When it comes to property management, landlords can often face the issue of whether to hire a property manager or to try self-management remotely. For some, the job at hand may sound daunting, so ManageCasa is shedding some light into the realities of remote property management, and tips for successfully leasing and management your remote properties:
1. Take on Tasks One at a Time:
One major tip as a landlord is to not overbear your responsibilities. What often happens is a new landlord or investor will take on too many projects, of which, don’t offer significant return for the time that was put in. When it comes to renovations, maintenance projects, or updating your property, take on one task at a time, and truly understand the potential returns for the investment you are embarking on. Ideally, smart landlords and investors are doing the minimum number of renovations that renters look for. Too many projects can also drive up the cost of the unit and make it unattractive in the market.
2. Hire third-party support for select tasks:
Smart landlords and investors know that they often don’t have the knowledge or time to handle it all, as time is often one’s most precious commodity. Many tasks are worth the price and effort of hiring a third-party specialist to handle. From cleaning services, home maintenance professionals, accountants, lawyers, and full-time property managers, smart landlords should choose and pick the tasks that are more difficult to manage remotely, and delegate them. Further thoughts on hiring third-party vendors:
- Map out your bandwidth and prioritize your tasks against your resources; which ones are the most value adding yet most time consuming? These should be top consideration for outsourcing
- Hire vendors who will bring value to part of a process, as opposed to the entire process. Adding value to part of the process implies they’re likely to be improving the efficiency or expertise to something that you control. A third party handling an entire process may pose a threat to your business.
3. Leverage technology to make managing easy
Related to managing and allocating your time and resources, leveraging technology can greatly improve your productivity by streamlining and automating processes that weren’t once available. Examples of technology landlords and property managers are using are online and mobile organization tools, just like ManageCasa! Access your documents, maintenance updates, finances, and communication tools at your fingertips. Other examples include upgrading and updating your home with smart products such as smart temperature, water, or electricity monitoring to help you manage the on-goings at your property.
4. Adjust rent accordingly to market value and also as a strategic decision
Managing remotely can pose the issue that you can be out of the touch with your property value as the neighborhood changes, the building in which property sits undergoes renovations or the property conditions deteriorates, there is a influx of renters with a new price point. Setting the rent should accomplish both setting it a a proper comparison to market value, but also strategically to attract the renter you are looking for. One proxy for doing this is by doing your research remotely by going online to look at comparable properties and their listings. Adjust around that price to strategically attract the renter market you are targeting.