Do not like the idea of constantly dealing with some properties? Would you like to have more time to work on expanding an assortment and increasing your income? Thus, it is clear that the need for a Property Management Virtual Assistant is the solution for your needs. In this blog post. In the course of this article we will see how a trained and experienced.
Virtual Assistant can do everything from screening tenants to collecting rents leaving. The landlord to handle more pressing issues to realize higher gains in his chosen real estate business. Okay then, take a cup of coffee, tea or soda. And be prepared to know many things about the Professional Property Management Virtual Assistant Services.
Is it sometimes frustrating, exhausting and just plain stressful handling all the responsibilities that come with renting out homes? Could one simplify the process and even further simplify it? Virtual real estate management is not something that is hard to come by; a virtual assistant is enough. Whether it’s screening tenants to answering phone calls, collecting rent, or any other aspect.
These assistants enable property managers to attend to other aspects in property management. Let’s get into why a property management Virtual Assistant is valuable. When you want to reduce stress from being a landlord and enhance your experience as a real estate investor.
What is a Property Management Virtual Assistant?
A property management Virtual Assistant is a virtual assistant which assists the property managers in screening tenants and collecting rents. Apart from what they have outlined, they can also come in handy in other areas such as marketing the property, and scheduling repair works. Property managers are usually very much occupied in their work, and therefore, having session with a virtual assistant is of great help. Virtual Assistants can work as frequently or as infrequently as needed. Which makes them useful during a time where staffing may be an issue.
Tenant screening is one of the most crucial duties that you would have to execute any time you own properties as a property manager. This implies that a lot of attention should be paid to the type of people occupying the properties so as to gauge whether they will be able to take good care of the property in question. Consequently, a Virtual Assistant will perform a tenant screening by using a background check and a credit check.
Property managers also have to collect rent just like managing the tenants’ affairs entails managing their rent as well. Another aspect you have to factor is the collection of rent from the tenants to enable you to meet your basic needs such as bills and maintenance of the property. A Virtual Assistant can assist on rent collection by reminding tenants and also chasing them in case they fail to make the payments as agreed on.
Sometimes, it is also necessary to market your property so that it will always be occupied. People need to be informed about your property and how it is unique for their rental needs from among the myriad of properties out there. A Virtual Assistant can assist you in listing an property, advertising the property and can even take pictures of the property.
NOTE: Scheduling repairs is another task.
What Services Does a Property Management Virtual Assistant Provide?
Some of the services that I offer my clients includes acting as a virtual property management assistant. Some of the services that we offer include tenant screening, rent collection, preparation of leases and property inspection. I also entertain all the customer services communications that come in from the tenants. Apart from these day-to-day activities.
I ensure that I give my clients monthly reports that show details of the properties and any problem that might be arising. Any sort of services may be provided by a Virtual Assistant, right from screening the tenants to collection of rent. In the same respect, they can help with issues such as planned repair and maintenance, handling complaints from the tenants, and other issues.
Additionally, a property management Accounting may offer ways on how to optimize the yielded revenues of your rental companies. Property management virtual assistants are able of offering different services. They may involve services such as screening of tenants, payments collection from tenants. Preparation of tenancy agreements, marketing of vacant units, maintenance of properties among others.
A property management Virtual Assistant can be such a blessing to any landlord or property management company. There are certainly some of the responsibilities related to management of a rental property. That you could possibly do in your spare time and thereby free up time for other aspects of your business.
Tenant Screening
In property management, screening of the tenant is a crucial factor and the Professional Property Management Virtual Assistant will make sure the process is well done. The first check made in the screening process is normally the checking. Whether the applicant meets the financial capability of paying for the rent. This can be achieved through credit check, requesting the client’s bank statements or any other acceptable proof of income.
Then, his or her rental history will be verified. On the Property Management Virtual Assistant, the applicant’s previous landlords will be contacted to confirm. That the applicant paid his or her rent promptly and did not damage any property. Criminal record checks will be conducted to the applicant to check whether he/she has any criminal track record or not. After these checks have been taken, it will advise the landlord whether or not to approve the applicant.
