How to Manage a Rental Property Remotely

There are many reasons why you may need to manage your HMO remotely, from being an overseas landlord to handling multiple projects at once that require you to travel extensively, or simply wanting to take advantage of cheaper properties elsewhere.

Whatever the reason, understanding how to manage your rental property successfully when you’re not physically there is essential to protect your investment and your profits. With this in mind, we’ve put together some essential tips for smoother rental property management when you’re out of town.

APPOINT A LOCAL HMO MANAGING AGENT ARCHITECTS

If you’re trying to run a rental business from a different time zone, it’s a wise idea to have a local property manager who can handle issues, emergencies and inspections on your behalf. There are various tasks that come with a HMO property and often, they require someone on-site to deal with tenants, letting in tradespeople for renovation projects or repair tasks, or handling viewings. If you can’t be there yourself, having someone you can depend on makes all the difference in keeping your property in good condition and your tenants happy.

KEEP ON TOP OF COMMUNICATIONS

Clear communication between you and your tenants is critical, and that shouldn’t be neglected just because you’re an overseas landlord. You can automate certain communications, like rent reminders, but it’s also worth creating templates for routine events like welcome letters or property inspections.

For any other interactions, make sure you have a good line of communication open so that tenants can get in touch easily, whether that’s email, text or another communications app. Just be sure that, whichever option you choose, tenants are clear on how to get in touch with you and your hours of availability so there’s no confusion.

CREATE A TRUSTED TEAM

Successful HMO management requires a team you can rely on, so it pays to build a group of dependable professionals in the area who you can call on when you need assistance and can’t be there yourself. From a local HMO agent to help you source tenants to a specialist lawyer to handle legal issues with your property, a landscaper to keep the exterior in good condition, and a trusted architect and contractors who can handle any repairs or changes to the building.

HELP TENANTS VISUALISE THE SPACE

Your prospective tenants need to be able to see the HMO clearly and be able to visualise themselves in the property, which is where floor plans, 3D modelling and virtual tours come into their own. Using technology to show people around the property virtually can help to streamline the viewing process—then, once they’ve been approved and have confirmed they’ll move in, you can then have a local representative or managing agent arrange an in-person viewing, or make use of smart locks to grant them access to the home.

KEEP HMO DOCUMENTS ONLINE

The more you can keep online and in a digital format, in relation to managing your HMO, the better it will be for accessibility. Today, there are many legal documents that can be signed digitally, including lease agreements and tenant screening forms, making these easy to access from any location and more convenient for your tenants too.

You can also ask your tenants to pay their rent online too. This improves transparency between landlords and tenants, reducing the risk of error or missed payments, and actually increases the chances of tenants paying their rent on time if they use autopay. Keeping your documents and receipts in a digital format streamlines the whole property management process and keeps things as accessible and convenient as possible.

SCHEDULE VISITS WELL IN ADVANCE

Whether you’ve hired a management team or not, being able to visit the property yourself once or twice a year is still worthwhile and provides you with complete peace of mind that everything is in order. An in-person visit, a few times a year, can help you to meet with your tenants, ensure the property is in good condition, carry out any additional inspections yourself, and meet with your local team.

As a landlord, your travel costs for visiting your rental property will usually be tax-deductible but this should be checked with a tax professional to ensure you’ve adhered to HMRC’s guidelines.

MANAGE VACANT PERIODS WITH SMART TECH

While demand for rental properties is high, there are bound to be times when your HMO is vacant, whether it’s the period in between tenants moving in and out, or while upgrades and repairs are being carried out. In these instances, having the ability to check on the property and ensure everything is as it should be is paramount.

Smart doorbells and CCTV cameras will help to deter vandalism and break-ins, to give you added peace of mind, and also ensure you can monitor who is coming in and out of the building when you’re available to be there yourself. 

EXPAND YOUR HMO RENTAL PORTFOLIO TODAY

When it comes to investing in an HMO property, it doesn’t always make financial sense to invest where you live yourself. If you’re buying a property elsewhere, you need to develop the right system for managing the building remotely to ensure the property is always let out and your profits continue to grow. This requires:

• Developing a trusted team of people to help you with repairs, inspections and legal issues, as well as a local HMO managing team
• Making sure you have clear lines of communication with your tenants and that all parties are aware of how and when they can get in touch
• Making as much of the process digital as you can, from signatures and documents to rent collection
• Finding ways to promote the property online, including viewings and tenant screenings
• Scheduling in inspections and visits well in advance
• Making the most of security cameras when the property is vacant

For further assistance with your HMO project, whether you’re expanding your portfolio or looking to invest in the near future, schedule a complimentary discovery call and HMO Architects will be happy to help you.