{"id":6860,"date":"2023-04-03T19:52:45","date_gmt":"2023-04-03T19:52:45","guid":{"rendered":"https:\/\/imsfund.com\/?p=6860"},"modified":"2023-04-03T19:52:45","modified_gmt":"2023-04-03T19:52:45","slug":"how-to-manage-your-long-distance-investment-properties-using-technology","status":"publish","type":"post","link":"https:\/\/imsfund.com\/index.php\/2023\/04\/03\/how-to-manage-your-long-distance-investment-properties-using-technology\/","title":{"rendered":"How To Manage Your Long-Distance Investment Properties Using Technology"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div :class=\"{ 'hidden': $store.proContent.showFullPrompt() }\">\n<section class=\"px-4 relative border border-slate-200 mobile-toc lg:hidden\" x-data=\"{open:false}\">\n<button class=\"flex items-center gap-4 my-2 border-none w-full\"><br \/>\n<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"h-6 w-6\" fill=\"none\" viewbox=\"0 0 24 24\" stroke=\"currentColor\" stroke-width=\"2\"><path stroke-linecap=\"round\" stroke-linejoin=\"round\" d=\"M4 8h16M4 16h16\"\/><\/svg><\/p>\n<h2 class=\"font-semibold text-slate-800 text-base m-0 js-toc-ignore\">In this article<\/h2>\n<p><\/button><\/p>\n<\/section>\n<p><em>This article is presented by RentRedi. Read our\u00a0<a href=\"https:\/\/www.biggerpockets.com\/editorial-guidelines\" target=\"_blank\" rel=\"noreferrer noopener\">editorial guidelines<\/a>\u00a0for more information.<\/em><\/p>\n<p><span data-preserver-spaces=\"true\">When it comes to investing in real estate, you may be tempted to stay close to home, and this is understandable. You\u2019re more likely to understand the market and feel more comfortable being nearby while looking for tenants or collecting rent. It may seem daunting, but several real estate investors find it lucrative to seek out markets in other cities or states in order to secure more affordable investment properties.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Now, there are several options available to you when it comes to the management of real estate investments: <a href=\"https:\/\/www.biggerpockets.com\/blog\/property-management-vs-self-management\" target=\"_blank\" rel=\"noreferrer noopener\">managing yourself, hiring a property manager, or hiring a property management company<\/a>. Regardless of what you choose, chances are in our tech-driven world that some type of software will be employed to conduct business operations.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Setting up software or tech to manage your properties ensures that when it\u2019s time to place a tenant in your rental and deal with finding tenants and collecting rent, you\u2019re able to present yourself as a capable and professional landlord\u2014even from miles away.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Tenants Can Apply to Your Rental Online<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">One of the first steps you\u2019ll need to take after securing your long-distance rental property is to actually find<\/span><em><span data-preserver-spaces=\"true\">\u00a0<\/span><\/em><span data-preserver-spaces=\"true\">tenants. Naturally, the easiest way to do this is to list your investment property on syndication sites like Zillow, Hotpads, Trulia, Realtor.com, or Doorsteps. People searching for apartments or rental properties frequent these popular sites. You can use property management software to syndicate listings with the push of a button. Keep in mind if you use sites like Zillow to post your rental, you will incur a posting fee. This has been rolled out by Zillow for all 50 states.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">From these sites, applicants can request to apply to your rentals. Typically applicants will fill out a form with their name, phone number, email address, and a message. After you\u2019ve collected this information, you can use property management software to generate an invitation to a formal application if you\u2019re interested in the applicant.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Additionally, you might consider exploring using Facebook Marketplace or Craigslist, as potential tenants often use these sites as well to search for rentals. If you\u2019re using sites like Facebook Marketplace or Craigslist, potential renters will likely direct message you, but you can gather their contact information to send out an application.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Screen Tenants from Miles Away<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">When it comes to <a href=\"https:\/\/www.biggerpockets.com\/blog\/2013-01-27-tenant-screening\" target=\"_blank\" rel=\"noreferrer noopener\">screening tenants<\/a> from long distances, there are several steps you can take. The most obvious is the rental application. Landlords will typically create or download an application they can use to collect more information about the tenant. Typically, this application will host tenant information such as personal information, employment history, financial information, and anything else that might be relevant to determining whether or not the tenant will be good for your rental.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Along with an application, landlords will typically run a background check on the tenant. If you\u2019re unsure of how to run a background check, most property management software will have a built-in background check process you can use to easily screen tenants. You can also use sites like TransUnion to screen tenants as well.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">All of these\u2014rental applications and tenant screenings can be conducted online if you\u2019re long-distance, so you don\u2019t necessarily have to be on-site to hand out paper applications.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Collect Rent in Another City or State<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Importantly, collecting rent is a key process in managing rental properties and one where tech can be the most beneficial if you\u2019re long distance. After all, you won\u2019t be able to use the traditional methods of plain old paper checks or physical cash.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, as technology is becoming more prevalent in the real estate investing world, you can easily collect rent online without having to physically be near your investment properties. And, property management software is a great way to collect rent (versus apps like <a href=\"https:\/\/www.biggerpockets.com\/blog\/landlords-venmo-paypal-collect-rent\" target=\"_blank\" rel=\"noreferrer noopener\">Venmo or PayPal<\/a>) because it offers much more features for landlords than money transfer apps do (e.g., completing the listing and application process described above.)