Self Managing from a Distance

[Holly Barrett]

Looking at a duplex 8 hour drive away. I want to self manage, BUT I'm getting tripped up on how to show prospective tenants the units at turnover.

What options might we have?

Realtor fees for showing are steep, at that point I think you might as well hire a pm company.

Does anyone use a handyman to show for a fee? Or keyless entry - if you do that, who changes the batteries every 7mo? Liability issues for self showing? Or do I plan to make a trip out for a weekend of showings every time someone moves out? 

Is anyone else out there self managing from a distance w/o friends/relatives nearby the units?

Thank you!

[Kenny Dahill]

Hi @Holly Barrett!  You have options.

Self-Manage:

• Leasing:  You can save money by coordinating all the listings and shows.  Luckily this should only happen twice per year.  
  • Open House:  Granted I live near my rentals, but I have had luck with an open house on the weeks.  It might be worth the trip.
  • Smart Lock:  If you feel comfortable allowing prospective tenants letting themselves in, you can get an eLock for $120.  Avoid August lock!  Super power, yet super battery draining.  As a backup, you can get a lockbox as well.
  • Local Partner:  Perhaps you can find a good neighbor or handyman to trust and pay them to open the doors.  While you're at it, pay them to do the move-in inspections.  But make sure you have a detailed list for them!
  • Leasing Agent:  This will cost the most.  Typically $500 to 1-full month of rent.  Leasing is typically half the cost of PM so at least you will save on the other half.

Property Manager:

You can hire a property manager to take care of the property.  It's the easiest but most expensive solution.  If you are really trying to lower expenses, this isn't your best choice.  However, you need to take into account how much work will this duplex take.  

If they are in good condition and area, they might be able to lease themselves.  As well, maintenance would be less.

If they are not in good condition or area, it will take more work to collect rent and coordinate repairs.