How to Manage Your Property From Abroad
Countless Ethiopians move abroad every year in an attempt to visit their loved ones or see what the other world holds. However, for those lucky enough to own rental properties, what options are available? Some choose to pack-up and sell, yet there’s no reason these properties can’t continue to be a stress-free source of income.
Whilst the obvious option would be to hire a property manager to handle the management, which are still a good idea and another option would be self-management! With the right guidance and strategy, self-management can be a straightforward process which can save a considerable sum on agency fees every month. Read on for our advice on self-management; what to be aware of and how to make it work.
How do I find tenants?
- If you already have tenants in your property, there is a chance they may want to conduct the search themselves. It is always worth offering the decision to your tenants first as they are more likely to get along with housemates they have chosen. A new tenant will need to pass a reference check either way, so their making the final decision will make no difference to you.
- Finding tenants whilst abroad is fairly straightforward. Using a property management company can be the best solution. If you are struggling you can also use an Online Estate Agent and pay a small fee to have your property listed on their site.
- You will need to be present or have someone you trust present during viewings and when the keys are handed over. If necessary, it can be good to book time to visit Addis to address any issues, sort viewings and to ensure that the new tenants pass the reference check.
Keep in the loop
- Do not feel restricted to communication via email alone. Regular communication and being able to put a face to your name will make tenants feel more at ease.
- There are a host of video messaging services available and with apps such as Skype, Facebook, Whatsapp and Face time, you can take a look around the property should you want to see a problem for yourself or for a general once-over around the home.
- Tenants are more likely to stay in your property if they trust you to sort out any issues quickly and effectively. Keeping in contact shows that, as a landlord, you care for both your property’s and your tenants’ wellbeing.