Why Use Remote Property Management? There are many reasons but the biggest may be the advent of technology that can help an investor know the exact status of their property from 5,000 miles away. Generally speaking, technology takes many forms. Technology, like water, fills whatever container it finds itself in. Recently, technology has been placed in a new container known as remote property management. Remote property management is the use of technology, specifically the web and mobile devices, to track and manage investment property regardless of its geographic location. Over the years, Premier Property Management of Memphis has been implementing technology to help not only investors but also tenants, contractors and field agents to stay connected with up-to-date an up-to-the-minute information.
Remote Property Management Defined
The basics are approachable to even the most ardent technophobes. Remote property management is a set of tools that allows you to perform landlord-like functions from anywhere. It allows an investor in Florida to manage property in Memphis, TN. Remote property management can be a combination of accounting, document management, maintenance tracking, etc. but available securely on laptops, desktops, and mobile devices. The information is always at your fingertips whether you're in the office, on the beach, or relaxing with a good book in the park. The technology has been around in large commercial markets for years but has only recently transcended to the investment property market. As a result, trying to implement such a system as an individual could be difficult and expensive. That is an advantge a company like Premier Property Management has when it comes to implementation. Managing 1,020+ single-family homes gives Premier the leverage to put large scale and often expensive platforms in place that provide great access for remote investors.
Advantages of Remote Property Management
As I stated, the use of technology has been a tremendous asset for Premier Property Management and its implementation has been a fantastic benefit to the clients of Memphis Invest. This is possible because of the economy of scale (the exact same principle that makes buying multiple discount investment properties profitable!). Where it would be potentially unprofitable for an investor that owned 5 or 6 properties to implement such a system, a property investment company with dozens or even hundreds of clients owning multiple properties each has an advantage. This is why remote property management is important; Memphis Invest makes these services available to its clients who wouldn't otherwise have access to this technology. Additionally, it expands the concept of remote property management beyond the technology. This additional power comes from the fact that the software not only allows you to interact with the landlord-like features, but also interact with your property investment company more closely. It expands the scope by allowing investors the confidence to expand beyond their home geographic areas. Currently, Memphis Invest uses this technology to offer, manage, and maintain properties on their client's behalf in a nationwide scope while keeping the client involved in the process. As the technology matures within this new container the possibilities may very well be limitless. But today, remote property management offers a significant advantage over the competition and increases efficiency while decreasing overall cost of ownership.