How To Remotely Manage Rental Properties From Out Of State Or Out Of Country
We are often asked:
“How can I invest in real estate passively so I can better utilize my time to travel, focus on my family, reduce hours at my 9 to 5, or just do more of what I want?”
“What should I do if I want to invest in real estate, but my local real estate market doesn’t make sense from a cash flow perspective?”
“I used to self-manage my property, but I’ve since moved away, and I just don’t have the time. If I don’t want to sell, what should I do?”
“I inherited a property in my family’s hometown, and I don’t want to sell. What should I do?
“Should I invest in real estate located in a desirable vacation destination? College town? Downtown? Suburbs? In another country?”
If you find yourself asking one or more of the above questions, then we welcome you to the exciting world of remote property management -- where you can embrace your inner globetrotter while effortlessly overseeing your properties from afar! Here at Realicore, we are your trusted experts in passive real estate investing via tried and tested property management strategies, and we are here to show you the ropes of managing your properties across state lines or even international borders. So, pack your bags and get ready for an adventure as we explore the advantages and disadvantages of remote property management, share our best tips and tricks, and help you achieve passive real estate investing success from wherever you are in the world.
This article assumes you are trying to self-manage your properties remotely, but it will also touch on strategies that involve hiring a property management company.
Property Management Portal
One of the keys to successful remote property management lies in having a solid foundation of digital tools and technology at your fingertips. More specifically, you or your property management team should employ quality property management software that keeps you organized and informed. Forget about being tied to a physical location; take advantage of modern technology to streamline your property management journey.
A good property management program should have the following minimum features:
Rent Collection
ACH
Credit or debit card
Automated Financial Reporting
1099 form for your taxes
Automated Communication
Reminders to tenants when rent is due or late
Access to Documents
Lease agreements
For those starting out, there are plenty of free programs with the previously mentioned features that will allow you to manage your property remotely.
If you manage 25 to 50 units or more for yourself or other landlords, there are feature-rich property management programs that will do all the above, but will also help you to pay vendors, keep more detailed financials, allow your tenants to send maintenance inquiries and much, much more.
Leasing Automation
The future is finally here. You can automate showing your property to potential tenants without being there in person! Companies such as ShowMojo and Tenant Turner are taking back what it means to be a “No-show!” Both companies offer a streamlined automated process for marketing your listings, screening tenants, scheduling showings and ensuring access via a digital lockbox, all without your presence.
If you pair these automated showing programs with smart locks, smart cameras and an integrated alarm, you can rest assured that your property will stay in good shape while you focus on finding the best tenant.
Virtual Call Center
We live in a world that continues to be globalized. International students that I went to college with moved back to their countries with valuable American degrees, but their local economy may not be able to pay them what they are worth. This is happening across the world, and you shouldn’t be surprised to find someone in Bangladesh or Singapore who knows accounting or real estate development as it pertains to America.
This is no different for property management. There are call centers across the world that are trained on your specific property management program such as Buildium or Yardi. As Artificial Intelligence (AI) continues to improve, you will start to see more virtual call centers or instant messaging solutions become available to property owners and property managers. These call centers are very useful if you experience a high volume of tenant inquiries. If you have trusted vendors such as plumbers or electricians, the call center can hire and follow up with maintenance requests. The easier inquiries can be handled by a virtual team without you having to bring in additional staff. Like cloud computing, you can easily add or remove from your call center capacity, by upgrading or downgrading your service level. You can be a small operation with a powerful and low-cost team behind you, making it easier to scale and manage hundreds of units.
Boots on the Ground
As back-end property management services are progressively being assumed by call centers, virtual assistants, and automation, nothing beats having boots on the ground when a real issue comes up that requires a personal touch. When all of your automation and well-built systems break down, it is important to have a trusted person who can check on your property in person. For some people, that might be a local handyperson, and for professional operations you may need a property manager or a full-time on-site employee. Certain states such as California require there to be an on-site manager once you reach a certain number of units on one parcel. Having a reliable team on the ground is essential when managing properties remotely. The value of a strong support network of trusted vendors and contractors to handle everything from maintenance and repairs to landscaping and cleaning cannot be understated. Your team of experts ensures that your properties are well taken care of, even when you are miles away.
At Realicore, we pride ourselves on being a tech-savvy property management company, leveraging cutting-edge tools and software to streamline processes and enhance communication. Our online owner portal gives you real-time access to critical information about your property, from financial statements to maintenance requests, all at your fingertips. You can stay in the loop and make informed decisions, no matter where you are. If you don’t have the time or experience to self-manage your properties, consider contacting us.
We'll be your eyes and ears on-site, providing you with regular updates and photos (posted online, utilizing the aforementioned property management software,) so you are always in the loop. We'll work closely with you to develop strategies that align with your investment goals. And with Realicore's local expertise, you can rest assured that your properties are in good hands, and your tenants are receiving top-notch service.
Legal Compliance
Navigating the complexities of legal and financial matters from afar can be overwhelming, but fear not, Realicore is here to save the day! Our team is well-versed in local laws and regulations, ensuring that your properties remain compliant and avoid any potential legal pitfalls. We are proud members of the California Association of Realtors (CAR), so we have access to the most up to date contracts and legal advice included in our membership. We'll handle lease agreements, tenant screenings, and rent collections with utmost diligence, so you can relax knowing that your investments are protected. Additionally, our transparent financial reporting and efficient rent collection processes will keep your cash flow steady and hassle-free. Our property management software provides you with an easy-to-understand profit and loss statement that you can seamlessly handover to your accountant when tax season comes around. With Realicore in your corner, you can focus on other important aspects of your life while we handle the nitty-gritty of property management. If you are set on self-managing your property, there are organizations such as the Apartment Owners Association of California that you can join without needing to be a licensed real estate agent or broker.
I don’t believe we will ever completely see the end of property managers or landlords self-managing properties, but the advancement of technology has certainly made it easier to manage properties wherever you are in the world. If you have some remote property management tips and tricks, let us know! We look forward to hearing about your adventures!
The Realicore Difference
So, whether you're lounging on a beach in the Caribbean or sipping coffee in a quaint European café, you can trust Realicore to manage your property with the utmost care and professionalism. Let us be your trusted long-distance partner in property management, and together, we'll navigate the complexities of long-distance property ownership with ease. Contact us at (909) 810-2108 to get started today and experience the peace of mind that comes with having a reliable property management company on your side.
