Owning rental property creates a steady stream of income, but it also comes with massive responsibilities. The biggest challenge is that your responsibilities don’t stop just because you need a break. If you take a vacation without a strong property management system in place, small problems can escalate in your absence.
With the right system, you can step away for a bit and manage your rentals stress-free at the same time.
If your rental business relies on your presence, it’s time to implement systems that can work in your absence. The primary system most landlords use is a property manager. When you hire someone else to manage your rentals, your business becomes more efficient, and you can rest easy knowing your tenants and properties are in good hands. This is especially critical when you own luxury property, sincehigher net worth tenants have higher expectations.
You can hire a professional property management company or an individual, but make sure whoever you hire has the time, experience, and qualifications to handle your business. If you hire an individual, write out step-by-step instructions for handling common issues, like plumbing leaks and late rent.
Before you leave, inform your tenants in writing that you’ll be gone for a period of time and include an emergency contact. Your tenant should know how to reach you, when to expect responses, and who to contact if you aren’t available. Setting clear expectations will eliminate multiple calls from frustrated tenants who don’t know you need extra time to respond.
Having to collect and deposit rent sent by physical check or money order will be impossible on vacation. The best way to streamline rent collection is to automate it online. Setting up online rent payments isn’t hard but it does need to be done correctly. Platforms like Avail, Rent Café, and Cozy make online rent payments easy. However, make sure it’s an option and not a requirement. Most states require landlords to offer at least one non-electronic, fee-free rent payment method.
While you’re on vacation, you might need to pay extra for repairs if you can’t coordinate with your usual contractors, due to time zone differences or lack of cell service. For example, if you give your tenants permission to hire a repair person in an emergency without your approval first, they might choose someone who charges more than your regular contractors.
Rather than communicating through random texts and emails while you’re trying to enjoy your vacation, create a tenant portal where your tenants can send you messages, make repair requests, and report issues. This way, you won’t need to be tied to your phone or laptop 24/7, and you can let your tenants know you’ll respond within 24 hours or sooner if something is truly urgent. Make sure you post a pinned notice that explains when you’ll be back, along with your time zone.
Most tenant emergencies aren’t random. They’re often small issues that were ignored. To avoid preventable problems while you’re on vacation, be proactive about maintenance before you leave. Schedule a routine inspection to check your plumbing, roof, HVAC system, electrical systems, and appliances. Then, fix anything that needs to be addressed, even if it’s minor. There’s no way to predict what may go wrong in your absence, so prevention is the best resolution.
Even when you plan your trip perfectly, things can still go wrong. However, it helps to prepare for anything – even worst-case scenarios. For instance, make sure your insurance policies are all up-to-date and will protect you against property damage, liability, and lost rental income.
Create an emergency plan that outlines what you’ll do if there’s a fire, gas leak, roof leak, or legal problem. Document who you’ll call and what steps you’ll take toward resolution. Don’t rely on your memory or figure it out in the moment.
It can help to have digital copies of your policies and leases in a cloud storage account so you can access them anywhere at any time, provided they’re being stored in accordance with data privacy laws.
Structure creates freedom
Traveling stress-free is easy when you implement a system that keeps your business running in your absence. By automating rent collection, facilitating clear communication, hiring a property manager, and preparing for emergencies, you can enjoy your vacation without feeling burdened.
