How to Manage Rental Properties Remotely

Managing rental properties remotely can be efficient and profitable with the right strategies. As the President of WADE RENT PROPERTY MANAGEMENT INC., I oversee properties across multiple cities in Alberta, including Edmonton, Sherwood Park, Calgary, and Bonnyville. Through my experience living in Sherwood Park and managing properties in various municipalities, I’ve honed effective techniques for remote property management. Here’s how you can successfully manage your rental properties from a distance:

Embrace Technology

Utilize property management software to streamline operations. Platforms like Buildingstack or the HappyCo Inspector app can help with rent collection, maintenance requests, property documentation and financial reporting.

Reliable Team Network

Build a trusted network of local contractors, cleaners, and maintenance professionals so that they can handle emergencies and routine maintenance tasks swiftly. It is helpful to compile a vendor list with contacts that service each area you work - if you’d like some recommendations around Alberta, please reach out.

Clear Communication

Tenants should know how to contact you with any issues, so it is important to maintain open communication through email, phone, and messaging apps. I like to use Buildingstack for this too so that communications are all documented in the same place.

Regular Inspections

When managing properties remotely, you’ll want to schedule periodic inspections to ensure property upkeep. I prefer to personally visit the property, but a trusted team member nearby can be a great support as well. Video calls for virtual walkthroughs are less thorough, but another option if physical visits are challenging.

Financial Monitoring

Monitor expenses, rental payments, and cash flow using accounting software. Wherever you are working it is important to stay organized and track tax-deductible expenses.

Local Market Knowledge

Stay informed about local rental laws, market trends, and tenant rights. This knowledge helps in setting competitive rents and handling legal issues.

Emergency Plans

If you are managing properties remotely you will need contingency plans in place for emergencies like maintenance issues or tenant disputes. Arrange to have local contacts ready to respond promptly.

Documentation

It is important to remain organized wherever you work, and digital means can be convenient for accessing anywhere. Keep detailed records of leases, maintenance requests, inspections, and financial transactions.

Partner with Professionals

If you are interested in support, consider hiring a local property management company like WADE RENT for hands-on management. We can handle day-to-day tasks and ensure compliance.

Conclusion

Managing rental properties remotely requires organization, technology, and a reliable network. With these strategies, you can efficiently oversee your investments from anywhere. For personalized advice or assistance, reach out to me and my team at WADE RENT PROPERTY MANAGEMENT INC - we’re here to help you succeed in property management wherever you are!