By John Triplett
The single biggest challenge facing property managers in 2024 is dealing with aggressive or abusive tenants and residents, according to a new study from the National Apartment Association (NAA).
The “Voice of the Property Manager” NAA Research, sponsored by MRI Software, surveyed nearly 1,000 industry professionals from July 9–22. The analysis in this report represents the voices of more than 850 property managers and regional managers across the United States, a majority of whom are women.
“The most frequently cited challenges in 2024 were dealing with aggressive and abusive residents (22%) and the inability to disconnect after hours (16%). These findings indicate that confrontational interactions and the struggle to separate work from personal time are major stressors for property-management staff, potentially contributing to mental-health concerns,” the report says.
Other challenges relate to maintaining staffing levels (14%) and managing workload (13%). There were also concerns about employee retention and reinforcing the ongoing battle to balance workloads within the industry.
“Other issues such as dealing with residents at risk of eviction, inadequate communication and support from upper management, managing staff, keeping up with legislative changes and addressing fraud were cited less frequently, but still affect a notable portion of the workforce,” the report says.
Who responded to the survey?
Of those professionals surveyed, 32% were between the ages of 35-44, while another 29% were in the 45-54-year-old age group. Nearly half of respondents worked for owner/operators and 88% indicated that their companies owned or managed conventional multifamily properties. Just over half of those companies managed fewer than 5,000 units, while nearly one in five operated more than 30,000 units.
“Overall, property managers are happy in their jobs, particularly with their co-workers and with the flexibility offered to them. A slight majority have been in their current positions for more than seven years, while 22% have tenure of two years or fewer,” the report says.
About 60% feel they have the training they need to do their jobs. Nearly three-fourths expect to be in the industry three years from now, which appears to be at odds with some 39% not recommending a career in property management to their friend or colleague. See more detail on this in the full report linked at the bottom of this article.
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Conclusion: Transparency And Technology
“While owners and operators should be encouraged by this year’s “Voice of the Property Manager” survey results, there is certainly room for improvement in providing a work environment that will not only retain existing employees, but create more promoters of the industry, potentially helping with recruiting efforts as well.
“Managing workloads, maintaining proper staffing levels and providing tools and resources that help property managers do their jobs more effectively will go a long way in improving work-life balance,” the report says.
When it comes to technology, transparency is important as “open communications, and change management will be key as the industry continues to embrace technology, which stands to disrupt operations, roles and responsibilities all while remaining a people-first business.”
Read the full report from the NAA and MRI Software here.
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By Ryan Squires
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 do it themselves remotely.
In this guide, we’ll look at how to manage rental property remotely with property management software, the tools available, and how to navigate 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 many features that online landlords need to manage their rentals properly from afar. It allows you to seek investment opportunities across the country, no matter where you call home.
Understanding Remote Property Management
More and more landlords rent out properties across the country, far from where they spend most of their time. With the advent of property management software, it’s become less important to be close by. 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.
Tools and Technologies for Remote Property Management
Cloud-based software accessible from anywhere is the most efficient and cost-effective way of remotely managing rental property. Here are the key tools to consider for remote property management.
Tool 1: 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.
Tool 2: Virtual Tours and Digital Leasing Tools
One of the trickiest parts of managing a property from a different location is showing the unit to potential renters. However, software like TurboTenant allows landlords to schedule and manage showing appointments directly in the app. 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.
Tool 3: 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, whether landlords are nearby or far away. By collecting rent online, landlords don’t have to worry about finding and depositing checks each month.
Tool 4: Remote Maintenance Management Systems
Another common worry for remote landlords is how to repair and maintain units during, before, and after occupancy. Of course, keeping up with maintenance is critical to every stage of the rental term. So, how can you manage maintenance across state lines and beyond?
As a virtual landlord, leaning on digital tools is an amazing 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). We partner with Lula, who handles scheduling the maintenance, finding the repair staff, and ensuring the vendor completes your repair within the budget you set.
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How to Manage a Long-Distance Rental Property
When considering how to manage rental property remotely, it’s critical to make sure that every aspect of the process is easily handled, just as if you were there in person. 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 less risk of sudden problems arising that could be inconvenient to manage from afar. 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 pay online. These requirements reduce the risk of checks getting lost in the mail and set clear expectations for when tenants need 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 communication with tenants: It is critical to stay on top of any issues your tenants might be experiencing with the property and address them as quickly as possible. Happy tenants make for happy landlords.
