Being a landlord is lucrative and rewarding, but it comes with many responsibilities. Hence, deciding to take time off and go on vacation without worrying about your rental properties and tenants can be challenging. Nevertheless, landlords must occasionally take a break from their tight schedules to maintain a healthy work-life balance, reduce stress, and prevent burnout.
The good news is that with some planning and preparation, you can enjoy a stress-free vacation and return to your work feeling refreshed and energized. Below are tips to help you enjoy a stress-free holiday vacation as a property owner.
- Find A Trustworthy Property Management Company
Hiring a property management company can be essential in ensuring a stress-free holiday.
When you go on vacation, your properties and tenants still require attention and management, which can be challenging to provide remotely. Property management companies such as Teton Valley Property Management provide a wide range of services designed to meet the needs of both parties. They help you handle various tasks regarding your property, from legal to basic ones. They can also screen potential tenants while you’re away, allowing you to fill vacancies quickly. Doing this on your behalf lets you freely enjoy your vacation.
Hiring property management services can be particularly advantageous for those landlords who own multiple properties. They can be a valuable asset for landlords who want to streamline their work processes and maximize their rental income while away.
- Let Your Tenants And Vendors Know You Will Be Away
Notify your tenants about your absence and provide them your fill-in’s name and contact information for rent-related concerns. Also, if you’ll be away during the rent payment period, remind your tenants of the due date and the late fee policy.
You can also take this opportunity to review the emergency maintenance procedures with your tenants. Specify the persons they should contact in case of emergency repairs. Ask them to be patient regarding non-urgent maintenance requests, such as fixing a closet door handle.
Also, inform your maintenance vendors about your absence and tell them the property management company will manage any issues. Give them written authorization so that your fill-in can create work orders and schedule maintenance as needed.
- Ensure Your Landlord Insurance Is Valid And Running
Landlord insurance is crucial for property owners, especially when they’re away. It covers many potential risks and hazards when the property is unoccupied or the landlord is unavailable. These include theft, vandalism, and other types of damage to the property. In addition, it can help cover the costs of repairing or replacing damaged structural components.
Furthermore, landlord insurance may include liability coverage when someone is injured on the property while you’re away. For example, the landlord can be held responsible if a faulty staircase injures a tenant or guest. Landlord insurance can help cover legal fees, medical bills, and other expenses associated with such an incident.
- Prepare Emergency Contact Details For Your Tenants
Tenants should provide alternative contact details of their next of kin to help you reach out to them when you can’t find them on the phone. Likewise, you should also provide an emergency contact when you’re away. You can arrange this just before you depart for your vacation.
You must also leave the emergency contact list with the hired property management company. Do so by providing them with a file containing important information, such as the tenants’ contact, payment, and emergency contact details.
Also, brief the tenants on other important information about your properties, such as the location of spare keys, alarm codes, and locks. It’s essential to clarify to your tenants what constitutes an emergency and what doesn’t to avoid being constantly bothered while you’re away.
The goal is to provide your tenants with the same level of service and support, even when you’re not physically present.
- Leverage Security Systems And Smart Home Technology
Landlords can benefit from using security systems and smart home technology to manage their rental properties when they’re not on site. These tools can be advantageous in the following ways:
- Remote monitoring: With the right security systems and home automation technologies, landlords can remotely monitor their rental properties using a smartphone app or web portal and respond promptly to emerging issues.
- Alerts and notifications: Security systems and home automation technologies can be configured to send landlords alerts and warnings if there’s a security breach or any other issue. This capability enables landlords to respond quickly and take necessary actions to resolve the problem.
- Smart locks: Smart locks can be a secure and convenient method for landlords to manage access to their rental properties. They can generate temporary access codes for tenants or service providers and revoke access once it’s no longer needed.
- Remote access: Home automation technologies allow landlords to remotely control various systems in their rental properties, such as lighting and temperature. This feature can be beneficial in managing energy costs and create the impression that the property is occupied, even when it’s vacant.
Security systems and home technology can provide landlords peace of mind and help them manage their properties effectively and efficiently while on vacation.
- Automate Rent Collection
One never-ending responsibility of landlords is rent collection. When you’re away on vacation, collecting rent can be a challenging task. This is where automatic rent collection is essential. It eliminates the need to keep records of rent payments manually. Additionally, it reduces the risk of errors and disputes over payment amounts.
Finally, automated rent collection increases security for both landlords and tenants. By eliminating the need for physical rent checks, the risk of lost or stolen checks is significantly reduced, providing peace of mind for both parties.
Implementing measures to prepare for your absence as a landlord can significantly contribute to a stress-free vacation. The idea is to ensure you meet your tenants’ needs and that your rental properties are protected and maintained while taking a well-deserved break. These proactive steps provide peace of mind and enable you to unwind and enjoy your time off fully.