Remote operations in property management 👩🏼💻
- Published on
- Real estate
COVID-19 has led many companies to re-evaluate the way they operate. For the property management sector, this has meant a move towards more and more remote operations.
While this development may have started out as a matter of necessity, many companies are now realizing the benefits of remote working.
With the help of technology, property managers can now manage properties from anywhere in the world. It offers a level of flexibility and freedom that wasn't possible before 😉
What's more, remote operations often save money, as companies no longer need to maintain physical offices.
Finally, teleworking can offer employees a better work-life balance, resulting in increased productivity and satisfaction. If you're looking to make the move to telecommuting, there are a number of steps you'll need to take to prepare your business.
First, you'll need to invest in reliable technology and have a solid communication and collaboration plan in place.
Next, you'll need to train your employees to use this technology and adapt to working remotely.
With a little preparation, you can reap the many benefits of remote operations. 🙌🏻
What are the advantages of working remotely for a property manager?
For years, property managers have been tied to their desks, managing properties from a central location. 💼
However, 2020 has shown us that working from home is also possible for property managers.
Working from home offers several advantages for property managers.
Gaining in productivity
In today's fast-paced world, it can be difficult to work in a traditional office.
With constant social distractions and the need for frequent breaks, employees are often less productive than they could be.
However, working from home offers a number of advantages that can boost creativity and performance: employees can easily take the breaks they need when working from home, helping them to avoid exhaustion and stay fresh throughout the day.
As a result, studies show that employees who work from home are around 25 % more productive than if they worked in an office environment.
The freedom to be at home offers a number of benefits that make workers more efficient and effective. 🤩
Save money
For many companies, the main obstacle to setting up a remote system is the initial investment.
While it's true that you may have to pay for additional services or platforms to support a remote operation, there are always opportunities for savings.
Think about how much you'll save each month by doing without a physical office, space rent, taxes or utilities. 🤑
Better communication
Although it may seem that remote working makes communication more difficult, it can actually improve internal communication in many ways.
Employees are forced to communicate more concisely and consistently when they're not in the same physical space. 🗣
In addition, technology can be used to organize files in a way that makes collaboration between employees or departments more efficient.
By taking the time to stay connected, companies can ensure that their remote employees are able to work together effectively.
Employees with higher morale
A happy employee is a productive employee. It's a simple concept, but one that's often forgotten in the hustle and bustle of the modern workplace. 🥵
With the rise of remote working, there's never been a better time to focus on employee happiness.
Remote working allows employees to work where they're most comfortable, avoid stressful commutes and dress as they like.
2 What are the risk factors?
As any experienced investor knows, any investment always involves a degree of risk. No matter how well you research and plan, it's always possible for something to go wrong and wipe out your profits.
That's why it's so important to understand all the possible risks before making an investment. By analyzing the figures and understanding the profitability of an investment, you can get a good idea of its potential return.
Ultimately, however, it's the main risk factors that determine whether or not you make a profit. So it's crucial to be aware of all the risks before you put your money on the line.
When it comes to selling properties, one of the biggest risks is unexpected repair costs. Even if you've done your due diligence and made the calculations in advance, it's always possible for something to go wrong.
For example, you may buy a property and discover that the foundations need major work. Or you may start the rehabilitation process and discover that the plumbing needs to be completely replaced.
These types of problems can quickly reduce your profits and, in some cases, can even turn a resale project into a money-losing venture.
That's why it's important to always have a contingency fund to cover unforeseen repair costs. That way, if a problem does arise, you'll have the resources you need to resolve it, while making a profit on the resale project.
While this is by no means an exhaustive list, here are a few examples of major risk factors for rental properties and turnaround strategies to give you an idea of the kinds of things you should consider:
- Unexpected repairs
- Bad tenants
- Extended vacancy periods
- Decline in appreciation due to external factors (i.e. local market or neighborhood)
- Property not appraised for value after scheduled repair (ARV)
- Market slowdown or crash leading to a significant drop in ARVs
In short, risk is inherent in every investment, and no strategy or property is totally immune to potential losses. However, that doesn't mean you should go ahead blindly without understanding the risks involved.
Before making any investment, it's important to do your research and understand exactly what you're getting into. What are the potential risks? What could happen that could cause you to lose money?
By understanding the risks involved, you can make more informed decisions about how best to protect yourself. By being aware of potential dangers, you can prevent them from causing serious damage to your portfolio.
What can be done to minimize these risk factors?
When it comes to real estate investments, returns are never guaranteed. No matter how good your market research or how experienced an investor you are, there's always an element of risk.
However, that doesn't mean you have to accept whatever fate decides to throw your way. There are a number of steps you can take to mitigate the risks associated with your investment.
For example, bad tenants can cause a lot of damage to your property, default on rent payments and increase the cost of eviction.
However, there are some things you can do to try and attract better quality tenants. For example, you can invest in nicer properties in nicer neighborhoods, or have a pre-leasing survey carried out.
Although even the best properties can end up with a bad tenant, the chances of this happening are lower if you choose your properties carefully. Another way to attract good tenants is to provide them with good customer service.
This means listening to their needs and concerns, and providing them with the information and support they need to succeed as tenants.
By taking these steps, you can increase your chances of attracting quality tenants who will take good care of your property and pay their rent on time.
