Being a remote landlord requires leveraging technology to streamline operations. Fortunately, there are numerous tools available to help you effectively manage rental properties from a distance. Here are some valuable tips to facilitate your transition into becoming a successful remote landlord.
1. Harness Online Listing Websites
Online rental listing websites are indispensable tools for remote landlords. By uploading property details and attractive pictures, you can showcase your rentals to potential tenants. These websites often provide the flexibility to modify your listings and allow renters to contact you directly or request virtual tours. It’s worth noting that some listing websites may charge fees depending on the state, so plan your budget accordingly to avoid any financial disruptions.
2. Prioritize Tenant Screening
Thoroughly screening prospective tenants is crucial for safeguarding your property investment. Screening helps identify reliable renters and reduces the risk of late payments or property damage. It’s essential to assess rental applicants for eviction records, history of late payments, and criminal convictions. Simplify this process with SmartMove, a service that offers comprehensive tenant screening reports, including credit scores, rental history, income verification, and other essential information. Utilizing such tools empowers you to make informed leasing decisions confidently.
3. Embrace Online Rent Payment Systems
Ensuring timely rent payments becomes hassle-free with online rent payment systems. As a remote landlord, managing rent collection from tenants residing in different states can be challenging. By implementing an online payment system, you enable tenants to conveniently pay their rent using bank accounts, credit cards, or debit cards. Say goodbye to monthly billings and the hassle of collecting checks; an online rent payment system handles these tasks seamlessly. While such tools come at a cost, view them as long-term investments that offer convenience and mitigate the risk of non-payment, a top concern for many landlords.
4. Foster Open Communication Channels
Establishing effective communication channels is vital for remotely managing rental properties. Although physically distant, you can leverage various digital platforms such as email, text messages, and video chat tools to connect with tenants. Ensure you collect tenants’ mobile phone numbers along with their contact information, and reciprocate by providing your own contact details. Additionally, consider employing communication tools like Zoom to facilitate virtual meetings and simplify interactions. Strong communication enables tenants to report maintenance issues promptly and seek answers to important questions, ensuring smooth property management from a distance.
5. Cultivate Local Contacts
Before relocating or investing in out-of-state rental properties, it’s crucial to build relationships with local contacts who can assist you in property maintenance. As a remote landlord, arranging prompt assistance from landscapers, electricians, or other contractors during emergencies becomes challenging. Establishing these connections early on guarantees that professionals will be available when you require their services. Plumbers, in particular, play a crucial role in addressing issues such as burst pipes, which can cause significant damage if left unattended. By promptly resolving maintenance problems, you not only save money but also keep your tenants satisfied.
6. Showcase Properties with Virtual Tours
To attract potential renters to your properties, consider hosting virtual property tours. These tours allow interested applicants to explore your rental units from the comfort of their homes, expanding your pool of prospective tenants. For effective virtual tours, declutter and plan a structured route through the property. Begin with exterior shots, moving inside to showcase each room as a renter would experience it during an in-person showing. Hosting virtual tours offers several advantages, such as attracting out-of-town renters, minimizing the need for in-person showings, and filtering out uninterested candidates.
7. Leverage Accounting Software
Mastering accounting software is essential for remote landlords. Apart from tools like SmartMove’s Income Insights and screening solutions that help find quality tenants, you need software specifically designed to manage rental property finances. This allows you to
keep track of income, expenses, and other financial aspects without the need for in-person meetings with accountants, saving both time and money. While basic accounting knowledge is necessary, you can efficiently manage your finances with the help of user-friendly applications that simplify the process.
8. Conduct Yearly Visits
Even though remote management is possible, visiting your rental property at least once a year is highly recommended. These visits enable you to assess any tenant-caused damage and identify upcoming repair needs. Frequent inspections facilitate timely maintenance, ensuring your property remains in excellent condition. Furthermore, these visits are tax-deductible, allowing you to claim deductions for expenses like airfare, lodging, mileage, meals, and more.
Becoming a remote landlord is an achievable goal when armed with the right tools. Online listing and rent payment websites streamline property management, while comprehensive tenant screening tools like SmartMove simplify the applicant evaluation process. By implementing these tips and leveraging technology, you can enjoy a successful and efficient remote landlord experience.