Remote rental management has become an increasingly popular option among landlords of all types.
Whether you’re traveling, live out of state, or simply can’t meet face-to-face with your tenants, you can always manage your rental business remotely. Also Read manage your business remotely.
Digital resources and tools have greatly improved in the last decade. As a result, it is now possible to manage your rental business remotely while still ensuring steady revenue and quality experiences for your tenants.
Property management software is the primary tool landlords use for remote management. With property management software, you can perform all your rental functions online: rent collection, leasing, maintenance management, marketing, and communication.
Here are a few tips for managing your rental business remotely.
Collect Rent Online
Online rent collection is essential for remote rental management.
There’s a reason so many landlords collect payments online. Online rent collection is convenient for tenants and necessary for remote management. Tracking down cash and check payments becomes even harder when you aren’t physically present with tenants.
Property management software users even benefit from automatic record generation. Instead of keeping your books and performing calculations manually, let online rent collection features do this for you.
Collecting rent online is the single biggest step you can take to successfully manage your business remotely.
Sign Leases Online
To maintain your rental business, you’ll eventually need to acquire new tenants and sign new leases. As paper leases are no longer the norm anyway, online lease signing is how you can accomplish this.
With property management software, you can upload, edit, or create leases directly on the platform. You can also designate lease fields and use autofill to minimize the time you spend creating your lease.
When you’re ready to share a lease, you can do so by entering tenant emails. Your property management software will automatically send signable copies to each tenant.
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The digital marketplace is now the primary way that many people shop. Housing is no different. If you want to reach the most tenants in the shortest amount of time, you’ll need to refine your digital marketing assets.
Younger tenants are less likely to be searching for listings in the newspaper anyway. For this reason, it’s entirely feasible to manage your listings, ads, and rental applications remotely.
For example, you can market on popular listing sites like Zillow, Apartments.com, or Trulia.
Social media marketing is also an option. Many landlords post listings on Facebook Marketplace or develop Instagram campaigns to expand the reach of their rental businesses. With a little research, you can do the same.
Host Virtual Tours
Since you’re not available to show your properties in person, you’ll need another way to show prospective tenants around. You may decide that it’s worth it to hire someone on the ground to facilitate showings. However, this is an extra expense, and prospective tenants still don’t get to meet you.
Instead, consider hosting virtual tours. These can be either pre-recorded or live over a video streaming service. You can greet prospective tenants, show them the most attractive features of your properties, and gauge their interest.
If you choose to pre-record virtual tours, you can upload them to YouTube and share them with an even wider audience. Tenants who enjoy their experience can recommend your properties to their friends, who can then visit your YouTube channel to find out for themselves.
Install a Security System
Finally, it’s a good idea to install a trusted security system for your units. Although you aren’t there in person, you should still verify that your units are safe and secure.
If any unsafe conditions arise and you don’t know about them, you might be vulnerable to legal repercussions. Instead of waiting for something to happen, it’s best to secure your properties from the start.
Some ideas of security hardware you could install include video cameras, alarm systems, and smart locks.
Achieve Your Rental Goals Remotely
Global health crises or not, there will always be situations where remote management is simply more convenient. With property management software, you can manage your business remotely without sacrificing the quality, efficiency, or security of your rentals.