Apply the answers to your investment strategy
Investment strategies are like everything else in life - there's no single answer. The trick is to find the strategy that best suits your goals, risk tolerance and financial situation.
Property investment is a great way to earn money and provide stability for the future. However, it can be difficult to keep track of all the payments and paperwork associated with owning a rental property.
That's where our payment solution comes in. We can take care of all the payments for you, so you have more time to concentrate on your investments. After all, what's more important than the real money in your bank account?
Contact us today to find out more about how we can help you free up your time and improve your results. 💰
Categories
For years, property managers have been tied to their desks, managing properties from a central location. 💼
However, 2020 has shown us that working from home is also possible for property managers.
Working from home offers several advantages for property managers.
Gaining in productivity
In today's fast-paced world, it can be difficult to work in a traditional office.
With constant social distractions and the need for frequent breaks, employees are often less productive than they could be.
However, working from home offers a number of advantages that can boost creativity and performance: employees can easily take the breaks they need when working from home, helping them to avoid exhaustion and stay fresh throughout the day.
As a result, studies show that employees who work from home are around 25 % more productive than if they worked in an office environment.
The freedom to be at home offers a number of benefits that make workers more efficient and effective. 🤩
Save money
For many companies, the main obstacle to setting up a remote system is the initial investment.
While it's true that you may have to pay for additional services or platforms to support a remote operation, there are always opportunities for savings.
Think about how much you'll save each month by doing without a physical office, space rent, taxes or utilities. 🤑
Better communication
Although it may seem that remote working makes communication more difficult, it can actually improve internal communication in many ways.
Employees are forced to communicate more concisely and consistently when they're not in the same physical space. 🗣
In addition, technology can be used to organize files in a way that makes collaboration between employees or departments more efficient.
By taking the time to stay connected, companies can ensure that their remote employees are able to work together effectively.
Employees with higher morale
A happy employee is a productive employee. It's a simple concept, but one that's often forgotten in the hustle and bustle of the modern workplace. 🥵
With the rise of remote working, there's never been a better time to focus on employee happiness.
Remote working allows employees to work where they're most comfortable, avoid stressful commutes and dress as they like.
2 What are the risk factors?
As any experienced investor knows, any investment always involves a degree of risk. No matter how well you research and plan, it's always possible for something to go wrong and wipe out your profits.
That's why it's so important to understand all the possible risks before making an investment. By analyzing the figures and understanding the profitability of an investment, you can get a good idea of its potential return.
Ultimately, however, it's the main risk factors that determine whether or not you make a profit. So it's crucial to be aware of all the risks before you put your money on the line.
When it comes to selling properties, one of the biggest risks is unexpected repair costs. Even if you've done your due diligence and made the calculations in advance, it's always possible for something to go wrong.
For example, you may buy a property and discover that the foundations need major work. Or you may start the rehabilitation process and discover that the plumbing needs to be completely replaced.
These types of problems can quickly reduce your profits and, in some cases, can even turn a resale project into a money-losing venture.
That's why it's important to always have a contingency fund to cover unforeseen repair costs. That way, if a problem does arise, you'll have the resources you need to resolve it, while making a profit on the resale project.
While this is by no means an exhaustive list, here are a few examples of major risk factors for rental properties and turnaround strategies to give you an idea of the kinds of things you should consider:
- Unexpected repairs
- Bad tenants
- Extended vacancy periods
- Decline in appreciation due to external factors (i.e. local market or neighborhood)
- Property not appraised for value after scheduled repair (ARV)
- Market slowdown or crash leading to a significant drop in ARVs
In short, risk is inherent in every investment, and no strategy or property is totally immune to potential losses. However, that doesn't mean you should go ahead blindly without understanding the risks involved.
Before making any investment, it's important to do your research and understand exactly what you're getting into. What are the potential risks? What could happen that could cause you to lose money?
By understanding the risks involved, you can make more informed decisions about how best to protect yourself. By being aware of potential dangers, you can prevent them from causing serious damage to your portfolio.
What can be done to minimize these risk factors?
When it comes to real estate investments, returns are never guaranteed. No matter how good your market research or how experienced an investor you are, there's always an element of risk.
However, that doesn't mean you have to accept whatever fate decides to throw your way. There are a number of steps you can take to mitigate the risks associated with your investment.
For example, bad tenants can cause a lot of damage to your property, default on rent payments and increase the cost of eviction.
However, there are some things you can do to try and attract better quality tenants. For example, you can invest in nicer properties in nicer neighborhoods, or have a pre-leasing survey carried out.
Although even the best properties can end up with a bad tenant, the chances of this happening are lower if you choose your properties carefully. Another way to attract good tenants is to provide them with good customer service.
This means listening to their needs and concerns, and providing them with the information and support they need to succeed as tenants.
By taking these steps, you can increase your chances of attracting quality tenants who will take good care of your property and pay their rent on time.
Apply the answers to your investment strategy
Investment strategies are like everything else in life - there's no single answer. The trick is to find the strategy that best suits your goals, risk tolerance and financial situation.
Property investment is a great way to earn money and provide stability for the future. However, it can be difficult to keep track of all the payments and paperwork associated with owning a rental property.
That's where our payment solution comes in. We can take care of all the payments for you, so you have more time to concentrate on your investments. After all, what's more important than the real money in your bank account?
Contact us today to find out more about how we can help you free up your time and improve your results. 💰