Rent Collection
Being a virtual assistant that deals with property management, another core duty that I perform is the collection of rent from tenants. And all the invoices are to be sent monthly and tenant who has not made their payment on time is to be chased. I also monitor who pays the rent, and prepare a monthly statement to the property owner. Apart from charging rent fees as a means of getting returns on the property.
I also include other responsibilities that relate to property management including tenant screening, marketing of available units, and fixing and arrangerment. Thus, performing all these functions, I relive the property owner from the stress of other pressing issues. Probably the most crucial operation that a property manager must perform is the collection of rent from the tenants.
This is a cumbersome process especially if one is considerating a large property portfolio. This is a task that can be assigned to a property management Virtual Assistant who will take care of follow-ups, including email reminders for rent payment, follow-ups for unpaid rent among others.
They can also offer reports of your rental income to help you know the amount of money. That you are generating from the rental business and areas that need be worked on. You will be relieved of this time consuming task. Thus dedicating such time to hunting for new tenants for your properties or even managing your properties in the absence of a property management Virtual Assistant.
Maintenance & Repairs
Virtual Assistant tasks as a property manager may include. In terms of maintenance and repair of your rental property, you’ll be handling the following. This entails matters such as booking maintenance services, attending to the needs of the tenants. Conducting routine property check-ups and responding to calamities among others.
Your Virtual Assistant will endeavor to make sure that all repair related issues are done effectively and within time agreeably with the intention of maintaining. You informed on the progress of each detail, repair or change. It will also update the vehicle as to any warranty information or any other record pertaining to the repair. Your Virtual Assistant can call the right companies to come and fix anything that needs to be fixed in the event that there is an emergency.
Repairs and periodical inspection of the house will also become the responsibility of Virtual Assistant. THUS a list of possible issues will be recognized at an embryonic stage and avenged before escalating into major issues. Your Virtual Assistant will also look for any safety concerns or conditions or codes that require attention.
Legal Compliance
Starting from selecting the tenant to payment of rent. property management virtual assistant can assist in the day-to-day running of a managed property. For instance, in the process of searching for information, it also saved you a lot of time besides the following benefits. Thus, when hiring a Virtual Assistant, you will be confident that your rentals do not violate the state or local laws.
For example, the anti discrimination laws that exist in many states prohibit discrimination of prospective tenants on grounds of race, religion or national origin. A property management Virtual Assistant can assist you in the process to screen applicants and then avoid compromising yourself and falling prey to anti-discrimination laws.
Similarly, a Virtual Assistant can assist you to make sure that whatever process of collection of rents you adopt fulfills the laws and regulations of that specific state or region. There are certain legalities of collecting rent from the tenants that may vary from one place to another. With the assistance of a Virtual Assistant, you will be able to draw up a rent collection procedure that will be legal.
To summarise, implementation of a property management virtual assistant will enable the following. This is to enable you deliver the best to your tenants as well as the ability to observe and adhere to all the legal provisions.
Lease Renewal & Termination
One of the core duties that any property manager is supposed to accomplish involves managing leases. This carries from the negotiation of new leasing contracts to the renewal of contracts and to lease exits.
Lease Renewals
You see, if ever there is a need to collect a lease renewal from your tenant, your property management Virtual Assistant can assist by calling the tenant to inform him/her of their leasing options. Also, their duties entail managerial implication of the need to produce paperwork. Relevant for the job and organizing a schedule of the dates and time requirements.
Lease Terminations
In this kind of early termination of lease may occur for one reason or the other such as losing a job or getting transferred to another place. Regardless of the situation you are undergoing a change of position. Your property management Virtual Assistant can help you through the steps in a hassle free and stress free manner. Apart from dealing with all relevant formalities and with the tenant itself. They will also be the ones to call potential tenants.
Property Manager Responsibilities Of Lease Renewals and Termination
Regarding lease renewals. You will have to contact the tenant for their interest if they require renewal of lease contract to live in the house. If so, you have to arrange the conditions and obtain the renewal signed. Otherwise, you must advertising the property for a new tenant. There are various ways in which lease can be terminated, which has been explained below.
