7 Tips for Long Distance Landlords - article banner

Orlando is a lucrative and attractive rental market, so it’s no wonder that many investors buy rental homes here, even if they’re living elsewhere. Managing your properties as a long distance landlord comes with challenges, and the best way to meet those challenges is by working with a local Orlando property manager.

We’re sharing seven tips for long distance landlords who are renting out Orlando homes. Whether you live elsewhere in Florida, out of state, or even out of the country – this advice will help you have a more profitable and less stressful investment experience.

1. Look for Orlando Property Management Partners

Managing your own home is difficult enough, and when you live far away from that home, it’s nearly impossible. You’ll invite a lot of risk, extra expenses, and tenant dissatisfaction if you try to rent out a home without a local professional to handle the day-to-day requirements of rental property.

When you’re looking for an Orlando property manager, make sure you choose one who is experienced working with long distance landlords. You’ll want to know they already have the technology and systems in place to support you, your property, and your tenants.

2. Learn Something about the Orlando Rental Market

If you spend some time understanding the trends and topics in the Orlando rental market, you’ll have a more realistic set of expectations when it comes to finding a tenant, setting a rental value, and paying for maintenance and repairs. Your property manager will be your best local resource, but understanding the competition in the rental market and challenges and rewards will leave you feeling more prepared to rent out a home in Orlando.

3. Get Comfortable with Property Management Technology

Technology is a big part of renting out a home from afar. Make sure you’re willing to use it. You’ll likely have online portals provided by your management company. You’ll need to accept rental payments electronically. Communication will mostly be done via text and email.

4. Avoid Vacancies and Turnover

Vacancies are always frustrating, and as a long distance landlord, they can seem even more destabilizing because you’re not there to assess your property and look for new tenants. Avoid vacancies and turnover costs by working to retain your current tenants. Make repairs quickly. Be flexible when necessary. You don’t want to have an empty rental house for months while you’re hundreds or thousands of miles away.

5. Prioritize Preventative Maintenance

Maintenance and repairs are especially expensive when they are unexpected emergencies.

Avoid those emergency repairs by making routine repairs and replacements quickly and by taking steps to maintain your property preventively. That includes annual inspections of roofs, HVAC systems, and plumbing. You’ll want to keep up with landscaping and pest control. In Florida, tropical storms will need their own seasonal maintenance.

6. Analyze your Income and Expense Statements

Don’t avoid the monthly accounting statements that your Orlando property manager is likely to send. If you’re working with someone who has invested in the best technology, you won’t have to wait for those statements – you can log onto your portal at any time to check what you’re earning and spending on your property. Keeping up with the performance of your investment will help you make better decisions.

7. Keep Communication Open and Transparent

Communication is always important, but when you’re a long distance landlord, it’s basically a lifeline. Stay in touch with your property managers and be responsive when they’re trying to contact you. There may be a question they need answered or something going on that they want to discuss with you. Keep all of your contact information current with them.

Accounting statementsThese seven tips are a great way to get started renting out a home as a long distance landlord. When you’re looking for local Orlando property management, please consider our services. Contact us at Park Avenue Property Management.