The real estate industry has embraced post-COVID times efficiently and with great success. With software tools that are specific to property management, it becomes easier to lease and maintain your properties. The following are a few key tips to be a creative and meticulous property manager.
Hardware
To thoroughly embrace remote property management, you will need a device to process all your information.
A mobile device like an iPad or other brand of the tablet will allow you to collect, sort, store and retrieve any data you need to effectively manage real estate. Whether you are taking pictures or video, conducting inspections, or preparing a maintenance schedule it is imperative to have all data stored on one device.
The cost of a dedicated device is relatively inconsequential when you factor the amount of time and energy it will save you, and the headaches of locating a note from a towering stack of papers on your car seat. A smart device can keep track of everything.
Software
Property management software is available from many companies. Look for one that includes a tenant portal, online payment processing, tenant tracking, vacancy, and website management. Check out free trials to learn which platform you are most comfortable with to simplify and automate your work.
Platforms that offer tenant screening, including past rental history, and general ledger accounting along with owner and renter portals and online applications will make your work simpler. Never lose a maintenance order, forget to make a payment, or lose critical tax information again.
On top of a property management platform, you’ll need to know how much you’re earning in income each month. Income = closer to retirement through passive income! Try calculating your retirement age from your real estate efforts today through Savology’s retirement calculator.
Marketing
People move for all kinds of reasons and that has not changed because of COVID-19. The importance of having an eye catching, up to date website is vital to you as a property manager. PRNewswire says, “The new normal for renting an apartment is now a fully digital experience, with both renters and property owners (managers) agreeing it is the fastest and safest way to rent during the COVID pandemic and beyond.” Approximately 70% of renters feel that if a 3D virtual tour was available, they would rent sight unseen, according to a survey conducted by Matterport.
Listing properties with virtual tours is like having an open house all day/every day. A virtual tour gives potential renters a sense of how the rooms flow into each other, how the rooms are shaped and sized. Use your virtual tour across social network sites and for maximum marketing, employ an apartment leasing site/app.
More Hardware
Smart devices will make your life easier and safer as a property manager. Consider investing in smart locks for exterior and unit doors. These provide the ability to change codes if an issue arises and give tenants considerable convenience. Smart home technology extends beyond locks. Besides a keyless entry, you can include security cameras and smart thermostats for additional savings and safety.
Whether you manage a building in Chicago’s trendy Wicker Park or a booming city like Austin, Texas, as a property manager, you want to know what is happening in and around your real estate. On-site video monitoring allows you to see how amenities are used, provide access logs in case of emergencies, and in some instances earn insurance discounts. Access logs and cameras also help if there is a dispute or confrontation between residents, staff, or intruders. For apartments that allow pets, cameras focused on the pet potty area may prevent pet owners from leaving the area without cleaning up. Smart locks and video can allow residents to give access to service or care providers.
Maintenance, Routine or Otherwise
According to Max Real Estate Exposure, “Almost every property manager has received that special telephone call at midnight. “Help, the toilet is overflowing!” Sometimes this is not a glamorous job. Emergency maintenance is generally not a pleasant occurrence but is one you must be prepared for. If you manage a complex with many units, you no doubt have a maintenance crew that can be reached anytime. For non-emergency issues, your tenants can contact you through the renter’s portal. You then have a record of the request, can schedule an appointment for your maintenance crew, and follow up on the completed tasks.”
Routine maintenance schedules can be shared with tenants through the same portal. If the parking lot is being re-paved, the elevators are being inspected, or the gym will be closed for sanitizing, advance notice is easy to deliver to your tenants. Do not allow routine maintenance to go undone; it can affect your insurance rates.
Reviews, Opinions and Other Data
Remote property management puts your management style and your property and its unique qualities in a public forum. There is no question that some tenants will never be happy but in today’s online world it is easy to post unattractive reviews. Prevent this from happening by being a conscientious manager. Listen to complaints, make repairs, and maintain a positive relationship with tenants, staff, and vendors. And hey, if you’re concerned about bad relationships going forward, you can always make sure you have a quality real estate attorney ‘on call.
Post photos of new or unique features in your buildings, letters of recommendation from tenants and events your company may be hosting on as many social network sites as you can manage. Keep your website current and include information about neighborhood amenities like shopping, schools, and festivals.
The goal of remote property management is the same as in-person management, keep the units rented and maintained. Doing it remotely simply makes it, well, simpler.
