If you are a new property investor interested in buying homes in a rural area to put on the rental market, then there are things you should do to effectively manage them. Since managing properties located in rural areas are often more complicated than managing properties located in a larger city due to lack of population and services, you can make your life easier by following each of these tips:
Tip: Make Contact with Local Tradespeople and Make Arrangements for Future Service and Repairs
If you have never lived in a rural area, then you may not realize that finding tradespeople who are willing and available to work on your home can be nearly impossible.
Since the cost of living is typically lower in rural areas, many professional plumbers, HVAC technicians, roofing contractors, and electricians move to rural areas because they only have to work a couple of days per week to earn a nice living. For this reason, it can be hard to find someone to fix problems or help you with upgrades in a timely manner.
You can increase your chances of help from local tradespeople by doing some simple networking. Offer to buy the local plumber, electrician, roofer, and HVAC person a cup of coffee or lunch. During your meeting, offer them some work on one of your properties and ask them about their response time in emergency situations. With a personal connection, many people will be more willing to help you out when an emergency situation arises.
Tip: Introduce Yourself to Your Rental Property's Neighbors and Share Your Contact Information
Since you do not live next door to your rental properties, it is vital that you enlist the help of those who do to keep an eye on your investment. Once the ink is dry and you are the legal owner of a rental property, then your first stop should be to introduce yourself to your new neighbors. Take along a business card with you or a list of your contact information and leave it with each neighbor you meet or on the door of those who are not home. Let your neighbors know that you will be renting out the house and would appreciate hearing from them if there are any problems with your property or future tenants. Once your neighbors learn that you care about their living near your rental, they will happily contact you with problem situations.
Tip: Hire a Professional Property Manager if One is Available
Finally, it is important that you hire a professional property manager if one is available in the area where you want to own rental properties. Using a professional property manager places a barrier between you and your tenants that prevents them from bothering you at any hour of the day or night when they have an issue with your house. Additionally, a professional property management company will screen potential tenants for you and ensure you get the best renters possible to protect your rental home's investment.Share