How do you manage income from a rental property?
Managing income from rental properties can seem overwhelming no matter how many properties you manage, but 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 best to maximize your profit is critical to long-term success as an owner, so consulting with a professional could provide some great insight and advice.
How to 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 monitor the property remotely. A local cleaning company with online scheduling options is also a must to ensure a tidy unit for the next guest.
Several software platforms, like Guesty and Lodgify, automate much of the process for short-term rentals, so explore your options to find the best suite of tools for your situation.
How can I 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 doorbell facing the street can help deter trespassers and keep you notified when anyone approaches the unit.
How TurboTenant Supports 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.
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Source: GlobeSt.
Apartment rent fraud is rapidly emerging as a major concern for property owners and managers in the real estate industry. This deceitful practice involves applicants using fake documents to misrepresent their financial status, affecting all types of multifamily properties, from affordable units to luxury apartments.
The financial repercussions are significant, with eviction costs averaging between $20,000 to $25,000 per apartment. Despite these high costs, only 17% of multifamily property owners have implemented comprehensive fraud prevention systems, underscoring a critical need for improved measures.
The Evolution of Rental Fraud
As Mendowa Martin, senior vice president at JLL, explains in a podcast, rental fraud has evolved dramatically over the years. Initially, fraudulent activities were low-tech, involving simple falsifications like fake employment verifications.
However, with technological advancements, fraudsters now have access to sophisticated tools that make it easier to create convincing fake paycheck stubs and bank statements. Remarkably, there are even online communities dedicated to teaching individuals how to bypass income requirements for apartment rentals.
Kent Simpson from Yardi Systems, also a speaker in the podcast, notes that the sophistication of rental fraud increased notably during the COVID-19 pandemic. As leasing offices closed and processes moved online, fraudsters operated anonymously, making it easier to deceive property managers.
Simpson emphasizes the dual challenge of creating a seamless application process for genuine applicants while deterring fraudulent ones.
Types of Rental Fraud and Prevention Strategies
Rental fraud encompasses various tactics, including document falsification, income misrepresentation, and identity fraud. Martin stresses that verifying an applicant’s identity is a crucial first step in preventing fraud. This involves using technology to authenticate identities before delving into other aspects like income verification.
Simpson highlights the need to move away from reliance on easily forged documents. Instead, he suggests using automated asset verification systems that require applicants to log into their bank or payroll provider, reducing the chances of fraud slipping through. This approach not only enhances security but also improves the user experience by minimizing the need for document uploads.
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Financial Impact and Industry Response
The financial impact of rental fraud is substantial, with costs associated with attorney fees, lost rent, and re-renting adding up quickly. Martin points out that while most applicants are honest, a small percentage of fraudulent ones cause the most financial damage. Therefore, it’s essential to approach the screening process with a balance of skepticism and positive intent, ensuring that genuine applicants are not unfairly penalized.
The industry is gradually recognizing the need for robust fraud prevention measures. Martin mentions that while only a small percentage of operators currently have comprehensive plans, there is a growing trend toward budgeting for fraud prevention as a line item. This shift is crucial as it allows operators to invest in technologies and processes that can effectively mitigate fraud risks.
The Human Element in Fraud Detection
While technology plays a vital role in preventing rental fraud, the human element remains equally important. Property managers must be vigilant and trained to recognize red flags, such as applicants who claim to be victims of identity theft or insist on submitting paper documents due to alleged technical issues. Martin shares an anecdote about a manager who was moved by an applicant’s story of identity theft, only to find inconsistencies in the provided documents.
Ultimately, having a plan is crucial for property owners and managers to effectively combat rental fraud. As Martin succinctly puts it, “the firms that don’t have a plan, or the firms that lack in a plan, become a target.” The industry must continue to adapt and evolve, leveraging both technological advancements and human intuition to stay ahead of fraudsters. As Simpson aptly noted, “We will never eliminate all risk, but we can continue to mitigate more of it as time goes on.”
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