Remote Property Management: Pros, Cons, and Best Practices
These days, many jobs can be done remotely, even property management. However, there are several factors to consider if you want to succeed with remote property management. Today, we’ll go over some of the pros, cons, and best practices for property managers working remotely. So, read along to learn more!
Contents of This Article:
- What Is Remote Property Management?
- What Does Remote Property Management Entail?
- Pros and Cons of Remote Property Management
- Best Practices for Remote Property Managers
- Find Reputable Property Managers With BMG
What Is Remote Property Management?
Remote property management involves overseeing rental properties from a distance. For instance, instead of being physically present at the property, Fairfax property managers can use technology and digital tools to handle tasks like rent collection, lease agreements, maintenance coordination, and tenant communication.
Remote property managers rely on digital platforms for record-keeping, financial management, and even property inspections. As you can imagine, effective communication with tenants, property owners, and vendors is crucial and often done through phone calls, emails, and video conferencing.
Remote operations often offer flexibility and cost savings, especially if you’re managing properties in various locations. However, it also requires efficient organization and communication to ensure properties are well-maintained and tenants are satisfied. Next, we’ll go over some of the daily tasks of remote property managers.
What Does Remote Property Management Entail?
Remote property managers are responsible for overseeing various aspects of the rental process without the need for physical presence at the property location. Inevitably, it involves using technology, communication tools, and efficient processes to manage properties efficiently from a distance. Some of the main rental processes that technology can help with include the following.
- Property Marketing and Tenant Screening
- Rent Collection and Financial Management
- Maintenance and Repair Tracking
- Lease Management
- Documentation and Record Keeping
- Property Inspections and Reporting
- Performance Reporting and Analysis
Popular Property Management Software
- AppFolio- AppFolio is a popular cloud-based property management solution known for its versatility across different rental portfolios. It offers several features, including accounting, marketing, leasing, and reporting. Additionally, it serves various property types, such as multifamily, single-family, commercial, student housing, and more.
- Buildium- Another popular cloud-based software for property management is Buildium. This software allows landlords and property managers to take control of several management aspects, like tenant screening, marketing, and owner reports. Additionally, it conveniently works across all devices, allowing landlords and property managers to check up on their business at any time.
- TenantCloud- TenantCloud is a cost-effective choice for budget-conscious landlords and property managers. This software allows landlords to manage postings, collect rent, and screen tenants. Additionally, it offers integration with various services like Quickbooks, TransUnion, and RentRange, helping to maximize efficiency.
- Propertyware- Propertyware is a specialized software designed for managing single-family homes. It works best for landlords and property managers who manage 250 units or more in a residential portfolio. Some of the standout features of Propertyware include rent collection, maintenance requests, accounting features, tenant screening services, and more.
- TurboTenant- TurboTenant is an excellent, cost-effective property management tool, ideal for landlords looking for comprehensive services. This software offers marketing, online rent collection, and tenant screening. Additionally, it allows landlords to send individual and mass messages to tenants easily.
Pros and Cons of Remote Property Management
Like any industry, remote property management offers several advantages but comes with its challenges and drawbacks. Here are some of the pros and cons to consider if you’re looking to manage properties remotely.
Benefits of Remote Property Management
- Increased Productivity- Remote property managers can oversee multiple properties in different locations from a centralized location, improving overall efficiency.
- Flexibility- Property managers can work remotely and handle tasks at their own convenience while still remaining prompt. In turn, it allows for a better work-life balance with less stress and more comfort.
- Cost Savings- Remote property management can reduce operational costs, like office spaces, travel expenses, and the need for on-site staff. Without paying those additional expenses, rental owners have more savings opportunities.
- Streamlined Communication- While staying connected to others while working remotely can be challenging, it can help streamline communication. For instance, being apart forces employees to communicate on a consistent basis.
- 24/7 Monitoring- Remote property managers can monitor security and access control systems and respond to emergencies around the clock.
Disadvantages of Remote Property Management
- Limited Physical Oversight- Lack of physical presence at a rental property can lead to challenges in assessing the property’s condition, conducting inspections, and ensuring maintenance quality.
- Communication Challenges- Effective communication with tenants, rental owners, and service providers can be more challenging when not on-site. As such, lack of communication can lead to delays or misunderstandings.
- Local Regulations- Staying informed about and compliant with local property regulations and codes can be more challenging when managing properties from a distance.
- Tenant Relations- Building and maintaining positive tenant relationships can be more challenging without regular face-to-face interactions.
- Technology Reliability- Dependence on technology means that technical issues, like internet outages or software glitches, can disrupt crucial property management tasks.
Best Practices for Remote Property Managers
Best practices for remote property managers involve adopting efficient workflows, effective communication, and technology utilization to ensure successful management from a distance. Here are some things to keep in mind while working from home.
- Stay Connected
- Maintain Balance
- Find the Right Software
Working on your own and away from others can cause communication to slip sometimes. As such, it’s important to utilize helpful online services like Zoom or Microsoft Teams to stay in contact with your team. Depending on the size of your team and your department’s needs, consider setting up weekly or monthly check-ins to see everyone’s progress and how they’re doing with their work.
Working from home has several benefits but also some disadvantages. For instance, it can be difficult for some people to “unplug” from work at the end of the day. However, as a company, it’s crucial to know that working non-stop can mean increased productivity, but it may lead to burnout and unhappy employees. So, remember to balance work and home life by taking normal breaks throughout the day and turning your computer off to end your day.
Find the Right Software
It’s important to find a reliable property management software platform that can handle the tasks you need. For instance, look for comprehensive rental management software that handles rent collection, lease management, maintenance requests, and more. After all, these tools help streamline processes and keep records organized.
Find Reputable Property Managers With BMG
The first step in successful remote property management is finding the right team to work with. Whether in person or remotely, the right team of property managers can work together to help your rental business succeed.
If you’re looking for a trustworthy team of property management professionals, look no further than Bay Property Management Group. We can help you with every aspect of your business, from rental marketing to tenant screening, rent collection, maintenance, and more. So, contact BMG today to learn more about our comprehensive rental management services in Northern Virginia and surrounding areas.