How to Manage Rental Property Remotely: Top Tips for Investors

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.

---

A landlords one stop shop for tenant management…for FREE

You can’t beat free and the only time you pay is if you want to purchase a lease or have expedited rent deposits. Most everything else costs zip, zero, zilch.

---

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.

Did you enjoy this article?

This is an example of what is included on our FREE weekly newsletter, Landlord Weekly.

Subscribers get access to our free forms, email templates, and guides! As well as…

▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links

To check out a sample of our newsletter, click one of the links below👇