7 Tips for Managing Your Real Estate Property Remotely
Managing rental properties remotely presents unique challenges, but with the right approach, you can maintain the same standard of care for your property and your residents. Whether you're a seasoned property manager or just starting, adopting modern strategies and tools is essential for success. In this blog post, we will explore seven essential tips to help you effectively manage your properties from afar. These insights will not only help you stay connected with your tenants but also maintain the quality and safety of your properties.
Tip 1: Use Property Management Software
Using property management software can greatly increase communication, from maintenance requests to rent collection. Sometimes emails can get lost in a sea of other information, or texts can get forgotten. Ensuring that you have one centralized place reserved solely for tenant communication makes it much easier to keep track of everything you need to be aware of and take action on, which helps to maintain a seamless resident experience.
Tip 2: Establish a Reliable Local Network
Research and contract local professionals to oversee landscaping, maintenance, and cleaning and ensure they will have a timely response to your property needs and any emergencies that occur. Additionally, review current contracts and enlist new professionals to add to your network as needed; don’t feel like you have to continue using the same company if you find they don’t meet your expectations or requirements. Trusted contacts will make all the difference in maintaining a property you’re not able to visit in person every day.
Tip 3: Regular Virtual Inspections
Annual suite inspections are a universal strategy for landlords to ensure that their property is up to standard. Conducting virtual tours and inspections can keep you up to date on any changes or areas of concern. Using common video call apps, like FaceTime or Zoom, can be enough to see any major issues within the property. Schedule apartment reviews on a rotating schedule, depending on how many units you have, and ensure you pay extra attention to key areas where maintenance issues may occur, such as the kitchen and bathrooms.
Tip 4: Clear Communication Channels
Maintaining clear and prompt communication is key to building tenant trust and keeping apprised of any issues with the property. Having multiple streams of communication for tenants to reach you can ensure they can contact you in the event of any emergency—if you only use text, this may limit connecting with tenants who travel outside the country frequently. If you open up email options, these individuals may still be able to send an email from their devices as needed.
Many messaging apps, such as WhatsApp, are also encrypted to give you and your tenants a measure of security and privacy when communicating sensitive financial information. Ensure that all resident communication is properly documented, for the benefit of resident and landlord alike.
Tip 5: Financial Management
Keeping track of expenses and income is a major part of managing real estate. Ensuring that you have reliable financial management tools will help ensure that rent is received on time and, in turn, that your expenses have been paid. Numerous tools exist in this space, such as property management software, financial tracking software, or accounting tools and apps.
Tip 6: Leverage Technology for Security
Security concerns are a focus for any landlord, but distance can create heightened concerns. Smart locks and doorbells, security cameras, and alarm systems can all be remotely monitored and managed to keep your tenants and property safe and secure.
Tip 7: Hire a Property Management Company
If you have multiple properties or a large number of tenants, you may consider hiring a local property management company. This can help reduce your workload and increase professional expertise and efficiency, as they may be able to respond more quickly to maintenance needs and other resident requests.
Further, consider that when you’re managing a property remotely, local laws and regulations may change and influence your income or expenses. A local property management company can ensure you keep up with new regulations to maintain compliance.
Property Management with CLV Group
Successfully managing rental properties remotely is entirely achievable with the right strategies and tools in place. The tips we’ve covered in this blog not only streamline your management processes but also help you stay connected and responsive, ultimately leading to a more efficient and stress-free property management experience. At CLV Group, we have over five decades of experience managing residential communities across Canada. If you’re interested in simplifying your real estate journey with a trusted partner, explore our premiere property management services in Ontario today.