Considerations When Running a Virtual Property Management Business

Considerations When Running a Virtual Property Management Business

There are increasing numbers of businesses nowadays who prefer to set up a virtual property management office because it helps lessen the operating cost and provides a more comfortable service to both landlords and tenants.

Renting a physical office can cost a lot of money due to it's operating cost. And having a virtual property management office can eliminate most of the physical office expenses can possibly spend. Here are some things that you can save when you have virtual property management.

• Pay for the office space
• High-cost bills
• Cost of office furniture
• Cost of office supplies

So what are the important features that virtual property management must have? You can implement systems to manage properties and tenants.

• A good communication system is necessary. Running virtual property management means having employees that work remotely or from their own home. And a good communication tool is absolutely necessary to help both the property owner and tenants coordinate with each other. It is like a typical office where with the help of the virtual assistant, you can give services like phone calls, chat, email, or any other customer interactions.

• All tenants’ application and tenant screening process can be done through online leases. Once the application is received, you can deny or approve applicant tenant quickly. If you found a qualified tenant, you can send the lease agreement through an email and discuss things with the help of a virtual assistant. When residents need to sign their lease, choose the best property management software that offers lease signature. You can use an E-signature for the signing of documents.

• All property management deals with a maintenance issue, and to save the landlord or property manager of visiting the place just to see what area needs maintenance and unexpected repair, tenants can submit a maintenance request online and provide details and screenshots of what has to be fixed to make things quicker. This saves the resident time of calling the office and explaining which part of the unit needs to be fixed. Having virtual property management helps eliminate the needs of resident and property owner to drop by about the maintenance request. 

• One of the most important features that virtual property management should consider is the online rent payment. Most properties offer online rent payment option to renters that remove stress to both property owner and tenant’s stress of paying by mail or going to the physical office. Renters can set-up an automatic recurring payment. It's an automatic payment; your monthly rent is recurrently charged to either your debit card, credit card or debited from your checking account on a pre-set date every month so you don't have to repeatedly make a manual payment.   

• Showing of property can be done virtually by providing tenants a video of the properties to choose from.

• Flexible schedule. Since it's a virtual kind of business, their virtual assistant staffs must have flexible hours schedule that allows them to alter workday start and finish times.

• You may build a team of contractors and/or freelancers. You may need these people since you will not be physically present in locations; they provide an important job that represents your business directly especially when you are not personally present. Make sure to hire people that you can trust and get the work done well for you. These are people working in a distance, from their own office. They may be across the town, across the country or across the globe.