Questions about managing a property long distance

[Bradley Auclair]

Hello BP,

Does anybody have any input on managing properties long-distance?

I’m 21 years old and active duty military. I own a duplex with my wife here in Beaufort. I plan on buying another multi-unit somewhere in South Carolina or back in my home town when I get out of the military next year. I’m curious if anybody has some tricks-of-the-trade for managing properties when you’re far away from them.

I’ve looked into utilizing a property manager but if it’s possible I want to manage my property myself to increase my cash flow.

I appreciate any information, thanks.

[Davartay Miller]

@Bradley Auclair

As a provider, I would say this comes down to software and the systems you have in place. Is it possibly to manage properties yourself and not live near? Yes. Will it be easy? No. I have total faith if you put in the work and implement the correct systems – you will see where it can be very beneficial. 

Communication, Communication, Communication. Over the top communication is the key to property management. Being out of state you will need a team member and or possible contractor who you can trust that will respond in a timely manner. Nothing is more frustrating, as an owner and or resident, than someone not returning calls, emails, inquiries, etc. This is the way to quickly fail. We have always said: "Over-the-top communication keeps residents happy, which means they stay longer. That means more profit and fewer cost to you! You can do it Brad. Just put your mind to it, sir. It will come with challenges but communicate, prevent any and all issues from happening again, and measure whether or not it worth it. 

Best of Luck!