If you’re moving out of state and you’re renting out the home you once owned in Cleveland or you’re an investor who lives out of state or even out of the country, you may have some concerns about how your property will be protected. This is one of the most important reasons to hire a local Cleveland property manager when you’re a non-local landlord or real estate investor.
The local market is full of great opportunities, and a lot of the owners we work with live outside of the area. We have years of experience managing properties for owners who live elsewhere, and we thought it might be a good idea to talk about what we do to protect your investment property even when you’re many miles away.
Keeping Your Cleveland Rental Property Occupied
You can’t earn consistent income on your Cleveland investment property if it’s not occupied with great tenants. Your management team will ensure high quality residents are placed, and we’ll work hard at retaining those good tenants to avoid expensive turnovers.
Marketing and showing a property has become a lot easier with technology like smart locks and syndicated online advertising, but it’s still difficult to do effectively from afar. You’ll need a local leasing team who can help answer questions about the property, schedule showings, and follow up with applications.
You’ll also need a reliable screening process when you’re choosing a tenant. We look at income, credit, past rental history, and whether we find any prior evictions or criminal convictions in the background check. You need to know responsible tenants are in place, who will pay rent on time and take good care of your home.
Routine Rental Repairs and Emergency Maintenance
Your Cleveland property management team also protects your out-of-state investment property by routinely inspecting it and keeping it well-maintained. The condition and value of your asset depends on routine and preventative maintenance, as well as a great team of vendors who do outstanding work for competitive rates.
Responding to emergencies is difficult when you live elsewhere. With a local property management team, someone will be available to take the late night call if something happens at your property. You don’t want to leave water leaks and other emergencies until normal business hours. If the tenants lose heat in the middle of a cold winter night, you’ll need your management team to respond immediately.
Leveraging Property Management Technology for Cleveland Investments
Keeping in touch with your Cleveland property management partners is easier than ever, thanks to online portals that show you everything you need to know about how your property is performing. You can access accounting reports, financial statements, lease documents, and maintenance invoices. There’s also an option to send a message if you have any questions or concerns you’d like to share with your property manager.
Good technology is essential when you’re an out-of-state investor. You need to stay up to date and informed, and online platforms are the best way to do that so you don’t have to worry about time zones or playing phone tag with your management team.
We’d love to tell you more about our own experience with investors from out of state or out of the country. Contact our team at IIP Management. We work with owners in the Greater Cleveland area.