Many people who live and work outside of their home country still possess property in their nation of origin. It may be that you’re holding onto the house for your eventual return, or you use it as a vacation home for extended visits to family. Perhaps, renting out the property just made good financial sense. Whatever your reason, you’ll face some additional challenges compared to a rental owner who lives next door.
Never fear, though, there are strategies and tools available to make your remote property management as easy as possible.Thousands of miles or the width of an ocean can’t stop you from managing a rental property from abroad.
When you’re living in another country but managing a property back home, there are tasks you can do and tasks that just aren’t possible.
In the next couple sections of this article, we’ll dig deeper into these areas of consideration.
Even from the distance of another country, it’s still entirely possible to plan recurring or one-time maintenance. Addition and renovations can still be undergone with your full involvement. Many contractors and businesses will be happy to have you sign contracts and send payment through secure digital means
Make sure not to skimp on legal protection. With the added challenges of distance, you want to be extra sure that you’re checking all the legal boxes. If you’re pursuing a major enough renovation, use a remote notary public to verify the document.
If you’re using your home as a vacation home, using established short-term rental websites gives you digital tools that work no matter where you’re located. Add third-party property management software to take your listing to the next level. These apps let you talk to your guests, schedule them, and perform background checks with ease.
For some aspects of property management, you simply must have a person who can be physically present. Inspecting the property between guests or renters, cleaning, and assorted maintenance tasks all necessitate the presence of another person.
Another thing to think about: Staying in touch with people who are doing work on your property can be harder if you’re living in a very different timezone. Phone calls become less convenient. If you’ll be unresearchable during a cleaner or contractor’s work hours, give them a backup number to call in case they have an urgent question.
Your trusty backup person as a remote owner is your on-site property manager. Hire someone experienced, either through a company or personal references.
it’s tempting to ask a family member or another person who is close to you. They may have a personal involvement with the property, and your existing relationship lets you know whether they are trustworthy. If that family member is already managing other properties, this can be a sensible business choice. Otherwise, think twice before putting this responsibility on someone who will be far away throughout your arrangement. A person can be a wonderful brother or friend, but a subpar property manager.
Living in one country while you own a home somewhere else gets complicated fast. But, with good tools and the right team, don’t let a few challenges stop you from tackling this great business opportunity.