If you’ve been thinking about renting your property but need help managing it, you’re not alone. There are ways to keep your rental property on track without having to be in the exact location all the time. Hiring a property manager is one option. These property managers can manage your rental properties and report to you daily. While they oversee the rental operations, you’ll have the final say regarding important decisions.
13 foolproof tips for managing rental property remotely
To successfully manage rental properties remotely, you must learn to be proactive and responsive. There will always be issues, and you can’t leave your tenants hanging. The best way to hide your remote management is to maintain an extremely high response rate. Tenants will not want to live in a poorly maintained rental, so keep your communication lines open and be accessible whenever needed.
Before renting your property to tenants, establish your rules for the property. The number one mistake landlords should have made is to set up proper security. Security cameras can help prevent vandalism and theft. Also, be sure to schedule inspections so that you can meet your tenants face-to-face.
Hiring a property manager
If you are looking for ways to reduce the burden of managing your rental property, hiring a property manager can help. Property managers will oversee the operations of your rental and report to you daily. While you will benefit from a professional team, you’ll still be in charge of important decisions, such as the number of tenants and maintenance.
To avoid headaches and wasting your time, hire a property manager who can keep in touch with renters via reliable methods. They should be able to notify renters of scheduled maintenance and issues as quickly as possible. They should be able to do this through e-mail, social media, or text messaging. They should also be able to set up a communication portal for renters and owners so that they can contact them with maintenance requests. They should also quickly return calls and e-mails and provide regular progress updates.
Having a property manager in a remote location will enable you to focus on other aspects of your business. While it’s difficult, having a professional handle the day-to-day tasks and emergencies can allow you to concentrate on larger-scale management.
The key to hiring a property manager to manage the rental property remotely is to choose a company that offers remote services. You should ensure they’re licensed, bonded, and insured if you’re a landlord. You can also check with your landlord association if they have a preferred vendor list. If you’re in an area where COVID is expected, consider hiring a property manager to manage rental property in a remote location.
Using property management software
While property management software is necessary for landlords with a large portfolios, it is optional for small portfolios to use the more expensive software. Standard features of such software include tracking rent payments, scheduling building maintenance, and filing lease documents. Many software programs also offer other elements that are not necessary for small portfolios.
One of the main benefits of property management software is its ability to automate tasks. It makes collecting rent payments and other payments easier. Many programs keep track of overdue tenants and automatically calculate late fees. Some even can help tenants apply for renters’ insurance directly through the software.
Property management software is available in desktop and web-based versions. Desktop versions are downloaded onto a property manager’s computer. Desktop versions are usually costly and require extra computer hardware and disk space investment. Cloud-based versions are far cheaper and don’t require a computer server.
Once you decide on software, you must ensure it has all the necessary features. You should also know your budget before signing up. You can find free trials and try out several systems before deciding. The software should help you run your business more effectively.
Most property management software is priced based on the number of units managed. Some companies charge per unit per month. Others have a minimum number of units. TenantCloud is free for up to 75 teams, but you’ll have to pay for a higher tier if you have more than that.
Keeping up with maintenance
If you own rental property, you may be wondering how to keep up with maintenance and repairs when managing it from afar. Perhaps you live in a different city or state. Or, you are going on an extended vacation and need to find a way to monitor your property remotely. Regardless of the situation, following these essential maintenance tips will help you keep up with your rental property.
The first step to keep up with maintenance when managing rental property remotely is to have a system in place for reporting issues. While it can be a challenge to collect parcels from afar, it is essential to establish a way to communicate and resolve any problems as they arise. The next step is to find a local vendor to maintain your property. Ideally, you have a professional connection with this vendor.
Another key to successful remote rental property management is to develop clear communication with tenants. The goal is to establish a relationship of trust and communication so that tenants can see and trust you. Knowing about property issues as soon as possible is essential because ignoring them could result in a nasty surprise when you return.
Mitigating risk is a crucial part of property management. There are still many risks even if you are not in the building or the property. For example, accidents can occur, residents can be careless, and exteriors will wear down over time. Managing risks effectively will require you to prioritize mitigation actions based on relative risk.
One of the most significant risks you might encounter as a property manager is dealing with your tenants. Unreliable tenants pose a financial risk, so you should carefully screen your tenants. You should also have a detailed contract with your tenants to recover your money if you do not receive rent payment.
Another risk that can affect rental property managers is terrorism. While it is possible to minimize the damages caused by terrorism, there is no surefire way to prevent it. Combating terrorism is a long-term effort that requires patience and sacrifice. You have to consider all hazards and be prepared for them.
As a property manager, it is essential to diversify your portfolio to minimize risks. This will help you balance market risk and avoid losses in one industry. You can read more about diversified portfolios on Investopedia. Likewise, legal risks can arise in the process of acquiring a property. In some countries, the law must make tracing titles easier and prevent property loss.