Here’s what you need to know
about Virtual Property Management
T
echnology is reaching new heights in all types of businesses, especially in the wake of the COVID-19 pandemic. The real estate marketing is feeling the impacts of the technological advancements now more than ever since virtual property management became the new normal. With the implemented public health measures to combat the coronavirus’s spread, such as a ban on travel, and social distancing practices, the real estate market had to adapt the situation. All real estate activities had to be done remotely to keep everyone safe from contracting the virus.
What Virtual Property Management can do 1. Deal with clients Communication with clients is a very crucial aspect of property management. As a property manager, your responsibility is to take care of the property and keeping the owner posted about what is happening. Thanks to the technology behind virtual property management. All interactions with clients can be done remotely using virtual property management software. 2. Dealing with tenants Through virtual property management platforms or software, you can also keep in touch with tenants remotely. Tenants can give their complaints to you remotely, and you can attend to them without having to go there. 3. Regular updates Virtual property management keeps you regularly updated on the following issues: • The current tenants’ situation— if anyone is moving out and whether there are any problems with any tenants. • Invoices for repairs and materials. 20
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• Balances in the reserve fund. • Latest news from the other owners in the building or in the neighborhood, such as if someone is selling. • Warning on potential renovations needed before time runs out. • Suitable upgrade ideas to increase the value of the property. 4. Paying bills and taxes With virtual property management, you can settle your bills and taxes through virtual means. You only need to get authorization from the owner and send paperwork for approval where required. 5. Grow your business As a property manager, virtual property management does not limit your business to any physical location. Through virtual means, you can get clients from any state, and this significantly grows your business. Virtual property management property also allows a property manager to easily manage multiple properties at once. 6. Virtual property tours Virtual property management enables virtual open house tours to take place. Agents and buyers don’t need to meet physically to do the house tours. This serves a great advantage to sellers as most buyers nowadays are the younger population who are willing to use virtual means whenever possible. Virtual property management is the future of property management that every property manager should be willing to jump on the train before it is too late. Work cited. https://www.mashvisor.com/blog/virtual-propertymanagement/
The Power Is Now Magazine | OCTOBER 2020
