If you think being a landlord is easy, think again. Renting out property brings is a real responsibility. It’s down to the landlord to ensure the correct standards and the happiness of their tenants. Plus, landlords need to be in an excellent position to replace breakages and fix issues as soon as possible. In an average week, a landlord of multiple properties can come up against many problems.
And, that’s when tenants are close to home. Imagine how much harder things get when dealing with rental properties long-distance. Well, that’s the reality many landlords face. With properties close to home generally costing more, some individuals opt to buy apartments overseas, like those found on https://rumahdijual.com/kelapa-gading/apartemen-murah. This way, you stand to pay less upfront, and potentially make a more substantial profit in the long run. Sound appealing? Read on to find out how to make being a long-distance landlord work for you.
Obviously, this isn’t an easy choice to make. For one, you’ll need to have the money behind you to travel out and see properties when you start out. While it is possible to buy blind, it’s not always advisable. This is especially the case if you plan to rent them out. You need to be sure these apartments are fit for purpose. And, the work doesn’t stop there, either. Sure, you can return home once you’ve found what you were looking for. But, once the job of landlord begins, you’ll see that operating overseas can still be an issue. Here are a few ways around problems which could occur.
A team on the ground
If you want any chance of making this work, you need a team on the ground. What’s more, they need to be a team you can trust. There’s no getting around the fact that this will cost you a percentage of your profits. But, without people in place, you’ll struggle to earn anything at all. This really is a necessary evil.
The most logical option would be to work with a rental agency in your chosen country. By putting your property in their care, you can rest easy that they’ll look after everything. They’ll show the property to potential tenants, choose reliable renters, and become the go-between point of contact. While they won’t be able to deal with issues for you, they can liaise with you, and point you in the right direction. This step also takes care of any language barriers that could come between you and your tenants.
Even if you don’t want to put your property in someone else’s care, it pays to have people on the ground. If tenants are left to their own devices, they could ruin your property and leave you out of pocket. Just having someone pay a visit every three months will ensure the place stays respectable. Even if you employ a friend to keep an eye on things, you’ll be able to rest easy. Bear in mind that you need to give your tenants notice of any visits, and let them know exactly who is coming and why.
Know the laws of the area
It’s also crucial you know the laws of the area you’re renting in. Each country has individual requirements which landlords must follow. Otherwise, you could lose your property, and your right to own anything in the future. Make sure to do your research before you buy, and check everything possible. The chances are that you’ll need to sign paperwork stating that you’re an overseas landlord. There may be a small fee, but that’s nothing unusual.
You’ll also want to check all the rules about your tenant’s rights. Most countries have minimum size requirements for rooms. Some also enforce regulations about fire safety, and the need to provide alarms. While most of this may seem like common sense, you can never be too careful. If you’re struggling to find specific rules, contact the local government officials. They’ll provide you with the information you need. You can never be too careful here. If anything happens due to negligence, you’ll face hefty fines, and possibly even prison time. Never forget how much responsibility a landlord has on their shoulders. There’s no such thing as too much legal research! Contacting lawyers in the area may also be a good idea. Then, you can go back to them with anything that arises along the way.
Keeping the lines of communication open
It’s crucial for any landlord to keep lines of communication open with their tenants. They need to know that they can approach you with any worries or complaints. This is the only way you can ensure their happiness, and also the state of the property.
Naturally, being in different countries makes this problematic. For one, you may have language barriers to overcome. For another, time differences and so on can make things tricky. Depending on where your property is, it could also cost your tenants to contact your mobile.
The good news is, modern communication makes this much easier for overseas landlords. Skype offers a translation service, which you can find out about on sites like https://www.skype.com/en/features/skype-translator/. Not only is Skype free to use from any destination, but it also allows you to talk without barriers. Even during video calls, Skype can translate for you. Google Hangouts also released a similar service last year. With that in mind, account for time differences, and arrange calls which suit everyone.
To save your tenants having to reach you with potentially costly messages, it may be worth arranging a monthly Skype call. That way, they can bring all concerns to you during that session. This doesn’t even have to take long from either of your days. A quick five-minute chat is all it takes to let them know that you care.
Automate your rental payments
Modern technology can also help you when it comes to rental payments. When there are oceans between you and your tenants, you can hardly pop round each month for your cheque. And, sending it in the post isn’t the wisest idea. Not only will this delay proceedings, but it also opens up the chance for tenants to claim unpaid rent has been ‘lost in the post’. To ensure that doesn’t happen, turn to online banking to solve the issue.
If your tenants set up a direct debit, you can rest easy that the money will come out at the exact time it’s due. You won’t have to worry about chasing them up this way because the issue will take care of itself. Bear in mind that you will still need to keep track of everything your tenants give you. Failure to do so could land you in trouble with your home country, and the country from which you rent. Keeping accurate documents is essential. But, that aside, methods like these can ensure things run smooth.
Being a landlord isn’t easy. Being a long distance landlord is even harder. But, approached in the right way, there’s no reason this can’t work for you. Sure, it takes a little time and patience. All those complicated house buying processes will become more tricky. That said, this is an excellent way for lower earners to make ripples in the real estate market. You never know; if this goes well, you could stand a chance at renting in your home country. Think of it as an initiation by fire. If you can handle something like this, renting closer to home will be a walk in the park!