Even if a landlord is far removed from their property, remote management can be a successful and stress-free venture. Of course, it is critical that the landlord has a solid plan in place. Yet with efficient outsourcing, as well as using the latest technology and modern innovative tools, landlords can run their properties remotely and build a thriving business.
6 Tips for Successful Remote Property Management
1. Hire a Full-Service Property Manager
Landlords will need a professional and trusted person to be available locally – especially for labor-intensive tasks (showing apartments, carrying out move-in and move-out inspections, etc.). Hiring a property management company comes with a price, but the fee is worth it for remote landlords – even for the peace of mind alone.
2. Choose a First-Class Maintenance Company
Landlords should look for a reliable and honest maintenance person (or company) who they can rely on when maintenance issues come up. Check online reviews, consider the guarantees they offer, and don’t let price be the only deciding factor. When choosing a contractor for remote property management, the quality of workmanship, as well as professionalism and trust, matters for the landlord and tenant.
3. Take Advantage of Technology and Innovation
Embrace modern technology and innovative solutions created for today’s successful landlord. Industry apps allow landlords to remotely market their properties, accept applications, communicate with tenants, arrange maintenance, and set-up repair appointments.
Indeed, most landlord-tenant communication and transactions can be handled online such as…
Virtual Viewing Appointments (or, if necessary, to coordinate in-person meetings)
Managing Security (Monitor a security system, smart locks, and carbon monoxide detectors via your phone.)
Communication with Tenants (WhatsApp, Imessage, Slack, Tenant Portals, Email,…)
Keeping Track of Business Finances and Accounts (Be ready for tax season.)
4. Find the “Single Key” to Lighten Your Load
Sometimes there is such an obvious solution to a problem when we find it, we wonder – why didn’t I think of that before. That’s what is happening now as successful landlords discover the latest progressive way to lighten their workload and still enjoy a steady income, appreciating assets, and a stress-free business experience.
Today’s insightful landlords are choosing exemplary services like SingleKey – the “go-to” industry solution which focuses on helping you select the right tenant and managing your risk.
Using their tenant screening tool, SingleKey helps landlords make informed decisions (e.g., vetting tenants while adhering to Canada’s Privacy Laws).
Once you found a tenant and signed the lease, SingleKey then takes care of rent collection via Pre-Authorized Debit. In the event that a tenant is delinquent – they offer guaranteed rental income for the landlord.
If tenants do not pay, SingleKey handles the eviction on your behalf and covers all related legal costs so you can avoid this stressful undertaking.
SingleKey takes the risk out of renting; it’s a winning solution for each and every landlord – especially landlords trying to manage properties remotely in a cost-efficient manner.
5. Value Your Tenant
Landlords and tenants are in this business together; your property becomes their home. Therefore, the landlord-tenant relationship is one that requires respect and communication on both sides.
Landlords should use tenant and maintenance portals, provide regular updates, and check on satisfaction levels with your property.
Communicate with tenants. Besides the regular documents, tenants always appreciate a Welcome Message or Holiday Greeting.
Remember that a happy tenant is more likely to become a long-term tenant. If they feel at “home,” that can translate to less turnaround and a better return on investment (ROI) for landlords.
Responsible tenants play a huge role in a landlord’s success. In accordance with local and provincial regulations and Canadian policies on Human Rights and Fair Housing, SingleKey, a proven platform for everything rental, is committed to helping dedicated landlords rent to tenants who will fulfill their obligations. As a result, each side benefits from that valued tenant-landlord agreement.
6. Be Confident in Your Decision
Don’t be overwhelmed by the idea of managing a property remotely – all landlords have access to helpful tools and excellent resources. Do your due diligence up-front so that you can select a reliable, and low-maintenance tenant, as that will save you many headaches down the road.
People decide to rent remotely for a variety of reasons (moving, investment, etc.). Consider the unique advantages with this particular type of venture. Obviously, steady income and growth assets are part of the appeal.
It is also wise, however, to diversify one’s portfolio. With remote property management, your prosperity doesn’t depend entirely on the state of the market in your local region..
Once landlords know how to run a property remotely, the whole wide world of real estate opens up to them.
Running a Business Remotely – Courtesy of Tima Miroshnichenko via Pexels
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