It’s not easy to manage your rentals on a daily basis. The situation becomes more complicated if you own a property located far from your home. We present three solutions to help you in your remote rental management !
The solution that costs the landlord the most is the real estate agency.
An intermediate solution is to use an online management company.
Finally the most economical solution is an idea implemented by some members of our club : using a private individual!
💡 Did you know that ?
Distance is one of the factors that slows down real estate investors, sometimes you have to go far away to find good deals !
Hiring a real estate agency
The vast majority of homeowners living far from their properties use real estate agencies. The advantages are many : proximity, market expertise in a specific sector, expertise in managing disputes, etc… All landlords dream of this peace of mind, but at a cost: the average price for this service is 6 to 8% of the rent excluding charges, over the year this represents one to two large months’ rent ! Some agencies even charge a fee for the drafting of a lease and an inventory of fixtures. These fees are additional, so remember to negotiate them when you sign a management mandate.
This amount is acceptable for housing, but in our case, it is enough to reduce the yield of the parking lots… In addition, real estate agencies sometimes have trouble managing garages properly. As soon as the occupancy rate drops, they don’t put in the energy necessary to find tenants. Many members of the community are disappointed with management mandates and use alternatives.
The online management company on the internet
Everybody offers rental management, even our club, in order to meet the demands of our members… In our case, we simply propose the automatic sending of rent receipt or reminder email for late payment at an unbeatable rate !
Let’s come back to our subject, the best on the market is most certainly a web platform with a cost of 4.8% incl. tax ; closely followed by a property developer who is diversifying into rental management. This service can be interesting depending on the profitability of your car park or garage.
The investor club has developed an online rental management and accounting module. It allows you to generate rental contracts and send several documents remotely. Access to the module is included in the club membership from $ 5 per month.
A nice idea from our members, find an individual
Many collaborative websites offer ads for the exchange of services between individuals. Several club members have exploited this new channel. By leaving an ad to propose to a private individual to visit garages and to take care of their rentals punctually. Here is our selection of collaborative sites : frizbiz etc…
The cost is really low since it is a one-off service between private individuals, and if your new partner lives close to your garages he will also be able to keep an eye on it! You can also propose to one of your tenants to take care of the change of tenants for one or two months’ rent free of charge .
Oliver goes even further : he manages on his own without having to travel 🔐
Beautiful ideas melt the strength of our club on a daily basis. Unlock your access and get more tips for only $ 5 per month. Don’t hesitate any longer, join our club of private investors and benefit from our experiences !
▶ Did you know that ?
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How do you do your remote rental management ?