Experienced investors know that buying rental homes out of state can be a great way to diversify your portfolio and increase what you earn. Charlotte, North Carolina is an excellent example of what’s possible. This area has attracted a lot of attention from out-of-state investors and even buyers who live outside of the country. Why? Our purchase prices are far more reasonable than other markets along the east coast, and our population has been growing steadily. This means a large and stable tenant pool.
If you’re an out-of-state investor interested in Charlotte rental properties, we can help. Not only do we have the local market knowledge that’s necessary, we’re also experienced working with non-local investors. Our investment in technology keeps you in contact with your properties 24 hours a day.
Here’s what you should consider when you’re investing in a remote market.
Technology and Communication Protect Your Property
It’s always important for property managers to communicate well with their owners, but when those owners live elsewhere, it becomes even more critical. You’ll need to think about how often you want to hear from your property manager and whether you want to be involved in daily decisions or if you’re comfortable leaving the logistics in the experienced hands of your management team.
Look for a property management partner that’s up to date with technology and software. You’ll want access to an online portal, where you can see everything from rental payments to accounting statements and inspection reports.
Innovative technology and accessible communication will help out-of-state investors feel informed. You can log in from anyplace in the world and at any time and see how your property and your tenants are doing. It provides great peace of mind and keeps your management company transparent and accountable.
Protecting the Condition of Your Charlotte Investment
One of the most important reasons to work with a local Charlotte property manager when you’re out of state is maintenance. Every rental property will need repairs at some point, and you will you’re your tenants to help take care of your investment.
When you don’t live near your property, you can’t respond to maintenance issues with urgency, even if you know people in the area. You can’t be sure a vendor will be found at the moment they’re needed. You don’t know what repair work typically costs in the Charlotte area.
You’ll need a management company to answer the phone 24 hours a day in case there’s a fire or a flood or some other disaster at the rental home which requires an immediate response.
Make sure you’re working with a management company that provides a 24-hour emergency maintenance hotline so you can be sure all emergencies are addressed with the expediency they require.
Protecting your investment should also include inspecting it. Our Charlotte property management team conducts thorough move-in, move-out, and mid-term inspections. We will be at the property eve when you can’t, and you’ll find detailed inspection reports with photos uploaded into your portal.
Retaining Your Best Charlotte Tenants
As an out-of-state investor, you’ll also lean heavily on your property managers when it comes to finding, placing, and retaining high-quality residents. We take care of the entire tenant relationship, and because we work well with our residents, we’re able to reduce and even eliminate late rental payments, lease violations, and property damage.
Our tenants know what we expect from them, and we communicate openly and transparently. We hold them accountable for on-time rental payments and all the other responsibilities in their lease agreements.
If you’re ready to consider investing in Charlotte rental properties, contact us at AM Realty. We can talk about the best opportunities in the market currently, and help you with local property management.