel inclined to sell the property. Not living close by means that you will not be able to look at it in person or show it off to potential tenants when it becomes vacant. A property manager will handle these responsibilities and you will not have to worry about selling the place while living far away.
Provide Adequate Management
Each tenant deserves to have adequate management for the property they live in. Being far away and working a new job means that you will not be available for every phone call. Even if you were able to pick up, you may have a difficult time getting professional help to show up quickly.
A property management company is the only way that you will be able to provide your tenants with the quality of management that they deserve. In the future, you may move back to the area and you can then take over these responsibilities again and be an excellent landlord.
Continue with Upkeep & Improvements
If you were to operate as a landlord from long-distance, you might be able to keep it rented and find new tenants by traveling there and showing it off over the course of a week or two. But, staying on top of routine upkeep and making improvements would be near impossible to do.
It is helpful to discuss with a property manager that you would like to keep making improvements to the rental so that you can increase rent over time and make it more appealing. This will help you generate additional income in the long run and reduce the length of your vacancies.
Although hiring a property manager may not have been your plan when you bought the rental property, you should consider this service when you want to continue earning rental income.