How to Travel the World and Manage your Rentals!
Click Here for the audio only version on the Lady Landlords Podcast
Finally, I am back in the US and think I made it past the jet lag! Emilio and I had a fantastic time back packing through Europe these past few weeks. After COVID stalled our plans in 2020, I was finally able to take my husband back to where I used to live for so many years in Spain and Portugal. From Flamenco and tapas in Sevilla to the beaches in the Algarve and Mallorca, we could not have had a better trip bouncing around! We even fit in London for the Queen's Platinum Jubilee and finished our trip seeing Queen in concert!
What else did we accomplish while abroad?
🌟 Renovated a kitchen in one of our rentals,
🌟 Qualified for another mortgage for our newest duplex,
🌟 Collected rent for all of our properties,
🌟 Listed a upcoming apartment for rent,
🌟 Had happy tenants in all of our properties,
And the best part...
It only took me a few minutes to handle all of that!
And you can do this too! Over the years, I have worked hard to put processes in place to manage my properties from anywhere, including our property that we own in the Dominican Republic. But, what I did, does not have to be unique to me. You deserve a break. A vacation with no tenant phone calls. Or even some downtime where you are only reachable for emergencies.
Here are 3 tips that helped me self-manage my properties with minimal time while on vacation:
1. Set Boundaries.
At the Tenant Selection Stage is when I start to implement my boundaries. I have always found it very important to clarify expectations at the very beginning in business and landlording is no different. Even my lease states when and how tenants should communicate with me and what they can expect from me in turn. What this does is allow me to protect my time. I don't have to worry about getting calls all the time. Now, for non-emergencies, I can review my rental portfolio's needs on my own terms. This has been an absolute game changer for me!
2. Treat one rental the same as 100.
Since I first started buying rentals, I ran our househack the same way I run our multi-million dollar portfolio. I put systems in place that were duplicatable that ensured I was ready to go no matter if it was a vacancy or an emergency situation. The benefit to this is having structure so I didn't always feel like a chicken with her head cutoff every time I had a new tenant that needed a lease. By creating workflows and streamlining processes, I am more efficient and can provide a better service to my tenants in half the time! Listen to this episode of the Lady Landlords Podcast about the systems I use to outsource.
3. Prepare for the worst.
Emergencies do happen. This biz isn't always as fun as it looks on Instagram. Make sure to have trusted boots on the ground that you can call and a backup plan in place to handle situations so you don't have to cut your vacay short. My personal favorite hack is use electronic locks so I don't have to worry about tenant lockouts and can let repair people in while I am away! I am easily able to control access from anywhere I am all with a phone and internet service!