Perhaps you understand the impressive opportunities that exist in the Charlotte real estate market, but you don’t live here. Maybe you’re interested in buying rental properties in Matthews, Ballantyne, Monroe, or one of the surrounding areas, but you’re not sure you’ll be able to come into town to take a look at what’s available.

Does this mean you cannot invest here?

No, it does not.

Investing in real estate once meant that you had to be there, physically, to tour the property and negotiate the deal. But, technology has changed a lot, and one of the things it has delivered is the ability to invest in a property even without seeing it in person.

This is not something every investor is comfortable with, but if you’ve been thinking about this market for a while and you know what to expect in general terms from inventory, rental value, and neighborhood demographics, you can successfully invest without being here or seeing your property ahead of time. All you need is a competent and experienced real estate agent and property manager.

You may even find there are advantages to investing this way. You can save yourself a lot of time and money by investing virtually.

There are a couple of caveats to successfully investing sight-unseen. You’ll need to invest in plenty of due diligence to make sure a potential property fits your investment goals. You’ll need to make sure the property you’ve chosen will make a good rental, and you’ll need to crunch some numbers and make sure that you’re capable of earning what you need to earn in the short term and the long term.

Most importantly, you need a team of local experts who can assist you.

Risks to Investing Sight Unseen

You do not need to come to Indian Trail, Stallings, Mooresville, Concord, or any of the nearby communities in order to invest here. We can help you do it from wherever you are.

If this feels risky, we get it. However, all investments come with their share of risk, and as long as you mitigate that risk and protect yourself from potential liabilities, you can still invest successfully.

Remote investing is not nearly as risky as it once was. It’s easy to be suspicious; but when you’re working with professional agents and property managers, you can count on the checks and balances that are in place to protect you. You will have your property management partner go out and physically look at the property. You’ll pull titles and order a complete home inspection.

Thanks to innovative technology and a network of online tools and platforms, you can view listings, negotiate deals, and transfer funds without being in the same room or even the same state as the seller.

Know Your Investment Goals

There’s a reason you want to invest in the Charlotte area, whether it’s a Pineville, Huntersville, Waxhaw, or Fort Mill rental property that you want to buy. You’ve studied the market and you know what you can expect in terms of rental values, appreciation, and tenant selection. There is money to be made on property here, and the region is getting a lot of attention from investors from outside of the state and even outside of the country.

You’ll need a strong understanding of your own investment goals before you invest sight unseen. Be specific about what you want, and understand how a specific property enhances your portfolio and your goals. If you’re going to invest in a property without seeing it, you have to know it’s the right property at the right time.

Start by Partnering with a Charlotte Property Manager

The best first step, when buying an investment property sight unseen, is to partner with a local expert. A real estate expert can help you navigate the sales process, but even more important than real estate experience is property management experience. You’ll need to explore:

Rental values
Potential maintenance costs
Tenant demands and requirements
Vacancy and turnover rates
Local and state laws pertaining to renting out a home

The right property management partner can help you close the real estate deal, too. We work with non-local investors to manage the entire investment cycle, from identifying an opportunity to finding and placing a tenant and signing a lease agreement. As a remote real estate investor, you’ll need local experts who have invested heavily in technology. This will allow you to stay connected to your management company and your rental property.

Here’s the type of technology that will make this possible:

Video technology so you can be present at inspections, tours, and visits (if you want to be).
An online platform or portal that gathers all of the information you need in one place, including quotes and estimates and reports.
Communication tools. How can you get in touch and stay in touch with your agent and property manager?

We are always monitoring the real estate and rental markets locally. As an investor who is buying sight unseen, you’ll need access to the data we’re gathering. As you’re preparing to make an offer, we’ll determine what you should be paying and what you can expect to earn from that property when you’re renting it out.

Property Management Once the Deal is Done

What else can your local property manager do to help you? A brief list:

Provide an efficient leasing period. We rent out properties that are occupied quickly, avoiding long vacancies and financial loss.
Deliver an immediate response to emergency maintenance issues and routine repairs.
Collect rent on time every month.
Enforce the lease agreement and hold tenants accountable, even while establishing respectful and professional relationships.
Offer lower turnovers and higher tenant retention.

A local property management partner will understand the requirements of your portfolio and develop a good relationship with your tenants.

You don’t need to feel like you’re investing sight unseen, even if you are. That’s because we’re seeing the property for you, and we’re making sure you have all the information that we have.

If you’re ready to invest in a piece of real estate but you have no plans to come and see it yourself, please contact us at Wess Cason Realty. We provide real estate and property management services in Charlotte and the surrounding areas in Mecklenburg, Union, and Cabarrus County.