Long Distance Landlord – why it’s never been easier to let your property remotely
January 28, 2019
As we covered in our previous property investment post, there is a world of opportunity for buy-to-let investors outside of London. We showcased promising investment areas such as Nottingham, Liverpool, Sunderland and Newcastle – all cities that offer great opportunities for property investors pursuing increasingly popular low value, high-yield investment strategies.
But exactly how easy is it to manage a buy-to-let property that’s not in your back garden? While it may require a little more dedication and research than your average investment in the capital, we’re willing to wager that it’s a lot easier than you may initially think. Here’s why…..
Take advantage of technology
The Internet has made it easier than ever to collect rent – on demand, on time and on record.
The Internet has made it easier than ever to collect rent – on demand, on time and on record. Gone are the years of clumsy cash and sluggish cheques. Now money can be instantly transferred and efficiently automated. This eliminates the proximity issue but also provides the safest and swiftest rental collection method.
It’s not just beneficial for you as a landlord either – a simple, automated online system makes it a lot easier for your tenants to pay rent on time without having to worry about posting cheques or handling large amounts of cash. It’s a win-win situation that will make everyone’s life easier. Most mainstream banks now have sophisticated online banking capabilities that offer straightforward money transfers. However, there are also a variety of free apps on the market that allow instant money transfers using just your credit card or bank details and an email address or phone number. Popular apps of this kind include Venmo, Square Cash and, of course, PayPal.
Check out the online tools
Aspects of managing a remote property that cannot be made easier and more manageable by utilising the online community.
The Internet is not just great for convenient rent payments; there is a wealth of industry knowledge and property investment tools freely available online to any discerning investors.
Need to know what property prices are in suburban Scunthorpe? Take a look at Zoopla.
Not sure what rental yields are in Macclesfield? Look it up on TotallyMoney.
Want a list of local, reliable and reviewed tradespeople for your buy-to-let in Sunderland? You can find them on Rated People.
There are very few aspects of managing a remote property that cannot be made easier and more manageable by utilising the online community. It may just take a little time to find the tools that will work best for you and your property.
Build a trustworthy team
Making local connections will be key to the success of your long distance investment.
Whether you’re 50 or 500 miles away from your buy-to-let property, if you’re unable to perform regular check ups, you’re going to need to have local contacts to take care of your investment. This can be a designated property manager (such as Touchstone), a lettings agency or even a local friend or relative with a spare key who can quickly attend to the property in an emergency.
Making local connections will be key to the success of your long distance investment. Reach out to the local property community online, attend real estate events in the area and read up on the local industry publications. This will also help you develop a list of trustworthy local contractors who you can rely on for quick, cost-effective maintenance.
The more you know about the local area, the more informed your decisions regarding rent, repairs and most other aspects of letting a property will be.
Choose the best tenants
Every landlord wants great tenants.
Perhaps the most important aspect determining your success as a long distance landlord is your relationship with your tenants. While you can control your actions, the same cannot be said for your tenants. That’s why it is imperative that you find the best tenants possible. Abiding by all of the aforementioned points will amount to nothing if the people living in your property and paying you rent are “problematic” (to put it mildly).
Every landlord wants great tenants; those who pay rent on time and in full, look after the property, are vigilant when issues arise and are open to regular communication. The most effective way to find trustworthy tenants is to learn as much as you can about them before any contracts are signed. Screening them to find out their character and rental history will give you the clearest picture of what they’ll be like as your tenants. There really is no better tool in a prospective landlord’s box.
At Vesta, all of our tenanted properties come with the assurance of rental history so you can find the perfect tenants for your property. If you’re interested in investing in a buy-to-let further afield, check out our current property listings and jump into property investment market today!
Interested in investing in a buy-to-let further afield?
Check out our current property listings and jump into the property investment market today!