It is not always easy to manage a rental property. From finding tenants, to collecting rent and everything in between, it can be a full-time job. But there are ways to simplify the process and even do it remotely from anywhere in the world.
There are many reasons why someone would want to manage rental properties remotely, including to avoid the hassle of being tied down in one place. Whatever your reason, there are certain steps that you need to take in order for it to be successful.
First things first
The number one thing you must consider when you are managing a property remotely is how you will deal with the people who live in your property. You must consider their rights while also managing your own property. That's why you should have a lawyer review any lease you sign with the people who live in your property.
Challenges
Let's now take a look at the most important aspects and challenges of running a rental property to get a better understanding of how to overcome them with the help of some tools and services.
- Finding the right tenant
- Lease signing and renewal
- Fixing and maintaining the property
- Paying for property taxes, insurances, and utility bills
- Communicating with tenants
- Fulfilling tenant requests
- Paying for repairs and maintenance
- Keeping your availability calendar updated
- Keeping track of your expenses and income
- Sending rent payment reminders, etc.
Collecting rent Where to begin?
- Create a plan. Determine the tasks that you need to complete every month and prioritize them accordingly. You should also set deadlines for each task so that you have a clear idea of what needs to be done when.
- Find a reliable property management software or app that can help you with the day-to-day tasks of running your rental property. Some of the most popular ones are Poplar, Icnea, Rentec Direct, and Rent Manager. These software providers offer a range of services that can be customized to your needs. They help you automate most processes and keep track of all the important information about your property, such as tenant information, maintenance requests, and other tasks.
- Create an email account only for the rental property to organize all relevant data and communication in one place.
- Set up automatic payments for bills, water, gas, and other utilities.
- Use a solution such as a Google Docs spreadsheet or a custom-made app to keep track of your expenses and income from the property.
- Monitor the property through electronic surveillance devices, security cameras, and sensors. Of course, the tenants should be clearly informed of such measures.
- Use tech tools like video chat, Skype, or WhatsApp, which allow you to stay in touch with tenants while not being physically present at the property.
- Create an online presence by setting up social media accounts and creating content on other platforms, such as a personal website, as it helps attract prospective tenants. You can use online tools such as Hootsuite to schedule posts, monitor social media and other websites for any negative reviews, and create content for your website.
- List your property on online platforms that offer all-in-one solutions, including property management. They do almost all the work for you.
Other things to keep in mind
As discussed, with a little bit of research, landlords can find tools and services that will help them create an easy-to-follow system for themselves and their tenants and manage their properties from anywhere in the world.
However, managing your property remotely doesn't mean you don't have to conduct regular inspections. It's advisable that you check in on your property at least once or twice a year.
This allows you to spot potential problems before they get too bad and also gives you an opportunity to give and receive feedback and improve the rental process. Also, be sure to talk to tenants in person when necessary to address any issues.
If you're not interested in managing your rental property remotely for whatever reason, there are still some ways to ensure that it is well-managed.
For example, you can hire a property manager through a property management company or find an independent property manager. This person will handle all of the day-to-day tasks and responsibilities that come with being a landlord, like dealing with maintenance requests and collecting rent.
Another option is using digital marketplaces like HomeAdvisor, which will provide you with qualified professionals who will handle the tasks that are required to maintain the property.
If you're thinking about managing your property remotely, Flatio has got you covered! Our digital, automated solutions and our partnerships, including with property management software Icnea, allow you and your tenants to have a pleasant rental experience. List your property on Flatio now and start making money!
