Managing rental properties from abroad: the complete method

To manage a rental property from abroad, you need three things: a trusted person on site for day-to-day operations, a written, dated record of every rent payment, every expense and every repair, and a tool that shows you all of this in real time, in the property's currency. Without a record, you depend on other people's word.

The real problem: information, not distance

Living far from your properties isn't a problem in itself. The problem is not knowing: who paid this month, how much is still outstanding, whether the reported leak was really fixed, why the repair invoice is so high. When information travels through calls and messages, it arrives late and incomplete, and it leaves no proof.

The method is therefore to replace blind trust with verifiable trust. Your manager, a relative or an agency can keep acting on the ground; you see the results.

Step 1: organise the roles

Decide who does what: who shows the property, who collects cash if there is any, who calls the plumber, who approves an expense. In Locagex, each person has their own access with rights limited to their role: a manager can record a payment, but only you can approve a large expense.

Step 2: trace every rent payment

Set a clear payment channel for each tenant (mobile money, bank transfer, deposit with the manager). For each payment, the tenant reports it, it is confirmed, and the receipt is issued. You see the status of every unit: paid, pending, late. Locagex does not collect rent: the money goes directly to the landlord or their representative, and Locagex keeps the record.

Step 3: require proof for repairs

Every job should have a dated report, a quote, before-and-after photos or video, and an invoice. Maintenance tracking attaches all of this to the unit concerned. You approve before paying, from your phone.

Step 4: keep your accounts in the right currency

A studio let in CFA francs, an apartment in euros, a house in dollars: each property must keep its currency, or your figures become wrong with every conversion. Locagex is multi-currency: your statements and your accounting stay accurate, currency by currency.

Step 5: a fifteen-minute monthly routine

• Check the month's rent and any late payments.
• Review open jobs and expenses awaiting approval.
• Download the month's statement for each property.
• Reply to pending messages in the messaging tool.

Mistakes to avoid

• Accepting "hand-to-hand" payments with no report or receipt.
• Paying for repairs without photos or an invoice.
• Mixing rent and expenses from several properties in one account without breaking them down.
• Letting one person take every decision without any oversight.

See also: Locagex for the diaspora.