Especially when you’re thousands of miles away from your property, you’ll need someone on site to take care of things. Managing a property, especially multiple properties, is a full time job!
I highly suggest putting this important job into the hands of professionals. Assign this role to someone who knows what they’re doing. A professional holds expertise about vacancies, rental prices, finding the right tenant, and more.
However, not just any company will do! It’s important that you identify a team whose goals align with yours. Remember, you have to assemble the right team in order for your experience to be passive.
Specifically, I like my property management companies to be focused on cash flow. My property management teams might not have the newest software. They might not have the best, most up-to-date websites, or convenient portals for me to view my information.
In fact, one company that I work with doesn’t even do direct deposit! They send me a paper check via snail mail every single month. But that’s okay with me, because that check is always on time. My teams are focused on collecting rent in a timely matter, and that’s what is important.