Los Angeles is the city of dreams for more than entertainers but for real estate investors, too! With two-thirds of Los Angeles residents renting their homes, this is a hot rental market you don’t want to miss out on.
But what if you don’t live in or near Los Angeles? Not a problem!
Don’t let your location keep you from making a lucrative real estate investment. Thanks to today’s technology and helpful services, real estate investors can manage their Los Angeles rental property completely remotely – it’s not just for office jobs anymore!
We’re sharing the effective tips and tools that landlords use to successfully manage their rental properties remotely so that they can take advantage of thriving real estate markets and maximize their ROI.
Is it Possible to Manage a Rental Property Remotely?
Yes! It is definitely possible to manage a rental property remotely. With various services, tools, and platforms, real estate investors are no longer limited by their geographic location.
Real estate markets worldwide are now at your fingertips, but only if you learn how to manage rental properties remotely.
How to Manage a Los Angeles Rental Property Remotely
Not every landlord wants to live in Los Angeles and pay a cost of living that is 140% more than the national average. But that doesn’t mean they shouldn’t dip into the rental market and make profitable investments!
Here are some methods to manage your Los Angeles rental property while living elsewhere.
Build a Reliable Local Network
The fact of the matter is that managing a rental property remotely does not mean it’s a one-man show. You’ll have to build a reliable local network of people who can help you. From contractors to plumbers to electricians to cleaning services to leasing agents, you will occasionally need in-person tasks done.
Having trusted services and people to call when your property is in need of repairs, an inspection, or routine maintenance will make remote managing much easier and give you peace of mind.
Create Virtual Tours
Searching for tenants to fill a vacant property can be frustrating and time-consuming, especially when you aren’t in Los Angeles. To cut down on time-wasters and unserious tenants, create virtual property tours.
Of course, your tenants will have to see the property in person before signing a lease, but offering a virtual tour can help narrow down who is interested and who is not.
You can create a virtual tour with a simple video tour of the property. Or you can step it up a notch with 3D or 360 tours. From DIY software to professional services, it’s never been easier to create virtual tours of your rental property.
Once your prospective tenant has gone through the virtual tour and is still interested, then it’s time to call your reliable local network for an in-person showing.
Find a Digital Signature Tool
When it comes time to sign a lease with your new tenants, it can be difficult to do while managing your property remotely. That’s why we recommend using a digital signature tool like Docusign. With a click of a button, you can legally sign documents without traveling with your pen in hand.
This also makes it easy to send your prospective tenants the lease to look over and digitally sign themselves.
Create an Online Application and Tenant Screening System
One of the most important things a landlord can do is be selective of the tenants to whom they rent their properties. Conducting thorough tenant screening can save landlords from loss of rent, damaged property, and even eviction.
When vetting a prospective tenant, consider having a video call interview and ask them questions about themselves and their experience renting so far. You should also require them to fill out an application with personal information and references, which you can call to verify this information.
Collect Rent Online
There is nothing more frustrating for a landlord than chasing down tenants for rent. Even with late rent fees in place, tenants can easily forget to send in their checks or simply delay the payment.
As a landlord managing your Los Angeles property remotely, this can be a huge problem. The best way to fix it is to collect rent online. Using platforms like PayPal, Zelle, or Venmo makes it easy for tenants to pay rent in just seconds.
Plus, you could send automated reminders to your tenants a day or two before rent is due to make sure they pay on time.
Set Up a Dedicated Communication Method
Communication is key to a happy landlord-tenant relationship. Fortunately, many issues between landlords and tenants can be resolved through clearer and more effective communication.
One of these issues is a lack of communication or prolonged response times. To avoid this, set up a dedicated means of communication between you and your tenants. This can be by email, text, phone call, or another app you may prefer.
Agreeing on one place to hold your conversations will maintain clear communication and increase response time.
Install Keyless Entry
Every so often, a tenant will lock themselves out of their rental. This is the call landlords never like receiving, especially if they manage the rental out of state.
To avoid lockouts and late-night phone calls from tenants, consider installing a keyless entry system. You’ll generate a unique code for your tenants to use so that they can always access the property.
This is also helpful when repair services come to the property when maintenance is required.
Work with a Property Management Company
The best thing a landlord managing a rental property remotely can do is to work with a local property management company.
Knowing that your rental is in the hands of real estate professionals trained to manage and maintain rentals provides peace of mind about your property and investment.
Your property manager is present to complete all the in-person tasks you aren’t there to do. They’ll speak face-to-face with tenants, coordinate repairs, conduct property inspections, collect rent, find new tenants, and more!
No Matter Where You Are, Lotus Property Services Will Manage Your Los Angeles Rental Property
Are you ready to dive into the thriving Los Angeles real estate market and invest in a rental property? You don’t have to do it alone!
Lotus Property Services is here to take those everyday tasks off your plate so you can focus on building your real estate portfolio and less on answering maintenance requests.
Whether you’re based in Los Angeles or on the East Coast, our team of real estate experts will take care of your rental property as if it were our very own.
See how much you can get for your Los Angeles rental and request our free rental analysis to get started!