What Is Remote Property Management?
In recent years, more landlords are turning to remote property management. With the COVID-19 pandemic accelerating this change, this type of property management has become a vital aspect of the industry. As individuals have relocated or accepted remote work opportunities, the demand for remote property management continues to increase.
But what is remote property management?
Remote Property management is the practice of managing real estate properties from a remote location using digital tools and services. This type of management allows for landlords and property managers to streamline their operations, expand their business reach, reduce costs and expenses, and provide an amazing rental experience for their tenants.
How can technology help with remote property management?
Technology is playing a pivotal role in enabling property managers to oversee their rental operations anywhere in the world. With the help of technology, landlords are able to find tenants, collect rent, and have repairs completed without physically being there!
- Finding New Tenants: To widen the reach and to streamline processes, landlords are advertising their rentals on listing websites to find tenants. These platforms allow property owners to start advertising their properties at any time of the day, and provide an organized view of all incoming applicants. In addition to images, some platforms allow videos to be uploaded which can be used to provide a digital tour of the space. These digital tours allow the applicants to explore the properties remotely, saving time for both the landlord and applicants.
- On-line Rent Collection: By Automating rent collection through on-line platforms, many landlords have streamlined their payments from tenants. This key feature reduces the administrative burdens, and ensures a faster and secure transaction. Some services allow for automatic rent allocation which can be especially useful if you have a local property manager involved. This feature can help by splitting the rent and sending each individual their correct payment amounts.
- Remote Maintenance Solutions: By adopting software to assist in managing properties, your tenants are able to request and communicate maintenance repairs more efficiently. As these requests come up, the platforms will send messages to both the landlord and tenants to provide a smooth coordination of these repairs. Some platforms can even coordinate the repairs for owners and save additional time and money. We found the average time savings for our customers to be about 70% with our remote management software.
To help you reduce the cost of repairs, Hemlane also troubleshoots repairs with tenants to see if a service call is needed. If needed, our 24/7 team can also help coordinate repairs at your rental, saving you both the time and headache of having to do this yourself. Remote software platforms like these minimize the need for on-site visits by owners and ensures quick response times for maintenance issues.
What benefits are there to remote property management?
Remote property management empowers landlords in several ways:
- Flexibility on Working Location: Landlords are no longer bound to a specific area. With the use of technology, they can manage their properties from anywhere in the world, allowing them to pursue other endeavors or enjoy a more flexible lifestyle.
- Increased Transparency: Remote property management platforms provide owners with real-time access to financial reports, rent payments, rental applications, tenant screening, and maintenance requests. This transparency ensures owners are informed and involved in their property's performance when they need to be.
- Cost Savings and Efficiency: By adopting software for their remote property management business, landlords have been able to reduce the overhead expenses associated with traditional property management as they use the platforms as their “office.” This allows them to cut expenses such as maintaining a physical office and having a local property manager to oversee the property. Furthermore, it optimizes resource allocation by streamlining processes and eliminating manual and administrative tasks.
Hybrid property management solutions: Balancing Local Support and Remote Management
While remote property management offers numerous advantages, certain tasks may require a local presence as it could be more efficient to handle it in person. Hybrid property management solutions, like Hemlane, bridge this gap by combining remote management with local support:
When it comes to emergency repairs and on-site required tasks, having a local presence will provide both you and your tenants the peace of mind as it can be addressed promptly and efficiently. With a hybrid solution, you’ll have the benefits of managing rental properties remotely, but also having a dedicated team who can jump in when these issues arise. Having an open digital channel of communication between everyone will improve the rental experience and build a greater sense of community.
Hemlane bridges the gap between maintaining a local presence and participating in remote management, offering a comprehensive solution for property owners. Agents+ is one example where Hemlane helps property owners by introducing them to local real estate agents. These agents can help with tasks such as annual inspections, leasing, and more! In the event of unexpected incidents, Hemlane's repair coordinators ensure prompt resolution by first troubleshooting requests then, if required, scheduling a skilled service professional with your tenants. By utilizing local professionals, you can be sure your property is in good hands.
What are some best practices for remote property management?
To help you successfully manage your properties remotely, here are some best practices you can employ:
- Communication and Transparency: Establish clear channels of communication between tenants, property owners and service representatives. Ensuring that your partners and vendors adhere to best practices for communication and follow up is key to ensuring quality service and high standards for tenant experience. Regularly updating tenants on property-related matters, ranging from upcoming maintenance to tenant satisfaction, allows for more transparency and a higher likelihood of tenants renewing their lease.
- Standardized Processes and Procedures: Implement efficient systems and workflows to ensure consistency and minimize errors. Clearly document policies, guidelines, and standard operating procedures for various property management tasks and tenant responsibilities, such as rent collection, where to send maintenance requests, and property inspections.
- Building Trust and Rapport with Tenants: Provide exceptional customer service by addressing tenant concerns promptly and professionally. It is important to foster a sense of trust, transparency, and rapport with tenants through proactive communication and attentiveness.
Hemlane offers a comprehensive and centralized hybrid platform that serves as a valuable resource for rental owners and landlords. With features and tools designed to streamline the daily operations while providing an effective channel of communication. Hemlane ensures essential messages between owners and tenants are promptly delivered including payment requests and maintenance updates. Hemlane allows for easy to use storage and access to important documents, rental advertising, automated rent collection capabilities and more. With a customer support team and 24/7 repair coordination, Hemlane ensures that property owners have access to assistance whenever needed.
If you are just getting started in property management, check out this article on How to Become Your Own Property Manager.
Remote property management has evolved to become a vital component of the property management industry. Technological advancements have streamlined remote operations, empowering property owners with greater control, transparency, and cost savings. Hybrid solutions from Hemlane ensure the balance between local support and remote management for property owners and managers. By embracing technology and best practices, property managers can effectively oversee properties from a distance, while providing top-tier service to tenants and maximizing returns for property owners. With the accelerated adoption of remote property management, the industry is expected to continue to grow and innovate in the years to come.