Phoenix is an attractive rental market for out-of-state investors. At TCT Property Management Services, we work with owners all over the country and even all over the world. We understand the unique concerns of nonlocal investors.
Whether you’re moving out of the area and you don’t want to sell your home or you’re investing in a property remotely, we know that it’s easier than ever to rent out a home that’s outside of your own geographical market. All you really need is some outstanding technology and a team of local property management experts.
Protecting your out-of-state property is a priority for us. Our systems and processes make it easy, but it’s never completely without risk. What are some of the best ways to protect your out-of-state home?
We’re going to tell you about them.
Professional Phoenix Property Management Partnerships
Protecting your property when you live out of state really starts with reliable local property management.
It’s difficult to lease, manage, and maintain your Phoenix home from another city, another state, or another country. You need someone on the ground who can get to your home right away if necessary. You need someone who knows the market, has relationships in place with vendors, and can help you make good decisions even if you’re not physically here.
You need a professional Phoenix property management company.
A local property manager can protect your property and keep you informed about how that property is performing and what it might require. Your property manager will know when the landscaping is starting to look worn or the property needs to be power washed. A local management company can handle the marketing and the showings and the tenant screenings.
Your property manager will respond to emergency and routine maintenance, make sure rent is collected on time, and provide you with real-time information on how your property is performing. As property managers, we know the market. We know the laws. We’re ready to provide an outstanding experience for you and your tenants.
Professional management will provide a lot of peace of mind. You won’t have to worry about vacancies or tenant placement. You’ll have experienced professionals who can provide maintenance, lease enforcement, and general guidance on the protection and promotion of your investment.
If you’re thinking about investing in a property but you don’t live here, talk to your management company before you buy. You’ll get an idea of how much rent you can expect and whether repairs will be needed to get the property rent-ready.
Protecting Your Investment Property From Vacancy Risks
Vacancies are risky, and what you don’t want is an empty rental home when you can’t be there to keep an eye on it.
Keeping a rental property occupied with good tenants is the cornerstone of any sound investment strategy. It’s frustrating and expensive to have your rental home left unoccupied for long stretches of time. Without the consistent rental income you expect, your entire financial picture is disrupted.
This is especially nerve-wracking for out-of-state investors. The vacancy period can seem even more threatening because you cannot be there physically to show the property, market it aggressively, or drum up interest among your own local network. You don’t know if thieves are breaking in to steal your appliances or squatters are setting up in the garage.
This is why your Phoenix property management partner is so critical. You won’t have to worry about long vacancies. If there is a period of time where the stretch between tenants is longer than you’d like, at least you have someone who can check on the home and its condition.
Reducing and even eliminating vacancy depends on a few things:
- Pricing your rental property competitively to attract good tenants quickly.
- Marketing rental homes with professional photos and excellent listings that are widely syndicated to all the most popular rental sites.
- Responsive tenant showings that allow for pre-screening.
- Online application processes and fast, efficient tenant screening.
Luckily, a good property manager is an expert at keeping vacancies low. This is just one way we protect your property when you’re not here to take care of it yourself.
Placing and Retaining Good Phoenix Tenants
The leasing period is a challenge for out-of-state investors because you don’t know the tenant pool, you don’t know how many competing properties are out there, and you can’t be available to show the home yourself.
We’re here to make sure the marketing is set up to attract a large pool of tenants. We’ll make sure your property is ready to rent, and we’ll give you an accurate price based on the data we collect from the work we do in this market every day.
Protecting You From Late and Missing Rent Payments
How can you reliably collect rent when you are hundreds or thousands of miles from your rental home? What can you do to ensure it comes in on time? What if you have to evict a tenant and you’re not here to go to court?
Again, it comes down to your property management team. We’re here to protect you from late and unpaid rent.
Your property manager should have a consistent rent collection process in place that ensures payments are made on time every month.
The rent you receive from that property manager should also be timely. Everything can easily be done electronically, and that’s really going to help when you’re out of state. Paper checks in the mail are unreasonable; you’ll need online access to your rental payments.
If you have a tenant in place who continues to pay late or leaves rent unpaid, make sure there’s a plan in place for collection and if necessary - eviction.
Enforcing Your Phoenix Lease Agreement
Lease enforcement is another way we protect your property. We hold tenants accountable, even while maintaining good, positive relationships with them. We conduct routine inspections, we communicate openly and transparently with tenants, and we give them plenty of opportunities to bring any problems or issues to our attention.
We will immediately address any glaring lease violations and we’ll work with your residents to keep them compliant with your lease.
Sometimes, owners become concerned that their tenants will leave before the lease ends. Broken leases are expensive and frustrating. We protect you against expensive lease breaks by collecting an adequate security deposit, keeping your tenants happy, and enforcing your lease agreement.
Avoiding Property Damage
Even good tenants can become unpredictable. What if there’s property damage left behind after they move out? How can you possibly protect your home from that?
We are prepared.
While you’ll have to cover the cost of general wear and tear in your rental property after one tenant moves out and before another tenant moves in, damage is the tenant’s responsibility entirely. We hold those tenants accountable.
It can be unnerving when you’re not here to inspect the damage or gather quotes and estimates from vendors. You cannot go to the property and see the problems for yourself. Property damage often feels worse than it is when you’re not actually here. That’s why we provide inspection reports and constant communication. We’re not only protecting your property from tenant damage - we’re talking you through any potential problems that come up.
Inspections and Vendor Relationships Protect Your Investment
To adequately protect the condition of your out-of-state property, you’ll need a reliable maintenance plan in place and a team of outstanding vendors and contractors. The best vendors will be available when we need them. They’ll offer competitive pricing and they’ll deliver preventative services.
Our preferred network of professionals who are ready to protect your property includes:
- General contractors
- HVAC technicians
- Pest control providers
It’s not always easy to find good vendors. With a Phoenix property management partner, you’ll have a team already in place. Most management companies either have their own professionals in-house or have long-standing relationships with licensed and insured vendors who often provide the best and most competitive prices.
Technology and Communication for Out-of-State Investors
As an out-of-state homeowner, you’ll need the best technology.
The online portals we provide will allow for rent to be paid online, maintenance requests tracked and documented, and information easily and immediately shared.
When you’re looking for a property management partner to manage your local property, you will want to make sure you can receive electronic rental payments through direct deposit. You’ll also want to make sure you can look at accounting statements and run reports online. Find out how you’ll be informed when a repair is needed, and how those invoices are paid.
With technology, you can track income and expenses, communicate with your property managers, and stay up to date on lease renewals, marketing strategies, and lease negotiations. It’s critical that you have access to good technology when you’re investing in properties from another state or another country. Communication will be important, and you don’t want to feel even further away from your investments.
If you want to protect your rental property when you live out of the area, you absolutely must communicate frequently and transparently with your property managers. Make sure they have your updated contact information. Discuss expectations about communication and how frequently you want to hear from them.
We have a lot of experience with investors and owners who live out of state. If you’d like to hear how we can offer the best investment property protection, please contact us at TCT Property Management Services. We manage homes in the East and West Valley, including Mesa, Gilbert, Chandler, Scottsdale, and Phoenix.