Having a sandy getaway spot is great but managing it as a rental property can be another matter entirely—and keeping an eye on things from far away is even more of a challenge. If you own beachfront property in another city or state, the following tips will make management easy.
Set Up A Digital Payment Portal
Collecting payments is one of the toughest aspects of managing your beach house rental. Getting paid on time every month is essential, and digital payment strategies make things simpler for property owners and tenants.
There are several platforms available online, and it’s best to choose one that accepts multiple payment forms and processes payments fast. For example, with digital payments, beachfront property owners can collect rent without waiting for a check in the mail.
Install A Security System
By installing a security system, property owners will give themselves and renters additional peace of mind. Security systems are an extremely effective deterrent for burglars and vandals, and cameras can be used to monitor vacant beachfront properties.
There’s much more to home security than putting up a few cameras. Smoke alarms, carbon monoxide detectors, and smart locks are often part of today’s systems, providing a comprehensive set of safety features for agents, landlords, and renters.
Keep Tabs On Competitors
Keeping prices reasonable and rentals constant can be difficult for those who live far away. However, there are various ways to keep track of real estate trends and ensure that listing prices are competitive with others in the area. With competitive pricing, owners are more likely to get bookings.
Regular check-ins and inspections are a challenge for faraway landlords, but it’s a crucial part of the renter/owner relationship. Frequent visits are a necessary part of owning a beachfront rental property. In some cases, these trips may be tax-deductible as a business expense. Check with an accountant for more details on tax deductions for which you may be eligible.
If you’re not working with a property manager and can’t find time for an in-person visit, hire a local repair person and ask them to walk through the property before tenants arrive. During these times of social distancing, many landlords ask tenants to use video chat apps for virtual walkthroughs. This step may seem insignificant, but it lets tenants know that you’re concerned about them and the property.
Find A Reliable Property Manager
If these tips aren’t enough, or if you don’t have the time to take the above steps yourself, consider outsourcing some hard work to a local property management company. Having someone who can make occasional visits and perform inspections will allay some of the fears that come with remote property ownership. In addition, by getting another set of eyes on the situation, a property owner can free up more of their time to focus on other aspects of the business.
Get In Touch With Us Today
Whether you’re overseeing things yourself or hiring someone to do it, remote property ownership poses unique challenges. With these tips, however, beachfront property owners can enjoy their investment and the steady stream of income that comes from it. Request more information online or call today to learn more about our property management services.
We look forward to working with you!