Managing rental properties remotely can be difficult, especially if you are doing for the first time. But with the advent of technology and innovative property management tools, it has become easier to manage rental properties from any place, anytime. As a property owner, you aim to confirm your investment property is well-maintained, rent is collected punctually, and tenants are content.
This blog post will explain helpful advice for managing your rental property remotely and some tech tips for rental property management.
Tips For Managing Rental Properties
Managing a rental property can be challenging enough as it is, and it becomes even more demanding when you have to oversee everything from a long distance. If you own a property in another state or a considerable distance from your residence, seeking every possible advantage to simplify your life is essential. Below are we describe tech tips for managing rental properties remotely:
Set Up Digital Payments
Collecting payments on time is crucial, but that’s only possible if you live in the same state as the people you’re ranting to. Simplify the process for yourself and your residents with a digital payment strategy. Popular platforms like ClickPay, and PayYourRent offer convenient options. Look for a system that accepts various payment methods like debit cards, credit cards and direct bank transfers and confirms fast processing. With digital payments, you can efficiently collect rent without the inconvenience of paper checks.
Use Online Tools and Platforms
Utilizing online tools and platforms for various tasks is crucial for managing property remotely. These tools help with listing, screening, marketing, rent collection, leasing, communication with clients and tenants, and maintenance management. There are numerous options for cloud-based services, including property management software, online portals, websites and apps. Select the ones that best fit your needs, preferences, and budget while ensuring they are reliable, secure, and user-friendly.
Install a Home Security System
Installing a security system can provide you and your resident’s extra security at your rental property. These systems serve as effective barriers against break-ins and destruction and can be utilized to monitor empty properties. Home security systems contain more than just cameras, they often include smart door locks with digital keys and carbon monoxide detectors with digital alerts. These modern features offer convenient safety benefits for landlords, realtors, and tenants alike.
Implement Remote Property Inspections
Regular property inspections are essential for detecting your property’s general and maintenance issues. However, remote inspections can be a valuable alternative when you cannot be physically present. You can request residents to provide videos or photos of the property periodically. This proactive approach enables you to evaluate any damages or maintenance needs and act accordingly promptly.
Set Clear Expectation With Tenant
Establishing clear expectations with your tenants immediately confirms a seamless remote management experience. It is essential to provide them with a comprehensive welcome package that includes guidelines on reporting emergency contact information, specific rules or policies and maintenance issues. You can cultivate a positive relationship between tenants and landlords, preventing misunderstandings or disputes by fostering transparent communication and well-defined expectations.
Conduct Through Tenant Screening
Effective remote management necessitates placing trust in your tenants, making thorough screening indispensable before finalizing lease agreements. Requesting detailed rental applications, performing comprehensive background checks, verifying income and employment details, and contacting provided references are imperative. You significantly reduce the likelihood of encountering potential issues when managing properties remotely by diligently selecting reliable and responsible tenants.
Host a Virtual Property Tour
To attract new renters, try hosting virtual property tours. They offer a closer look at your rental property, allowing prospective renters to decide whether to apply from home. Plan the tour carefully by clearing out the property and mapping a route. Start with exterior shots, then move inside, showcasing each room as if it were an in-person showing. Virtual tours have multiple benefits, like attracting out-of-town renters, finding qualified candidates without in-person visits, and filtering out disinterested applicants.
Stay Updated and Compliant
Staying informed and adhering to the regulation, trends, and laws relevant to your property management business is important. Stay updated on state, local, and federal rules governing your properties and tax requirements, including fair housing, landlord obligations, tenant rights, safety and health regulations, etc. Keep up with the latest technology, industry best practices, and market conditions that may affect your operations and performance. To stay informed and educated on these matters, newsletters utilize online resources, podcasts, blogs, and courses or webinars.
Plan for Emergencies
Preparing a plan for emergencies is essential, as they can occur anytime. Collaborate with your property manager or local contractors to establish a comprehensive emergency plan covering floods, fires, or break-ins. Create an emergency contact list and share it with your tenants, ensuring they know whom to contact in case of an emergency. These individuals will act as your on-the-ground support, assisting with any issues.
Top Tech Tools for Managing Your Rental Properties Remotely
Google Forms
Google Forms is a great tool for property managers to gather information from tenants through surveys. It allows for easy data collection and can be integrated with AppSheet, which stores survey data in one spreadsheet, eliminating the need for manual review.
Buildium
Buildium offers a free trial of background credit checks and a check tool for potential tenants. This tool allows property managers to check credit reports, view criminal records, eviction history, and more, ensuring they only rent to qualified tenants. It also provides information on past employers, payment histories and court documents.
TenantCloud
TenantCloud is a comprehensive app that allows property managers to manage various aspects of their properties. Tenants can conveniently pay rent online, while property managers can screen applicants, track invoices and bills, and maintain seamless communication with landlords and tenants.
Keepe
Keepe is an online-based maintenance solution for rental property managers. It helps property managers find contractors, obtain estimates, complete necessary repairs, and handle maintenance issues efficiently. Especially during the current lockdown in the United States, Keepe offers a speedy and effective way to address emergency property repairs.
Ending Note
Managing Rental Properties Remotely can be a challenging task for property owners. By incorporating these effective tech tips, you can confidently tackle the challenges of managing rental properties from a distance. The mastery of remote property management is within your reach. Equipped with your toolkit, you can handle remote management smoothly and efficiently. Therefore, embrace property management and success as property owners, no matter where you are. Remember that remote management can be a seamless and prosperous experience with the right tech tips in place.