No matter whether you’ve had five years of experience as a landlord or twenty-five, challenges will always arise regarding running and overseeing your properties. However, these challenges can be even more difficult to overcome if you have properties located hundreds (or thousands!) of miles away.
Thankfully, managing investment properties in different cities or provinces in our interconnected world has become increasingly more straightforward and arguably more beneficial. From offering landlords an opportunity to diversify their portfolios to increased flexibility, remote property management has become increasingly common over the last few years.
Yet this isn’t to say that remote property management doesn’t require specific tools to be efficient. But what do remote property managers need in their toolkits to run their investment successfully in 2023? To help you learn what you need, we’ve created this article outlining several strategies and tools remote property managers can use to run their investments successfully this year.
Including keeping a list of local plasterers and other quality contractors, setting up remote screening systems, working alongside a property management company, and much more. So, keep reading if you’re ready to learn how remote property managers can run their investments more efficiently while maintaining a diverse, lucrative portfolio.
Keep A List of Reputable Contractors Â
No matter whether your investment property is located just around the corner from your own house or in another province, it is essential that you keep a list of reputable contractors in the area that you can contact whenever maintenance needs to be carried out on the property.
You’ll likely need two lists, one for regular property maintenance such as snow removal, pest control, gardening etc. and the other for specific jobs that tenants might contact you directly to report, like tree removal, blocked toilets, holes in the walls etc.
Since you won’t always be on hand to sort out these issues yourself, it is essential that you build relationships with local plasterers and other quality contractors near you in the event of problems. You can start to build these relationships using online directories like MyBuilder.com, which connects you to local professionals depending on the service you need to be carried out.
Whether you’re looking for local plasterers or landscape gardeners, consider visiting their website to learn more or contact them directly to see how their platform could help you successfully run your investment today.
Screen Potential Tenants
One of the most significant disadvantages of managing investment properties from afar is evaluating potential tenants and determining whether they’re a good fit for your property. Yet, thanks to the rise of telemedicine and remote working, connecting with others from afar is more accessible than ever using video-sharing platforms such as Zoom and Skype.
An effective tenant screening process is even more critical when you’re a remote property manager because problem tenants are even more challenging to keep an eye on when you’re in another city/province. To prevent any problems from arising, it is essential to vet potential tenants from the start using video-sharing platforms, which allow you to receive/review applications, hold interviews, conduct background checks, and more, regardless of your location or theirs.
To give yourself peace of mind that your investment property is in safe hands, you should also conduct a tenant reference on your chosen applicant, which involves following up on any employment, identity, credit, and past tenancy references that they’ve made so you can ensure that they’re whom they say they are and that they can afford the monthly rent.
Keep In Contact With Tenants
Another way that remote property managers can run their investments successfully is by maintaining effective communication with their tenants. Depending on the number of properties you manage, this could include creating a database to store tenant contact information, sending out text or email notifications, or sending out electronic newsletters.
Keeping in contact with your tenants is also essential when property maintenance needs to be carried out so that you can let them know when they’ll be expecting contractors, what work is scheduled to be carried out, and how long it’ll last. Plus, it’ll help you foster positive relationships with them and minimise the chance of conflict further down the line.
As well as enabling you to contact tenants whenever property maintenance is scheduled, it allows them to reach out to you whenever needed. But while you can’t pick up the phone twenty-four-seven, it is essential that you answer phone calls, texts, or emails from your tenants as quickly as possible to ensure issues are resolved promptly and things are kept amicable between you both.
Visit The Property At Least Once A Month
While recent developments have made managing properties remotely more streamlined, it is essential that you visit your investments in person at least once a month. Even if you’re not nearby, you should try to see your properties as often as possible; this way, you can reassure yourself that everything is in working order.
Visiting the property ensures you can inspect work, form relationships with your tenants, issue citations, etc. If you encounter any problems during your visit, it’s wise to photograph any of your findings, as this gives you evidence you can provide if further problems arise.