If for instance tenants violate a lease agreement, then you have to negotiate on how they can get out. This may also entail coming up with another tenant tenant to sublet the space. Negotiate with a tenant on how to pay the amount of rent and any additional charges. This is easy if the tenant is not violating the lease agreement but simply desires to leave the premises.
You will have to assist the owners in search for another tenant and dealing with the transfer of lease. In case the landlord seeks to evict the tenant over some reasons such as breach of the lease agreement terms. There would be a need for you to relocate the tenant to another house and possibly help him/her move his/her household goods.
Why You Should Hire a Property Management Virtual Assistant
Virtual assistants are beneficial in many ways, including:
- Tenant screening: A Virtual Assistant can also help you to short list the potential tenants therefore truncating the lengthy process. The can verify their references, their credit status and other aspects such as criminal records to ensure that occupants of your property are the most qualified.
- Rent collection: A Virtual Assistant can be assigned with the responsibility of chasing rent collections for you and ensuring. That all the tenants pay their dues on time or even reminding them in cases where they are constitutionally late. As a result. To devolve gives you much rest and you have time and energy to attend to other areas of business concerns.
- Maintenance coordination: It means that when you have a Virtual Assistant, your property will always be well maintained and repaired on time. You are also relieved here to concentrate on other tasks as they will be able to handle tenant customer service issues.
- Financial reporting: In term of record keeping, A Virtual Assistant can help manage any financial details of your property management business which are income as well as countless expenses.
- Marketing support: There are few variables that a Virtual Assistant can assist in marketing your properties through. Online advertisement or traditional methods such as magazine advertising or the opening of house events. They can also assist you in establishing and managing your pages on social networks of you business
Hiring a property management virtual assistant is one way of making sure that your rental property is well managed.
A Virtual Assistant Can Provide a Variety of Benefits to You as a Landlord
What to Look For in a Property Management Virtual Assistant
It is for this reason that selecting the right Virtual Assistant for property management entails the following factors to be taken into consideration. The following points should be kept in mind:
What Services Do One Require?
Always check whether the Virtual Assistant you are hiring meet the services you want from such an assistant. The service which the VA has to provide must be the one required by that particular individual. For example in the case where the person needs help in tenant screening services.
What is Your Budget?
It is important that you think about the amount of money. That you can afford to spend in the management of the property. Virtual Assistant. However, it’s always better to use a reliable Virtual Assistant service – you tend to get what you pay for.
What is Your Timeline?
Don’t expect that you’ll be able to spend minimal time on your rental property. If you do not have much time you might consider hiring a virtual assistant who can help you do more work.
As a property owner. Looking for a competent person to work for me as a property management virtual assistant. Who can assist me in several activities that relate to my rental business. From the process of screening tenants to that of collecting rent, it is important.
Tips for Choosing the Right Virtual Assistant
See to it that the Virtual Assistant has prior experience in operating rental or leasing firms. You want someone with knowledge of the different tasks which are associated with property management solutions. For instance in areas like landlord’s approval for potential tenants to occupy the rooms, dealing with maintenance issues and collecting rents.You should request some recommendations from the previous clients.
A good Virtual Assistant should be in a position to give you references from previous customers. Who can testify of the kind of quality work the Virtual Assistant did. Think about the Virtual Assistant’s communication approach. In property management, there is constant interaction with the tenants so it will be very important. That your chosen Virtual Assistant has very good communication skills.
Ensure that the Virtual Assistant is prompt and thorough in the manner in which he or she works. A highly organized person with good organizational skills assist in keeping track of papers, payment as well as other information concerning a rental property. How busy are you in the Virtual Assistant?. You want the VA to be there for you and readily capable to attend to a tenant’s query or concern at any one point in time.
Conclusion
As you can see. As you can see. A Property Management Virtual Assistant provides excellent solutions that can help property owners who want to manage their rental businesses easily. Ranging from the selection of tenants, collection of rents, management of properties and preparation of accounts among others.
Such professionals make it easier for the landlords to provide an organized manner of dealing with their properties. To the novice in rental business or even to the professional real estate investor who has been around for some time. Hiring a virtual assistant means that you are making a wise decision of hiring. A professional to help you with your work and it will be cheaper to hire one in the long-run.
