We get it — as a long-distance investor, finding a local property management company to manage your properties is tough.
You have no idea who a company is, what kind of work they do, and whether you can trust them with your investment. Literally, all you have to go on is what you read online.
But the truth is, if you’re buying investment properties from overseas, you need to work with someone local. Without local support, you can run into serious issues with your investment property — problems that can cost you a ton of time, energy, hassle, and money.
But what, exactly, are those problems? How can working with a local property manager alleviate those issues? And, most importantly, how can you find a property management company you trust when there’s an ocean between you?
What to Expect if You Don’t Work With Someone Local
First things first — let’s talk about what can go wrong if you don’t work with a local property management company.
Your property manager is the eyes and ears for your property — and that’s even more important when you’re a long-distance investor. Without a local property manager, you won’t have a clear understanding of the area.
You won’t have anyone on the ground to make sure your property is well taken care of, which could lead to property damage or HOA violations. There’s no one to enforce your lease terms with your tenants, which means rent might come late — or, in the worst-case scenario, not at all. And without a local property manager, there’s no one on hand to handle emergency issues when they arise, like a major storm (which happens all the time in Texas!) or a power outage.
All of these problems can quickly get out of control — and before you know it, you’ve got an expensive, time-consuming mess to clean up at your property.
How a Local Property Management Company Can Solve Those Problems
Luckily, all of those problems are put to rest when you find a local property management partner. When you work with a local property manager, they can advise you on the neighborhood and how to maximize your investment. They’re on site to make sure your tenants are taking care of your property, to enforce your lease terms, and to handle any emergencies that can (and will!) arise.
The best part of working with a local property manager as an overseas investor? The peace of mind you get knowing that someone is taking care of your investment.
How to Find a Local Property Manager You Can Trust
Alright, so we’ve established that it’s essential for overseas investors to find a local property management company to work with — but how, exactly, do you do that?
Obviously, you’ll want to read reviews online and connect with the company directly to get a sense of what it will be like to work together. But that only tells you so much — the real way to determine if a property management company is right for you is their process.
As an long-distance investor, you might not get a chance to visit your property in person often (if at all), so it’s important you work with a property manager who keeps you in the loop on anything important that’s going on with your property. At LEAP, we encourage our investors to visit their properties if they can. But if they can’t, it’s no problem — because we go above and beyond to make them feel like they’re there even when they’re thousands of miles away.
We send all of our overseas investors regular reports, photos, and videos, keep them up-to-date on any issues, loop them into inspections ... Essentially, we ask ourselves, “If I were an overseas investor, what kind of information would I need to feel secure that my property was well-maintained and taken care of?” — and then we deliver it.
If you’re overseas and have been thinking about buying a property in the US, do yourself a favor and find a local property management company you can trust. Trust us when we say you won’t regret it.