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A Guide to Protecting your Out-of-State Investments in Southwest Michigan

A Guide to Protecting your Out-of-State Investments in Southwest Michigan

When you’re an investor living out of state, you need a local property management company that will be responsive, thorough, and able to share information with you transparently and accurately. When you have an investment home in Southwest Michigan but you live somewhere else, there are a few things that are absolutely critical in ensuring the success of your investment.

Property Showings and Tenant Screenings

You likely won’t want to fly or drive back to the area every time your rental property is vacant. You’ll need a leasing team that can handle preparing your home between tenants, making upgrades and updates while taking care of any maintenance issues, and marketing the home. You’ll also need someone to handle the showing process, whether it’s in-person showings or automated showings that allow prospective tenants to let themselves into the property and look around on their own time.

It’s also important to have a local management company that can collect applications and conduct tenant screenings. Talking to former landlords and verifying income will be difficult when you’re far away, so find a company you can rely on to thoroughly screen all applicants in accordance with federal law and Michigan law.

Protecting and Maintaining Your Investment

If you’re trying to manage a property from hundreds or thousands of miles away, you’ll find it challenging to collect rent and enforce the lease. Emergency maintenance will be difficult to respond to. Therefore, you need a local management company that specializes in protecting rental homes. You’ll want a property manager who inspects for necessary maintenance, maintains a good relationship with your tenants, and keeps the property compliant with all housing laws and regulations. When you are out of state, you want the peace of mind that comes with a management company that’s actively protecting the condition and value of your asset.

When a tenant calls with an emergency in the middle of the night or over a holiday weekend, your property management company needs to be prepared to respond. You won’t be able to call the right vendors or get over to the property from wherever you are living. Make sure there’s a process in place, and that you’ll be kept informed of all actions and costs.

Communication and Accountability

Communication and AccountabilityTechnology, transparency, and accountability are more important than ever when you’re an out-of-state owner. You won’t be able to drive by your property from time to time or meet with your property manager. You’ll have to rely on your online portal as well as consistent reports from your property managers. Make sure the company you choose is set up for this. You’ll need an online owner’s portal that allows you to track rental payments, view maintenance invoices, and look at condition reports and photos. You’ll want ease of communication and you’ll want to feel like you’re not missing any pertinent information, especially when it comes to what you’re earning and spending with your investment.

We work with out-of-state investors all the time. Please don’t hesitate to contact us at Real Property Management Southwest Michigan for more information.

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