Maximize Returns by Embracing Hybrid Property Management
The real estate industry has witnessed a significant shift as landlords and property managers across the world are embracing hybrid property management for their business due to its benefits and advantages. By combining self-management and technology, they gain greater transparency and flexibility over their properties by leveraging automations to simplify tasks and streamline operations. In this blog, we explore the rise of hybrid property management, how it can increase your return on investments, address frequently asked questions associated with incorporating technology, and highlight how it can save you time, and provide you with greater peace of mind!
Flexibility and Transparency
A primary benefit of hybrid property management is the flexibility and transparency it provides landlords. Through built in automations from property management platforms, you can rest easy knowing that the daily tasks can be automated at your rental property. From property listings, tenant application tracking, to rent payments, these tasks which can take hours out of your day, can be completed in a matter of minutes as the platform and automations streamline the process.
Take rent payments for example, through property management platforms, you can automatically request rent and have it deposited into your preferred bank account without needing to visit the tenant or the bank. We have seen many landlords and property managers use this to their advantage enabling them to manage their rentals from anywhere in the world!
By providing landlords with automation to streamline the property management process, it also will significantly improve transparency. With a hybrid approach, property owners can have full visibility of all of the maintenance and repairs submitted by tenants, access to the financials via real time reporting and a centralize tenant messaging system. With all this information and automation all-in-one place, rental owners can determine which actions they need to take and when to ensure their business is running smoothly and efficiently.
Increasing Your ROI
A key benefit of embracing hybrid property management is the potential for increasing your return on investment. By leveraging technology, landlords can streamline operations, reduce costs, and optimize their property's performance.
Take for example, when your tenant submits a repair request, Hemlane's 24/7 repair coordination team will troubleshoot the request before reaching out to any service professional, which often can resolve a request saving you money. Hemlane is also capable of maintaining service thresholds set by the owner to ensure that if service is needed, you don't spend more than you intended to in order to address the request.
Tenant placement is one of the most costly activites for rental property owners. The longer a property sits on the market the more it effects your ROI. Hybrid platforms like Hemlane also address tenant placement by automatically listing your property on +30 listing sites to make sure you receive plenty of applications for new tenants. Beyond just this automation, Hemlane vets all of the applicants for quality and fraud to ensure you are renting to qualified individuals.
The best benefit of a hybrid solution is the added human touch when needed. For example, if you are more comfortable having a local listing agent responsible for sourcing tenants, showing the property and handling the rental process Hemlane can connect you with a top rated local agent in the area to handle everything.
Frequently Asked Questions From Landlords
While hybrid property management has a number of advantages, landlords want to know the ins and outs of any software they're considering before they move forward. Here are some questions landlords, like you, have asked:
Q: How does a property management software help my business?
A: A modern property management platform, like Hemlane, provides a seamless balance between technology and control over your rental properties. Instead of needing to write down when you need to complete the administrative tasks, such as remembering the lease end dates, payment reminders, and if your tenant owes late fees, you can leave it to Hemlane. We'll send these reminders to you and anyone who needs it, so you can focus on the other aspects of your business. Don't let these tasks slip between the cracks with your busy day, use Hemlane automate your business's day-to-day.
Q: How do I get started in hybrid property management?
A: When considering transitioning to a self-managed or hybrid property management approach, you will want to:
- Access the true cost savings of self management
- Educate yourself with the right resources
- Create a transition plan
- Put the right team in place (including software)
To get you on the right path, here is an article on How to Become Your Own Property Manager.
When you're ready to transition, you can sign up with Hemlane and try our platform for free! With our detailed onboarding to ensure and exceptional support team, we'll make sure you are set up for success!
Additionally, if your tenants are in need of assistance, our team would be more than happy to help get them set up, as we know that your tenant’s satisfaction will benefit your business in the long run.
Q: How much work will I need to take on with hybrid property management?
A: Managing your own properties doesn't need to be a full time job. With Hemlane by your side, you can decide how involved you would like to be with your rentals. Leverage Hemlane to automate the administrative tasks and any repair requests sent by your tenants! With our 5-star repair coordination team, we'll take care of troubleshooting, scheduling repairs, and submitting payments on your behalf, so you can focus on the more important things in your life.
Hybrid property management is revolutionizing the real estate industry by offering landlords the opportunity to improve your business's flexibility, transparency and maximize returns. Use Hemlane to get the most out of your time. Rest easy knowing you have full control of your business, and a powerful tool and team that will streamline your operations. Hybrid property management is a game-changer for landlords looking to optimize their investments and achieve long-term success in the ever-evolving real estate market.