Owning an investment property is not only an investment of money, but also time. Those who are getting into an investment property for the first time may be surprised when they realize just how much goes into keeping the property profitable. This is especially true when you are also handling all of the landlord responsibilities as well.
So what about taking a vacation? If you are a landlord, can you find the time to get away to spend some time with friends and family? It may not always feel like it, but there are some things you can do to give yourself a break and take a vacation. Here are a few tips:
Timing is Important
Landlords who are looking to take a vacation should plan their time off at an appropriate time of the year. For example, the holiday season may not be the best time to be away. If an emergency were to come up or if maintenance is required, tenants can get extra aggravated around the holidays. You’ll want to be around in case something comes up.
This is also true for the beginning of the summer, especially if your property has a pool. As your tenants begin to use the pool on a more regular basis, the tendency for an issue increases. Wait for a few weeks into summer to make sure things are running smoothly before you take your vacation.
Be Sure to Give a Heads Up
As you plan your vacation, be sure that letting your tenants know you will be away is on your to-do list. Communication is key when you are trying to establish a good relationship with your tenants. If an emergency were to come up, they would be much more understanding if you let them know in advance that you are out of town. Give them proper contact information and let them know that non-emergency maintenance will be completed upon your return.
Work With a Property Manager
Some property owners are out of town or away from their properties more than others. This could be because they travel for work or own properties in more than one state. If you know you will be away frequently, you might consider hiring a property management company to handle the landlord responsibilities for you. This relieves stress and ensures your property is consistently maintained and occupied. Property managers can handle various tasks such as collecting rent, screening new tenants and providing maintenance as needed.
There’s no reason why you can’t enjoy a vacation now and then as a property owner without having to stress or worry about your property. Call RPM East Valley and let’s talk about how we can help you get the most out of your rental property. 480-719-1243