The Cleveland rental market offers investors some fantastic opportunities, and it’s not a surprise that investors from out of state and even out of the country have noticed that it’s an ideal place to buy. If you’re thinking about adding a Cleveland rental property to your portfolio but you don’t live here, we have some tips for you to ensure a successful investment experience.
Protect your Property with Cleveland Property Management
While professional property management is a good idea for all investors, it’s especially crucial for out-of-state investors. Local Cleveland property managers can provide peace of mind and expert oversight for remote landlords who want to know their property is earning income and gaining value.
Work with a management company that’s experienced with out-of-town investors, and ask about the technology and platforms they have in place to ensure ongoing communication and the transparent sharing of information.
Your property manager will be your local expert when it comes to finding vendors, pricing the home accurately, and making necessary upgrades to attract the best tenants. You need a management company who is up to date on all the local, state, and federal laws.
We don’t recommend buying an investment property in Cleveland as a non-local investor if you don’t plan on having it professionally managed.
Property Management Technology and Cleveland Investments
Technology is really a lifeline for any remote investor who wants to keep up with the performance of their property. Make sure you’re working with a property management company that can offer you an online portal, where you can view inspection reports, review leases, and access accounting reports that show you all the income and expenses associated with your home.
You’ll also want an easy and efficient way to communicate. When you can send secure messages back and forth, you won’t have to worry about calling on the phone across different time zones. You’ll want to know your tenants can pay rent online and submit maintenance requests electronically. It’s also important that you receive your rental payments through a direct deposit.
Understand the Maintenance and Repair Protocols
Maintenance is nearly impossible to manage on your own as an out-of-state investor. If a tenant calls in the middle of the night with a plumbing emergency and you’re hundreds or even thousands of miles away, how are you going to find a local vendor who can respond and mitigate any further damage?
With a local property management company that has local maintenance resources, you can count on both routine and emergency maintenance issues being handled efficiently and affordably. A good property manager will put an out-of-town landlord’s mind at ease by providing preventative maintenance care and conducting routine inspections.
It’s important that you understand how work will be approved and paid for ahead of time. Discuss your expectations with your property manager so there isn’t any confusion when an emergency repair needs to be made or preventative maintenance is scheduled.
We welcome investors from outside of Cleveland to talk with us about the potential for buying rental real estate here. To hear about our experienced Cleveland property management services, please contact our team at IIP Management. We work with owners in Cleveland Heights, Lakewood, Lyndhurst, Parma, Solon, and South Euclid (Cuyahoga County).