<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Property management software can be used to generate rent charges for the duration of your lease, have tenants set up automatic transfers of money, track all your payments in one place, and even supplies accounting features that help you during tax time. Your tenants can typically pay with their bank account or card, so rent is submitted electronically and doesn\u2019t require any hand-offs or driving around to pick up checks or cash.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Software to Help You Manage Investment Properties Long-Distance<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">If you\u2019re interested in adopting tech into your long-distance property management process, one software that can help you manage all aspects of your investment properties is RentRedi.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">When it comes to listing your unit and collecting applications, you can use RentRedi\u2019s software to list to Realtor.com and Zillow. From these sites, applicants can express interest in your property. After you have potential tenants with interest in your rental, you can then use RentRedi\u2019s software to invite the tenant to formally apply to your unit using RentRedi\u2019s in-house application. (This makes it easier to not have to dig up or create an application of your own.)<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Importantly, after your potential tenant has completed the application, they can complete a TransUnion background check from RentRedi that provides you with a credit, criminal, and eviction check. When you\u2019ve chosen a tenant to fill your unit, then you can use RentRedi\u2019s software to send, sign, and store leases. Then, collect rent with automatically populated rent charges to the tenant app and tenant auto-pay. You can even set up maintenance personnel with free teammate accounts or sign up for maintenance coordination that enables you to outsource maintenance requests altogether, so you don\u2019t have to worry about being on-site for maintenance issues as well.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">All of these aspects of managing investment properties can be done online with property management software like RentRedi.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">RentRedi is offered for free to BiggerPockets Pro members, who can sign up right from their Pro page. If you\u2019re not a BiggerPockets Pro member, consider signing up for all the extra content, insight, and tools you can use to manage your investment process\u2014from purchase to management.\u00a0<\/span><\/p>\n<p><a class=\"editor-rtfLink\" href=\"https:\/\/rentredi.com\/biggerpockets\/utm_source=BiggerPockets&amp;utm_medium=sponsoredarticle04.03.23&amp;utm_content=GetStarted\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Get started using RentRedi today!<\/span><\/a><\/p>\n<div class=\"is-layout-flow wp-block-group border border-gray-200 p-6 rounded-md has-slate-50-background-color has-background\">\n<div class=\"wp-block-group__inner-container\">\n<div class=\"wp-block-group__inner-container\">\n<h3 class=\"has-text-align-left mt-0\"><strong>This article is presented by RentRedi<\/strong><\/h3>\n<figure class=\"wp-block-image size-full\"><picture decoding=\"async\" loading=\"lazy\" class=\"wp-image-146440 sp-no-webp\" title=\"How To Manage Your Long-Distance Investment Properties Using Technology 2\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/01\/rentredi_logo_300x100_black_e8flvm.webp 450w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/01\/rentredi_logo_300x100_black_e8flvm-300x101.webp 300w\" sizes=\"(max-width: 450px) 100vw, 450px\" type=\"image\/webp\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/01\/rentredi_logo_300x100_black_e8flvm.png 450w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/01\/rentredi_logo_300x100_black_e8flvm-300x101.png 300w\" sizes=\"(max-width: 450px) 100vw, 450px\" type=\"image\/png\"><img src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/01\/rentredi_logo_300x100_black_e8flvm.png\" decoding=\"async\" loading=\"lazy\" class=\"wp-image-146440 sp-no-webp\" title=\"How To Manage Your Long-Distance Investment Properties Using Technology 2\" alt=\"rentredi logo\" height=\"151\" width=\"450\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/01\/rentredi_logo_300x100_black_e8flvm.png 450w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/01\/rentredi_logo_300x100_black_e8flvm-300x101.png 300w\" sizes=\"auto, (max-width: 450px) 100vw, 450px\"\/><\/source><\/source><\/picture><\/figure>\n<p>RentRedi is a modern, end-to-end property management software transforming the real estate and rental property industry.\u00a0<\/p>\n<p>RentRedi provides over 15,000+ landlords with simple and effortless web and mobile apps for online rent collection, tenant screening, listings to Zillow and Realtor.com, signing leases, maintenance &amp; accounting management, and unlimited properties, tenants, and teammates<\/p>\n<p>For tenants, RentRedi\u2019s easy-to-use mobile app allows them to pay rent, set up auto-pay, report rent payments to TransUnion, prequalify &amp; sign leases, and submit maintenance requests.<\/p>\n<\/div>\n<\/div>\n<p class=\"italic\"><b>Note By BiggerPockets:<\/b> These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.<\/p>\n<\/div>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.biggerpockets.com\/blog\/how-to-manage-your-long-distance-investment-properties-using-technology\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this article This article is presented by RentRedi. Read our\u00a0editorial guidelines\u00a0for more information. When it comes to investing in real estate, you may be tempted to stay close to home, and this is understandable. You\u2019re more likely to understand the market and feel more comfortable being nearby while looking for tenants or collecting rent. [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":6861,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/04\/manage-rentals-online-1024x517.jpg","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-6860","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/6860","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=6860"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/6860\/revisions"}],"predecessor-version":[{"id":6862,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/6860\/revisions\/6862"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/6861"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=6860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=6860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=6860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}