Investing out of state has become easier than ever, thanks to the exceptional technology and expertise of local property management companies. At Ramshaw Real Estate, we provide property management in the Champaign-Urbana market for a lot of investors who live outside of the area. This is a great place to invest, and it’s not uncommon to have buyers from out of state or even out of the country interested in the opportunities available.
When you’re investing close to home, it’s easy to check in on things once in a while. You can drive by your property and respond to any emergencies right away. When you’re out of state, however, you need some extra protection. Today, we’re sharing some tips on how to invest from outside of the area, and what you should expect from your Champaign-Urbana property managers.
Champaign-Urbana Property Management: Technology is Critical
We always recommend working with property managers who invest in technology. It makes for more efficient and effective management in general. It’s especially important when you’re out of state. You’ll need a platform you can log onto from wherever you are, that will give you a glimpse of how things are going with your investment.
A tech-savvy management company will give you the tools to:
- Receive and review accounting statements and financial reports online.
- Accept rental payments electronically through direct deposit.
- Provide inspection reports and invoices online.
- Ask questions, send messages, and engage in online communication.
Make sure you have everything you need to feel connected to your investment. Communication should be detailed, accurate, and transparent.
Champaign-Urbana Property Management: Local Market Trends
Always work with a local expert. There are some large real estate companies that do a great job marketing their services across the entire country. They have a lot to offer. However, when you live far from your investment property, you want to make sure you have a local property management company that knows the laws, trends, and tenants in the area of your investment property.
The importance of local expertise cannot be overstated. If you own a building with four or five apartment homes and there’s a fire, you want your property manager to be able to get there within minutes. When it’s time to conduct maintenance inspections, you want to be sure your property manager understands how much notice is legally required before entering the property.
Local property managers will be able to help you accurately price your rental home, make recommendations about updates and upgrades, and talk to you about what’s going on in the market. Property management experience is invaluable, but local experience is especially important when you’re an out-of-state investor.
Champaign-Urbana Property Management Laws
It’s easy to make an expensive mistake, especially if you’re not a local. Regardless of where you are, staying up to date on state and local laws is required. You’ll need to know habitability laws, security deposit requirements, and limits on items like late fees and rent increases. There are often updates and changes to fair housing laws and screening best practices.
Not working with a knowledgeable property manager puts you and your investment at risk. It’s important to stay compliant, and it’s important to know what might be coming down the road in the next year or two.
When you’re looking for Champaign-Urbana property management, contact our team at Ramshaw Real Estate. We help out-of-state investors with their investment properties throughout this market, and we can help you have a better and more profitable rental experience.