Managing a property can be a great job, but a very demanding one. If you are a property manager or own another property in a different part of the world, this can be an even bigger undertaking. Understanding how to deal with potential renters, the sale of your property, the day to day management and more is difficult to do from a location that isn’t near your property, but it is entirely possible to conduct business as usual from around the world. Here are a few tips on how to conduct property management while abroad, without running into too many bumps along the way!
1. Make sure you regularly check in on your property, via Skype or an online security system. Even if you can’t be there you can still keep tabs on your property’s security and how things are going. If there is ever an emergency you have the ability to call someone who can help locally or retain that security footage for other uses if needed.
2. If you have renters or temporary vacation home guests that frequent your property, make sure you are always available via email, telephone, and other common methods of communication. Even if you have a time difference between where you are and where your property is there should be a way for your renters to contact you for any reason they have.
3. Since you aren’t able to physically solve problems related to your property yourself, hire someone you trust locally to go and check in on things every so often. You will likely need someone to be on hand if anything breaks (such as a reliable maintenance crew) as well as a cleaning service if you use your property as a vacation rental. These people will be your first line of defense if anything happens to your property.
4. If you are making money off of the property you have, make sure you understand the property tax laws in the country where your property is located as well as where you are. There might not be a difference or anything you need to pay attention to, but some countries require a report of foreign income earned and a declaration of that property ownership in some fashion. Getting in tax trouble no matter where you are is difficult!
5. Hiring a local landlord or property manager, in the case of an apartment complex or a similar property, can also help keep your property safe. This person should be trustworthy and able to do the day to day work of managing a property while you are abroad. If any emergencies come up they should be equipped to deal with those and report back to you.
Managing a property from abroad takes trust and being on top of communication with your various colleagues or employees. Doing all this from abroad takes effort and coordination, but it is entirely possible to maintain a viable property even if you aren’t in the same country.