Way back in the year 2021, I was hired to manage a single family residential rental property that an out-of-state investor had just purchased. I went to the house, picked up the keys, walked the property, and emailed the investor a list of repairs I thought were necessary to get the property ready to rent (with supporting photos). The investor called me almost immediately. It became clear that the investor had only seen the photos in the online listing. Of course, photos in online property listings are about as trustworthy as photos in online dating profiles… And just like the photos in many online dating profiles, the photos in the online listing for this property looked like they had been taken a long time ago and heavily filtered... For example, the carpeting looked pristine in the photos online, while in reality it looked like someone had decided to drizzle hot tar over portions of the carpet in several of the bedrooms.
To avoid situations like this, I would typically suggest using a local realtor. However, in this case the out-of-state investor did use a local realtor to purchase this property.
How can one make sure the realtor they are working with is clear about the condition of properties when they can’t see them in-person? I know out-of-state investors can ask for live video conferences from the property with their realtor, or have a property manager tour the property for them as a third party. I thought it would be interesting to see what other creative suggestions this community has for out-of-state investors that can’t visit properties in-person to make sure they have an accurate picture of the property they are buying. Any good tips?
