Remote Manage Rental Property

[Sharon Zhou]

Hello everyone,

I'm reaching out for some advice on managing a rental property remotely. Here's a brief background: I purchased a new construction property remotely about a year ago. Initially, my agent helped secure a tenant, and since then, I've been managing the property myself. My management primarily involves remotely receiving rent checks and coordinating online services for any repairs, which connect directly with the tenant.

Now, I'm facing a new challenge: my current tenant is moving out, and I need to manage the tenant checkout process and secure a new tenant. My agent has offered to handle these tasks for a fee of $1000 or a continuing 10% commission for full property management services. As a new landlord, I find both options quite expensive. Paying 10% could lead to a net loss rather than income.

I'm seeking your insights on a few key points:

1. 1. Is a property manager essential for a remotely managed rental property?
2. 2. What are typical fees for tenant check-out and check-in services?
3. 3. Are there any effective strategies for remote property management that I might consider?

For context, I am 1000 miles away from the property, making self-management challenging. Any advice or shared experiences would be greatly appreciated!

Thank you in advance!