One of the benefits of having your own business as a property owner is having the flexibility to have the long-term income necessary to manage your lifestyle goals and needs. That includes everything from taking vacations to spending time with loved ones as often as you can. However, that can often be hard to realize as a solo investor managing a portfolio of even a few properties. Your single-family homes and multi-family rental units aren’t going to run themselves!
Thankfully, with a NoVA property management team to help you, that’s not a problem. You already know from experience that if you don’t hire a team, there’s a lot to do to properly manage your property on an ongoing basis. This can make it challenging to step away for even a moment—especially if you handle your own maintenance and repairs!
If you want to take a vacation as a property owner, you’re going to need an extra pair of hands and an extra set of eyes on your Northern Virginia investment properties at all times. After all, you never know when a renter will call with a maintenance issue!
What You Have to Do to Take a Vacation
Tackling maintenance requests for your rental properties while you’re away can be a challenge for multiple reasons. Though every situation is unique, it’s often the case that you’ll need to be available to your renters whenever there is a problem to provide the customer service they expect from renting. If you have more than one property, that increases the likelihood of needing to find help—or that you’ll have to be the one who’s readily available to handle any concern that pops up.
Understandably, you can see how this might impede your freedom to hit the open road with your family if you choose to manage your property independently. When you opt for the DIY life when it comes to the Northern Virginia rental market, you’ll be the one responsible for meeting your renter’s needs from the road.
Instead of making real estate investing a breeze with a NoVA property management company like Renters Warehouse, you’ll be on the hook for 24/7 renter care to ensure they’re safe and comfortable in your investment properties.
Find Someone to Be Accessible 24/7
If you cannot be available to your renters, it becomes necessary to have someone who can be there. You may need a fill-in you can trust to be there to answer all renter questions and to manage any property issues that can occur. You may have a family member or a friend with experience that can help—but do you really feel comfortable leaving your valuable assets in the hands of a friend?
If you make this decision, consider:
- How much experience they have with repair work
- Their access to funds to pay for repairs as needed
- Their willingness to be available 24-hours a day
- Their understanding of the importance to meet renter needs
- Your goals for managing your rental property
- Whether they have a keen understanding of rental law.
It’s the very last factor that tends to trip up most property owners when it comes to leaving their investment properties in the hands of another party—and it’s just another reason to trust the experienced NoVA property management team here at Renters Warehouse.
However, if you choose not to go the professional route, then you need to prep your volunteer for what comes next.
Communicate All Necessary Information
A key part of preparing for a vacation is ensuring you don’t get called on a frequent basis while you’re enjoying your time away. To experience that kind of freedom, you need to provide your replacement with all of the information they need.
The following are some of the must-haves property owners should provide when planning to leave the care of their rentals to another.
- Provide your renters’ contact information across multiple platforms (email and phone).
- If you have multi-unit properties in your portfolio, be clear about the location of each person by unit.
- Provide a list of your vetted and trusted service providers.
- This may include plumbers, general repair technicians, and heating and cooling companies.
- Choose professionals you trust to do reliable work at a competitive price because you won’t be there to negotiate.
Your Contact Information
- Provide your information about where you’ll be—and how to contact you in an emergency. You may also want to list instances that are important enough to call you.
- For example, you may want someone to call you if there’s an accident at the property, but not necessarily if they have to just call a plumber.
- Most often, those taking over for you must have some way to pay for repair costs or other incidentals.
- You may want to provide them with a business credit card or access to a cash reserve.
- Ensure that they know how much is available to spend—and if they reach that level, when to contact you.
If your temporary replacement is handling rent collection, instruct them on how to manage this process. If you have a specific way of going about this, let them know the steps they need to take, if any. If your rent collection is automated via an owner portal, they may not need to worry about this process at all.
Let Your Renters Know What’s Happening
What happens if there are emergency maintenance issues, and your renter doesn’t know you’re not in town? It’s critical to provide your renters with some information before you leave, including:
- Who to contact when they have an emergency
- That someone is still available to help them
- How long you’ll be gone (use dates)
- That all policies and procedures remain in place.
You don’t have to tell them where you are going. Most often, you don’t have to provide them with any contact information for you. Rather, be sure they have the contact information for the person or company who will be acting in your stead.
Property Management Services Make It Easy
There’s a lot to think about—and plan for—if you decide to take time away from your business. Yet, you can do so more efficiently (and without taking all of these steps) by already working with a skilled NoVA property management company!
You’ll find it’s possible to live your life without having to worry about the day-to-day management of your portfolio with the help of our Rent Estate™ Advisors. We can help you keep your investment properties properly running even while you’re enjoying a trip—whether that’s a weekend away once in a while or every weekend.