As businesses evolve and adapt to changing circumstances, companies recognize the advantages of outsourcing jobs traditionally done in-house or on-site. The real estate industry is one of the businesses that has been outsourcing their routine tasks to virtual assistants. One of these roles that a virtual assistant handles, is property management.
Property management virtual assistants have emerged as valuable assets for property owners who want to streamline the operations of their real estate investment. These properties may include apartments, condominiums, private homes, and such.
Regardless of their location, property management virtual assistants can still do most of the responsibilities that an in-house property manager can do. These remote professionals specialize in managing properties and can handle recurring tasks that can be done online or over the phone. Their tasks may include collecting rent, addressing maintenance issues, finding new tenants, managing the budget for the property, and other administrative or ad-hoc tasks that are required by the business. The main role is to make sure the property is running smoothly, and that the value is preserved while generating income for the owner. This gives the employees more time to focus on other areas of their business such as strategic planning, networking, and exploring new investment opportunities.
Outsourcing Property Management – Who Needs a Property Manager Virtual Assistant?
There are several types of property owners who can benefit from the services of a property manager virtual assistant.
Landlords hire property managers when they lack the time or expertise to maintain their properties and deal with tenants. This also applies to landlords who have multiple properties. Others may be solely interested in passive income. This means that they own rental properties for investment properties and are hands-off when it comes to operations. In this instance, they hire someone to manage the properties on their behalf.
Absentee landlords are owners who are not located in the same state or whose location is far from their properties. Properties could be their vacation homes or previous place of residence. Because of the distance, they use property management services.
Property owners who participate in affordable housing programs need property management services due to the complex federal guidelines that apply to these properties.
Some real estate brokers also offer property management services. For example, a broker in a resort town may manage multiple vacation rentals for various property owners, handling everything from listing and showing to leasing and maintenance. With the number of properties that a certain brokerage handles, they will eventually need the addition of a property management virtual assistant to whom they can delegate the day-to-day tasks and move on to the next project. This also applies to in-house property managers who need to delegate daily tasks to outsourced property management services.
Property Management Outsourcing Services – What Property Management Virtual Assistant Can Do?
Hiring a property management virtual assistant depends on the specific need and budget of the business. While the clients that a business services are far from where the VA lives or works, many aspects of managing a property can be handled remotely.
Here are some of the tasks that owners or property managers can outsource to a property management virtual assistant:
Property Management Leads
Finding leads and managing leads has always been a critical part of every business. In real estate investment, this refers to finding renters and completing all necessary tasks needed for the property rental, from application to follow-ups. Managing these leads includes capturing their details and making sure no appointments are missed. Some of the tasks included for property management leads are the following:
- Application Processing
Application procedures for potential tenants are handled by the property manager VA. This involves receiving application forms and holding preliminary interviews. They will start processing the applications as soon as they are received, and make sure that all conditions are met. Interviews can be done using online communication platforms, like Zoom. They are also in charge of checking the accuracy of the information supplied by the applicant, including calling references and running a credit check. They may request additional information or supporting documents from applicants. This is to ensure that only qualified and reliable tenants are selected for the property.
- Virtual Tours of the Property
Virtual or online tours are a common practice nowadays. Property management virtual assistants can design photo galleries, slideshows, and videos showing the property’s overall look, amenities, and features. This makes it easier for prospective tenants to view the property at their own time and place.
- Overseeing Records
Managing records, such as tenants’ personal information and contact details, needs to be done regularly to communicate effectively with them. Contact lists for contractors, vendors, local government, and other service providers and suppliers are also kept up to date, along with their rates. Furthermore, VAs can actively seek companies that can provide specific services for the business at a lower price.
The property management virtual assistant also tracks other records, such as tenants’ requests for maintenance or repairs, complaints, and other concerns. This may include before and after photos, actions taken, and other relevant information. These are handled based on the level of urgency, to ensure all matters are swiftly resolved.
- Managing Calendars
In-house property managers need to stay on top of their schedules. This is to balance meeting up with prospective tenants, current tenants, and other tasks that need to be completed in a day.
Having a property management virtual assistant who will manage their calendar and organize schedules is a great help to ensure that no appointments are missed. VAs can respond to initial inquiries and make the initial contact to arrange appointments. Additionally, they can follow up with tenants who don’t answer and ensure that property managers get to meet with them.
- Posting Available Properties for Rent
Property management virtual assistants can keep a current list of all their properties and post it on websites and other marketing platforms for rental properties. They can compile a list of websites that can be used to post listings for vacant houses to reach more customers.
Property Management Bookkeeping Services
Online tools like QuickBooks help VAs organize financial data for property management bookkeeping services. This includes tax documents, receipts, invoices, and other financial records.
The property management virtual assistant also makes sure that all utility bills, rent, and invoices are paid on time. In cases where tenants failed to do so, they can give them a call and send an email to remind them about their unpaid bills.
Property Management Solutions
Property managers can concentrate on activities that generate income by outsourcing high-volume, administratively related property management tasks, like the following:
- New Management Administration
- CRM Management
- Routine Inspection Administration
- Lease Renewals
- Tenancy exit
- General Administration
FAQ’s
What is a property management virtual assistant?
Property management virtual assistants are assistants who have backgrounds in property management systems and are located offshore. They do their tasks online and make use of different property management solution software to remotely manage every aspect of the real estate investment.
How to find outsourcing property management?
Finding a diligent, qualified, and long-term committed property management virtual assistant can be difficult. If you’re having a hard time locating suitable virtual talent for your business, it’s possible that you’re looking in the wrong place. At Real Estate Project Solutions (REPS), we recognize the importance of exceptional property management virtual assistants who can assist property managers and homeowners with rentals.
Summary
With the advancement of technology and the growth of the gig economy, property management virtual assistants have become increasingly popular among property owners and managers.
Outsourcing property management to a property management virtual assistant is an excellent way to improve the operation and efficiency of invested properties. They help in making homeowners and in-house property managers stay ahead of the curve and make informed decisions. VAs have become an indispensable tool in reducing the workload of property owners and managers and improving the efficiency of real estate investments. Furthermore, this level of support can help to increase tenant satisfaction and retention, leading to greater long-term success for your real estate investments.
As a real estate investor or property manager, you know how important it is to keep your operations running smoothly while also maximizing your investment’s potential. Real Estate Project Solutions (REPS) is here to help you maximize your real estate investment’s potential and streamline your operations with the help of our property management virtual assistant.
With REPS, our property management virtual assistants are highly skilled and knowledgeable about the real estate industry’s industry standards and legal requirements.
Schedule a call today to find out how REPS can provide you with the help you need to manage your properties.
