3 Tips to Manage a Virtual Real Estate Management Business from Home

by Ashley Evans

The Coronavirus pandemic has taught us many important lessons about what is important in our lives and in society to function. One big trend in business has been 100% remote work on a full-time basis. Businesses who can operate remotely have been the least affected by the lockdown.

While remote work has existed for a while now, it has never been as normalized as it has been during the pandemic. Some economists are saying that remote work will now be permanent for many firms. Between the high cost of renting office space and advancement in workplace technology, remote work is becoming very popular - and profitable.

As such, there is no reason for your real estate business not to go remote! Remote real estate business has been a growing trend in recent years. What was once unimaginable - managing properties from afar - has now become a necessary reality for many business owners.

In this article, we will discuss three tips to manage a virtual real estate business from the comfort of your home.

1. Prepare the Virtual Office

A real estate business manages a portfolio of investment properties from tenant management to maintenance and renovations for value appreciation. A virtual real estate business does all of the above remotely.

The first step to going remote is to create a virtual office. If you already have a physical office space, work on wrapping up the lease obligations to close the brick and mortar office before moving the office virtually.

This virtual office can be your own home office. Set up your home office with all the equipment you will need, including professional-grade computers, printers, fax machines, business telephone lines, and a business internet subscription. It is important to recreate the office environment in your home office to maintain the efficiency and workflow required to manage your business. You shouldn’t have to run out to a business service kiosk solely to fax a document. 

Pay attention to the office environment as well, such as ergonomics, noise, and distraction. If you are working with investment partners, consider their workspace requirements and ensure everyone has the same office support. You may want to consider co-working spaces for meeting with prospective tenants (if you live in the area).

2. Get the Right Tools

Running a virtual real estate business means being able to conduct business from anywhere in the world away from the location of your property holdings. You will need the right software tools to manage the workflow of your real estate business. From contract management to e-signatures to property maintenance applications, there are several areas in which software will play a key role in your virtual real estate office. 

Research software solutions like Axxerion to automate your real estate business workflow. For virtual showings, interviews, and meetings, consider video conferencing software subscriptions to optimize your ability to host these meetings. Having the right mix of software solutions is key to successfully and efficiently manage your real estate business remotely.

3. Create Relationships

Since the real estate business involves real physical assets like houses, there will be some business functions that require in-person attention. However, you may be living in a different country or region from the properties you manage. Creating key business relationships will assist you with these functions.

For example, a local marketing agency can help you with advertising, lead generation, and market research. For repairs, you will need to find reputable trade people like contractors, electricians, and plumbers - or a company that provides these services. Finally, you may even require the help of a local real estate agent to rent out your properties for a fee. They will take care of the showings and application process.

Assess the business functions that will require in-person attention. Hire professionals and businesses to carry out those jobs efficiently and cost-effectively.

It is not uncommon for any real estate entrepreneur to rely on other vendors and services. As a virtual real estate business owner, you will need to strengthen these relationships and build mutual trust to get the work done when you are not available in person.

There is no doubt that the recent crisis will have a dramatic impact on businesses and how they operate. Businesses will continue to re-imagine work in the post-pandemic era. Innovation in remote work technologies will see immense growth at a time when business growth is hard to come by.

Whether you are just starting your real estate business or have an established real estate portfolio to manage, there has never been a better time to go remote. You no longer have to be tethered to your properties in order to manage them.

Properly planning your virtual office, acquiring the right software and hardware tools, and maintaining a strong relationship with key partners will help you manage your real estate business remotely.

If you follow the tips above, you will be well on your way to managing your real estate business efficiently. This will free up resources and time for you to work on other business ventures or personal goals. The added benefit of this will be that future pandemics won’t affect your remote business - you will already be up and running.

Welcome to the future!