Remote Rental Property Management Advantages & Disadvantages

Are you a landlord with multiple rental properties? If yes, you may already know how tough it is to manage all of them, especially when the rental properties are geographically distant. So, many landlords are looking for a feasible solution, and the solution lies in remote rental property management!

In today’s digital world, when remote work has become a norm in many offices, managing rental properties from the comfort of your home is no surprise. After all, now there are digital tools for automatic rent collection, tenant screening, generation of tenancy or lease agreements, property maintenance, and much more!

However, remote rental property management has its own set of advantages and disadvantages. So let’s have a look.

Advantages

Saves valuable money

With remote property management, you do not need to own physical office space or maintain an on-site staff. Maintaining on-site staff means a lot of expenses on salaries, staff training, office supplies, equipment such as computers, printers, cabinets, phones, CCTV cameras, fire extinguishers, repair tools, and more! Thus, transitioning to remote rental property management eliminates many of these expenses.

Also, you don’t have to bear any travel expenses, leading to significant savings on operational costs associated with maintaining an office and travelling for property management. In the long run, these cost savings lead to profitability, which you can use to invest in property improvements.

Offers work-life balance

Now, you can have the much-needed flexibility and convenience you have always desired as a landlord. Remote property management is also apt for those who travel frequently or have no time to visit their rental properties. In short, they can now offer a better work-life balance. Even while on vacation, managing your rental properties will be easy.

Remember, you now have more time to invest in leisure activities or other important tasks that you used to overlook earlier because of work-related stress. Also, you will now have more time on your hands to spend with your family and loved ones.

Streamlined Communication

While remote work is challenging, it also helps to streamline communication with the help of digital tools. As a landlord, now you can eliminate the confusion of scrambling your mailbox, in-person meetings or phone calls. With so many rental property management platforms, you can have all the tenant communication in one place.

Better tenant relationship

Your tenants can have a fair share of problems, such as a leaking pipe or overflowing bathtubs. In the absence of any centralized system, which they can use to quickly reach out to you to request you fix the problem, dissatisfaction can grow. If not resolved quickly, such unresolved issues may compel them to leave your property.

On the contrary, managing your rental property remotely means you have your digital tools or platforms in the right place for prompt response and quick problem resolution. In short, establishing an effective communication system with your tenants will lead to better tenant relationships.

Disadvantages

Remote management can sometimes lack the personal touch that existed in face-to-face interactions. It is crucial to establish a reliable relationship with your tenants and address their concerns. However, this does not happen as desired when everything is done remotely.

As a remote landlord, you may experience challenges in legal compliance and risk management because the regulations for rental properties may vary vastly from one city to another or even from one municipality to another municipality. Also, without any on-site inspection, you would not know about potential hazards like neglected repairs, which may cause a problem in effective risk management.

So, if you are considering transitioning to remote property management, it is important to choose the right software. This is a significant step to kick-start your journey as a remote landlord. Today, the market is flooded with countless digital tools and online property management platforms that aid you in managing your rental properties remotely.

Based in the UK, RentonCloud is one such cloud-based property management platform powered by artificial intelligence and blockchain technology. With Rentoncloud, you can have tools for bookkeeping, rental agreement generation, automatic rent collection, and tenant screening. The easy-to-use platform also enables you to establish easy communication with tenants for quick resolution of their problems and a handyman for facilitating repairs whenever needed. Meanwhile, the platform can be accessed from any device at any time!