Property management can be an extremely tedious job sometimes, particularly for rental properties. You have to deal with tenants of diverse backgrounds, handle maintenance issues, collect rent, and handle taxation, and a host of other compliance issues. The truth is, as landlords will tell you, people can be too complicated to deal with. But then, the only way to make profits from your rental is by being the best property manager in your neighborhood. Is there a way of being a successful property manager without having too much interaction with the people you serve? Yes, there is and we will tell you how in a bit.
Avoiding human interaction is no longer a personal choice, thanks to the continued spread of coronavirus. Everyone is now looking for ways of keeping social distance without losing their source of livelihood. Your tenants don’t want you at their doors, you don’t want to interact with them either, but you have to manage your property nonetheless. So, even if you love interacting with your tenants, you have to adjust to the new normal. With that in mind, here are 5 ways how you can manage your rental property without interacting with your tenants.
1. Use online leasing platforms
Online leasing isn’t a new thing: Family vacation rentals have been doing it for decades. They create online marketing strategies; advertise vacancies on different leasing and social media platforms, generate leads through social media optimization and local listings, and then book renters through online forms. Everything happens online so managers don’t have to keep driving back and forth to meet potential renters.
Another advantage of using online leasing platforms is that you are able to compare your rent and other leasing requirements with those of your direct competitors. That helps you to calculate price estimates in your neighborhoods so that you can come up with the most competitive price.
2. Use technology to manage your rental remotely
As technology is advancing, every industry is making sure to use its benefits as much as possible. With the emergence of numerous and distinct apps and platforms, people can now buy real estate somewhere in the world and administer it from anywhere in the world. They can give it for rent for several months during the year and use it for their own purpose for the rest of the year. The great thing is that the app allows you to advertise it and share it online, and takes care of all the reservations and necessary arrangements for your guests.
3. Leverage online payment methods
Why keep knocking on tenants’ doors or continue using traditional payment methods such as mail when you can accept rental payments online? Most tenants today are millennials, so you can bet that almost all of them have access to the internet and other online resources. Besides, if you are preparing your property for the future, you probably have installed Wi-Fi and other tech infrastructure in your property, so people have no valid reason to not pay you via online means.
There are tons of online payment services for landlords to choose from. Some common ones include ERentPayment, RentMatic, and RentMerchant. Just do your homework to know which online rental collection services operate within your area and the one that best suits your needs. If there isn’t, or if you don’t trust the ones available, you can always use the more established online payment platforms such as PayPal and Venmo. PayPal is easy to register and use, and it is very affordable. The only disadvantage with PayPal is that sometimes payments can take up to 3 days to process. If you want to access your money instantly, Venmo is your better option because it allows instant payment.
4. Create a community’s platform for your property
Apartment communities or resident platforms have gained popularity over the recent past due to the rise of social media. Everyone wants to be part of a community these days. The good thing with communities is that they give people a sense of responsibility for one another. Tenants look out for one another so you don’t have to be actively involved in their day-to-day affairs. You can also set up an account for every tenant and then be using the accounts to discuss rent payment issues, maintenance needs, security concerns, lease status checks, and everything else that needs your attention.
5. Hire a management team
If you don’t have the time to actively manage your property, or if you just don’t want the stresses that come with the job, you can always hire a property manager to step in for you. Before you do that, make sure to remodel the rental by hiring a siding contractor, and leave it in perfect shape for the management team. There also are assistant property managers and leasing agents that will stand in the gap between you and your tenants, only calling you in when there is a serious issue to be addressed.
6. Outsource rent collection
Online payment platforms aside, you can also outsource your rent collection responsibilities to a rent collection agency.
If you are a first-time landlord, the five tips above will go a long way in making your job easy and profitable. If you are a seasoned landlord, the tips will give you an idea of where to start in planning a contactless property management future.