How do you get your rent while living abroad?

[Mediappy]

For others who've been renting their apartments/homes back in their countries of birth (the UK for me) - how do you make sure you get paid in time, how do you keep an eye on the place that you're renting, and what kind of insurance have you got back home?
 

[gargamon]

You need to hire a property manager. I pay 9% of the gross for this. They find tenants, handle maintenance, etc.

[Nick Carter icp]

There is no way to make sure that the rent is paid on time  or at all , you aren't legally allowed to visit your property without the tenants permission , so you cannot keep an eye on the property if you live close by . 

[Prubangboy]

We do Air BNB. The agent takes a whopping 25%. But they do every last thing and market the property.

 

The agent rejects 95% of properties offered to her. Air BNB is very competitive. You need a good property AND a good location.

[ArmandoWalter]

I used to rent out my place back in the States while living abroad. Keeping tabs on payments and the property can be a bit of a juggling act, but what worked for me was setting up automatic payments with my tenants and having a family member check in on the place every now and then. 
As for insurance, I went with one of the companies from this article - https://joywallet.com/article/best-renters-insurance/. Now I know that my belongings are covered in case anything goes south. 
So, renting out your place while living abroad definitely has its challenges, but with a bit of planning and the right precautions in place, it can go well.

[rocketboy2]

Uk properties,  unfurnished, fully managed,  12% gross to letting agent.

Insurance, up to date total rebuild cost, plus the usual stuff, plus public liability cover, plus some legal cover.

Not had any real bad tenants, you just need to be prepared to throw money at a situation,  until it's fixed.

Can't complain,  it pays for me to live here, and if all goes south at some point, places to go back to.

 

 

Edited Thursday at 11:49 AM by rocketboy2

[topt]

On 4/26/2024 at 9:52 PM, Mediappy said:

how do you make sure you get paid in time,

That starts with how you source and agree the tenants - whether personally or using some sort of agency. Referrals and credit checking need to be meticulous and even then it may not be fool proof.

The contract needs to be professionally done and you need to make sure you have given them all the prescribed information so there are no loopholes.......

On 4/26/2024 at 9:52 PM, Mediappy said:

how do you keep an eye on the place that you're renting,

Written into the contract should be a clause about regular inspections. I hire a person who also does inventory check in and out to visit and check the property including taking photographs - £45 a visit. If you are using an agency that should be part of the deal..............

On 4/26/2024 at 9:52 PM, Mediappy said:

and what kind of insurance have you got back home?

You should have specific landlord Insurance. Depends on whether you are furnished or unfurnished as to what you want it to cover. 

I use these agents  https://www.alanboswell.com/landlord-insurance/ and my current insurance policy is with Covea but I have used others.