As a property manager, I believe it is important to be mindful of your distance to the properties you manage. The further you are from a property, the more cumbersome it becomes for you to manage it. Whether you are a property manager or a rental property owner, the concept is still the same. Today, I want to talk to you about the top 3 challenges that you will face if you are not mindful of your proximity to your properties.
Higher fuel costs – the first challenge that I would like to explore is the higher fuel costs. I say fuel cost because I am assuming that you are driving. However, it could just as well be higher travel costs. When you have an asset that is situated far away from where you reside, you have to take into account the costs of fuel and travel.
Limited Drive by Inspections – Another challenge that you will face when you are a long distance away from your property is your limited ability to personally perform drive by inspections. You would think that google maps would make the need to drive by a property obsolete, and you would be wrong. Google Maps is static so it will not tell you anything about the condition of the property as of today.
Disconnection from property – The old adage of out of sight, out of mind should ring loudly here. Sometimes, it is easier to be interested in your property when it is in close proximity to you. Even with a rental property which should be an asset, if it is too far away from you and you’re not interested in how the property is functioning, you may lose interest.
These challenges are not earth shattering and they shouldn’t keep anyone from investing in properties even in long distances. However, these are points you should consider when drawing up your investment plans. You may also want to reduce how your distance from the property may impact you by hiring someone that is close to the area to watch over your portfolio.