Real estate investors usually earn a regular income from their rental properties passively. After all, at the end of every month, money is deposited into their bank accounts. However, things are not always easy. Things can be difficult if the landlord lives far from their rental properties. Keep reading to learn about managing rental properties from afar: how Specialized Property Management can help.
A. Challenges faced by remote rental property owners
One of the main challenges that come with managing real estate remotely is the inability to monitor the property directly. You cannot inspect the property in person or see to it that repairs are taken care of effectively. You may not know of any reputable licensed contractors. You can not be present to conduct move in and move out inspections. . Rent collection can also be difficult as tenants can refuse to pay rent, but there is nothing you can do to them until you can travel to initiate eviction proceedings and post legal notices..
B. Role of Specialized Property Management in assisting landlords
Real estate investors and landlords who need help managing their properties and maximizing their returns can benefit immensely from the services offered by Specialized Property Management. From advertising vacant rental units and screening tenants to collecting rent, conducting property inspections, and evicting bad tenants, Specialized Property Management employs the latest software in the industry to ensure both tenants and landlords are happy. The software tracks vacancy and occupancy rates and can generate monthly reports at the click of a button. This will allow both the property manager and the landlord to make informed decisions.
Key Benefits of Professional Property Management Services
While property managers can choose to manage their rental properties, they can get more benefits from hiring an experienced property manager to manage their property. Below are some of the main benefits of hiring a property manager:
A. Expertise in local rental market trends
Professional property managers always track rental market trends and are well-versed in the local rental property market. This means that they can easily fill vacancies and advise the property owner on rent adjustments as well as lease terms and security deposit alternatives among other things. Their expertise will help to ensure the property owner gets the highest returns on their investment month after month, year after year.
B. Maintenance and repair supervision
Real estate appreciates with time only if the property is well-maintained. If structural damages are not repaired before they get worse, the property can depreciate. Both the interior and exterior walls must be painted regularly and the lawn maintained by professionals. This is a lot of work for any landlord to handle. Fortunately, professional property managers have the manpower, expertise, and resources needed to ensure that the client’s property is well-maintained. Repairs are also carried out professionally, cost-effectively, and on time.
C. Tenant screening and rent collection
Having your investment property occupied means nothing if your tenant does not pay rent. If a tenant causes extensive damage to a rental unit, the landlord will suffer serious losses. To avoid all these, property management professionals usually conduct tenant screening. They run background and credit checks as well as verify the references provided by prospective tenants. This is meant to ensure that only tenants of good financial and moral standing get to move into one of the rental units owned by the client. Property managers also provide tenants with different rent payment options to ensure rent is paid conveniently and on time.
Addressing Common Concerns from Rental Property Owners
The importance of hiring a professional property manager is clear for all to see. However, property owners may still have some concerns, including:
A. Maintaining control over investment
Investors usually want to have full control over their investments. The question that property owners may have when looking for a property manager is – does signing a contract with a property management company relinquish their control over their investment? The answer is no. The property manager only manages the property on behalf of the property owner. That said, property owners should read the terms and conditions before signing a contract with a property manager.
B. Cost of professional property management
Nobody works for free, so what is the cost of professional property management? This is a question that every investor wants an answer to. The truth is that depending on the range of services offered by a property manager, the management fees begin at $99 for Specialized. Their technology and efficiency allows them to manage homes cheaper than their competitors. Many investors do not realize that professional property management from Specialized costs less than a cup of coffee per day.
Focus on Specialized’s Rental-IQ Software
Rental-IQ and Propertyware are the primary reporting and software platforms used by Specialized Property Management. Rental-IQ, the innovative powerful platform enhances engagement and delivers critical data and intelligence, helping Specialized to understand and better serve their customers by continually evaluating all of the operational, financial, marketing, sales, and service aspects for investor clients to maximize profit.
A. Key features catering to remote property management
i) Streamlined communication & transparency for landlords and best in class reporting.
Rental-IQ and Propertyware provide live alerts, which ensure that repairs and maintenance are handled on time. When a tenant submits a work order through the system, the property manager is alerted immediately for appropriate action. If the plumbing is leaking, for instance, the contracted plumber will be dispatched immediately to coordinate with the tenant and fix the problem to ensure it does not exacerbate further. Through the system, landlords can monitor complaints, service requests, and maintenance schedules as well as go through the list of repairs carried out during the month. The system streamlines communication and enhances transparency for landlords and tenants.
ii) Rent collection and maintenance request automation tools
Propertyware has automation tools for maintenance requests and rent collection. This means that both the property manager and landlord can see which tenants have not paid rent as well as the units that are up for maintenance or periodic inspections.
B. Benefits of using Rental-IQ software for remote landlords
The main benefit of Specialized’s software platform is that they make it possible for landlords who are far from their rental properties to monitor the day-to-day operations of their properties. It also improves transparency as everything the landlord does can be seen on the software application. If tenants are unhappy with the performance of the property manager, the landlord will have visibility as well as the number of repair and maintenance requests that have not been addressed. This will allow the property owner to make data-driven decisions.
Case Studies: Successful Remote Property Management with Specialized Property Management using Rental-IQ Software
A. Recently, a successful real estate investor temporarily relocated to Australia, where the spouse was enrolled in a 6-month professional course and wanted to spend time together. The investor was not convinced that they could entrust their property to a property manager. After learning about Specialized Property Management’s Rental-IQ, the property owner decided to give it a try. Before his flight took off, he got an alert on his phone that a tenant had submitted a work order for a faulty air conditioner. A few minutes later, he got another alert. This time, it was the property manager informing the tenant that an HVAC contractor was on their way to fix the AC. Upon Landing at the airport in the city of Perth, Australia, the landlord got another alert that the AC unit was fixed. During the 6 months, the property owner was away, he was able to generate reports regarding rent collected, vacancy rates, occupancy rates, and maintenance requests among other things. Thanks to Rental-IQ and his reporting dashboard, the investor was able to make data-driven decisions and monitor the day-to-day operations of their property.
Conclusion
Real estate investors can benefit immensely from the services of a professional real estate management company. The ideal company should have a great reputation and make use of the most advanced technology today. Alternatively, they can get in touch with Specialized Property Management to discuss how their industry leading advancement in technology and Rental-IQ can help them manage their property more effectively.
