How to Manage Rental Property Remotely: Tips for Investors

In the booming world of property management, investors and landlords increasingly manage properties far from home.

Previously, property owners would pay a management company to oversee their property. Now, technology has made it possible for landlords to manage their properties remotely.

In this guide, we’ll explore how to manage rental properties remotely using property management software, the tools available for this purpose, and tips for navigating potential challenges.

Key Insights

• For landlords who wonder how to manage rental property remotely, it’s never been easier to do so than today; software has made becoming a virtual landlord a breeze.
• Remote property management requires software to streamline tasks and stay up-to-date on property maintenance, lease tracking, and online rent payments.
• TurboTenant offers numerous features that online landlords need to manage their rentals effectively from afar, enabling them to explore investment opportunities nationwide, regardless of their location.

Understanding Remote Property Management

Increasingly, landlords rent out properties across the country, often far from where they spend most of their time.

With the advent of property management software, it’s become less important for property owners to live close to their tenants.

Now, investors can diversify their portfolios and seize nationwide opportunities.

While managing property remotely has never been more accessible, that doesn’t mean it’s without its own unique challenges and risks.

Figuring out how to show properties to potential renters, maintaining good communication with tenants, and ensuring the properties are well-maintained can be tricky when far away.

Also, compliance with local laws and guidelines can become overwhelming if you’re unfamiliar with the laws of the land.

Luckily, there are tools and technologies for online property management that make being a virtual landlord easier than ever.

How to Manage a Long-Distance Rental Property

When considering how to manage rental property remotely, it’s critical that you have a tool to help manage the work.

As we’ve discussed, utilizing property management software is the first step, but here are some additional landlord tips to consider:

Screen tenants carefully: The more qualified and stable your tenants are, the lower the risk of sudden problems arising that could be inconvenient to manage from a distance. Conduct detailed tenant background checks for some added peace of mind.

Automate rent collection: Landlords can directly include payment requirements in the lease agreement and require tenants to make online payments. These requirements reduce the risk of checks getting lost in the mail and establish clear expectations for when tenants are required to pay.

Stay updated on local laws and regulations: Even if you don’t live in the town or state where the rental property is located, it’s crucial to know the ins and outs of landlord-tenant laws.

Maintain open communication with tenants: It is crucial to promptly address any issues your tenants may be experiencing with the property. Happy tenants make for happy landlords.

Tools and Technologies for Remote Property Management

Cloud-based software, accessible from anywhere, is the most efficient and cost-effective way to manage rental properties remotely.

Here are the key tools to consider for remote property management.

Property Management Software

Solid property management software (like TurboTenant) typically offers features like online rent payments, tenant screening, lease templates, and mobile apps for landlords and tenants, allowing easy and quick communication between parties.

By running your rentals through one platform, you can get a complete overview of every property’s status, track maintenance and repairs, and visualize a full accounting rundown of your expenses and cash flow.

Virtual Tours and Digital Leasing Tools

One of the most challenging aspects of managing a property from a distance is showing the unit to potential renters.

However, software like TurboTenant allows landlords to schedule and manage showing appointments directly in the app.

To do so, you just set up a schedule of available times, and tenants can choose the appointment that works for them.

Once you’ve found the perfect tenant, you can easily send a digital lease for all parties to review and sign. Once signed, the dashboard makes tracking and finding leases simple.

Online Rent Collection and Payment Platforms

The most important part of property management is collecting rent payments from tenants.

With online rent collection, landlords can easily track payments for each tenant and unit — from anywhere.

Then, they can filter that information directly into a rental accounting suite, like REIHub.

Tenants typically prefer an online rent payment system, regardless of whether the landlord is nearby or far away.

By collecting rent online, landlords don’t have to worry about finding and depositing checks each month.

Remote Maintenance Management Systems

Another common worry for remote landlords is how to repair and maintain units during, before, and after occupancy.

Of course, maintaining the property is critical at every stage of the rental term. So, how can you manage maintenance across state lines and beyond?

As a virtual landlord, leveraging digital tools is an effective way to manage and track the rental process without leaving your desk.

Tenants can log maintenance requests directly in the app (if you’re using TurboTenant as your property management software).

How do you manage income from a rental property?

Managing income from rental properties can seem overwhelming, regardless of the number of properties you manage. However, tracking finances carefully, utilizing software tools, and addressing issues promptly can help keep the cash flowing.

Track expenses and rental income with accounting software: As stated above, REIhub is a great partner and tool for fully managing expenses and cash from anywhere.

Plan for known expenses: Property taxes, insurance, and regular maintenance are known expenses that can be anticipated and planned for.

Consult with a financial advisor: Understanding the opportunities available to you as an investor and how to maximize your profit is critical to long-term success as an owner. Consulting with a professional can provide valuable insight and advice.

How do you run a vacation rental remotely?

While TurboTenant doesn’t offer a vacation rental feature, running one isn’t too different from renting a long-term property.

Short-term rentals have some unique challenges, but depending on the area of the unit, the income potential of shorter-term stays is worth exploring.

Managing a vacation rental requires a reservation system, easy check-in for guests, and the ability to remotely monitor the property.

A local cleaning company with online scheduling options is also a must to ensure a tidy unit for the next guest.

Several software platforms, such as Guesty and Lodgify, automate much of the process for short-term rentals. Therefore, explore your options to find the best suite of tools for your specific situation.

How do you make my rental home more secure?

Making sure your long-distance rental property is safe and secure isn’t too different from what you’d do if you lived nearby.

Step one is to ensure that all locks on doors and windows are functioning and of high quality, so vacant properties don’t attract unwanted guests and tenants feel secure after moving in.

Security cameras placed around the property’s exterior could also be a good idea, but landlords need to be aware of local laws regarding their use.

Lastly, a video intercom facing the street can help deter trespassers and keep you notified when anyone approaches the unit.

TurboTenant Empowers Remote Landlords

Once you sign up for TurboTenant, you’ll never have to wonder how to manage rental property remotely again.

TurboTenant is a fully featured property management platform designed to take as much off a landlord’s plate as possible.

We provide tools for every step of the rental process.

From the ability to collect rent payments online to legally reviewed, state-specific online lease agreements to landlord and tenant mobile apps, TurboTenant has everything you need to remotely manage your properties from wherever you want to be.