How to Travel & Invest In Real Estate – 5 Important Tools of the Trade
Traveling is fun. Exploring places, meeting new people and coming across new cultures; what more can be life? But what about some income while traveling, that too from your real estate? So how can real estate investment be an income while traveling? Read on to know more about the hottest and five most important tools of travel real estate.
The correct investment begins with the correct tenant. And the first step towards choosing the correct tenant is identifying the right kind of person you want. Have a clear idea about whom you want to rent your home to, your stands on smoking, pets, alcohol etc. in the property, the utilities, and facilities that are going to be included, what makes your property stand out from the others, the number of people who are to occupy and the rental duration.
If your property had a unique feature attached to it, you can get higher rent for it. Do you have an exciting off-road track near your home where you can go biking? Off-road biking enthusiasts would definitely come to such a property. You can even lease out your Sherco to such biking enthusiasts. It will definitely fetch you higher rents too. The real job begins after you identify your prospective tenants. You have to begin marketing your product – the property.
- Decent property management software
Online property management software gives us many benefits at minimum costs. They organize and promote the property, screens the tenant applications according to individual choices, helps in online leasing and online payments, tracks and records maintenances, payments received and manages all property related issues. Before leasing out your property, knowing it’s worth is very important. For instance, if you live in Miami, contact the Miami fl real estate agents to know it’s worth and the fair rent on which your property should be leased out.
- Online banking
Online banking is the most essential and helpful tool while launching any business. The modern world has no time to waste cashing time-consuming checks. Thus online banking and e-transfer is the fastest and most reliable method when it comes to any business related money transactions. It also cancels out the need for physical presence during a money transaction.
- Go paperless!
Virtual is the motto of the new world. Moreover, who has the time to go over countless forms filling the same details over and over again. Going paperless gives more flexibility, especially while we are traveling. Scan each and every document, give a suitable file name and organize them accordingly. This eases the hassle of finding each document; everything is available in a single tap.
- Virtual signatures
Signatures are essential for any business. They increase the credibility and authenticity of the paperwork. But the process of signing can prove a waste of time and also demand the physical presence of both parties at one particular time at a particular position. But virtual signatures are all one needs to clear off all these problems. There are many online sites and apps which aid in the virtual signing of any document through your smartphone or laptop. This is a very effective and time-saving method and also helps in online saving of the document very easily and fast.
- The team
Trustworthy team members are the most important part of the success of any business. It is going to be hard managing the whole process alone while traveling and its therefore essential to have a great team to backup your stuff. A good bookkeeper, administrator, a bunch of handy electricians, plumbers and other maintenance men and a partner to share all the workload. The team can be small but supportive, like a buddy who has got your back no matter what! If you don’t have a business partner or a friend, consider creating an alliance with other local real estate investor friends or real estate agents.
Once the marketing is all done and you’ve got a tenant, do some background check on him, his financial background and his other details. Also, prep your property for the tenant. Do an insurance check, the maintenances, cleaning, diverting your mail, taking care of the telephone etc. Also, do talk your neighbors about the arrangements and also set up a local administrator whom the tenant can contact in case of an emergency. All set now, you can definitely have some time to relax with your fave royal salute on that off-road camp you’ve been dreaming for a long time.
A single journey can change your whole life; it can be your turning point. So never let anything come in between you and that life-changing moment, especially if it can fetch you more funds to travel!
She is a blogger who loves to write on different verticals. She co-authored Supercharge Organic Traffic: A popular course focusing on Organic Traffic for E-commerce. Her hobbies are traveling and reading.