Do You Need To Live Close To Your Rental [Video]

8th Interview with Wendy Frenzel of A Vantage Properties.

PmDave: Do You Need To Live Close To Your Rental ?

Wendy Frenzel: It depends upon are you the one managing it or do you have a property manager? Also the other question is; is it your home or you going to treat it as a business?

I have had some owners that it has been very hard from them - this is no longer my home, this is a business. If they can’t take themselves out of that picture you could put the best resident (renter) in there and because they didn’t decorate the way the owners did it is not a good fit. In those times I would prefer the owner to be further out (from the rental) because they are not going to be happy no matter what.

If they are treating it as a business weather they have lived there before or not they can be anywhere - close or far away and it is OK. Because their mindset is that it is a business. First thing is change the mindset this is a business it is no longer my home.

It is their home, my house. You need to know it is the residence’s (renter) home.

How hands are you will determine whether you need to be close or not. I have one owner that I do just leasing for he is in California. He manages it and I put in a good resident (renter) but they have great communication they talk on a regular bases and everyone is informed. You have to have good communication skills.

The residences have to know what the expectations are for some of those owners it is call me or email me their is a problem. Other owners will say, you know what you hire the contractor is the hot water heater is making a noise - hire them, get it fix and then we will take care of it. It just depends on your comfort level on giving up some of that control and it comes down to that it is a business.

You want the residence that their job is to take care of the house as their home so you want them to work with in those parameters. If their not than you have a concern but if they are working in within those parameters you can be anywhere.