If you’re a property investor, you know how challenging it can be to manage more than one property. Luckily, tech innovations are delivering in a big way, allowing you to manage your properties remotely.
If you want to run a simple operation, manage your portfolio without the typical stress of property management, and boost your returns? You need to make the most of what technology has to offer.
Remote management is essential
The biggest reason to embrace technology is the flexibility it offers. You don’t need to be situated in one location or onsite to make your moves, you can do it all remotely. Not only does that make your life easier, but it also broadens your horizons in adding new locations to your property portfolio.
You’re no longer rooted in just one location, which is the second essential reason to embrace technology for its scalability. If you want to grow your portfolio, diversifying is a must, and the freedom to look at any location will ensure you make the most of your investments.
There will be challenges, of course, because you’re operating your properties at a distance. You can’t look in to assess property conditions or potential problems, but you can enlist outside help for regular inspections.
The tech that makes remote condo management possible
The first stop is remote property management software that will allow you to manage leases and payments and provide a platform to communicate with your potential and existing tenants. You can get started with AppFolio or Buildium. You need a management system to ensure seamless transactions for collecting security deposits and rent payments, and both of these provide a secure payment system.
The next step is an assortment of IoT devices to manage your properties and this encompasses a range of different tech pieces. For example, you may choose to install security cameras in appropriate areas as a means of monitoring property conditions in real time. You can also install thermostats, smart locks, smart plugs, smart door locks, motion detectors, and sensors to identify leaks, humidity, etc.
Ensure the systems you put in place are within your legal remit in the countries where you choose to invest. There are different laws in every country and it’s up to you to familiarise yourself with those.
The benefits of using tech to diversify your investments
One of the ultimate benefits of using tech to manage your condo investments remotely is cost-efficiency. Not only does it reduce the need for physical property management to lower overhead costs, but it also allows you to shop around for the best investment properties.
With so many property management tasks automated, you’re saving big on time. You don’t need to worry about rent collection, it’s an automated payment. You don’t need to worry about scheduling maintenance, and it’s automated.
With a seamless property management approach thanks to technology and more flexibility in where you invest, technology can help you maximise your returns on investment.
Risks and considerations
If you’re already planning your next move, it’s important to consider the risks.
Security is one of the biggest risks because you need the best cybersecurity to protect tenant and owner data. However, with the right property management software, that security comes built-in.
There is a risk when it comes to tech failures. When choosing your software system, check into downtime issues and ensure strong connectivity to avoid issues.
Finally, consider the tenant you place in your property. Every tenant needs to be able to operate the system and devices.
Global investment opportunities
Now that technology has made the world your oyster, what global investment opportunities can you explore? You can buy anywhere you like!
The Americas
Whether you’re shopping in the US, Canada, or Mexico, there are plenty of robust markets to explore. City markets are the best bet for tech-driven property management. In addition to New York and Toronto, there are cheaper city markets in Calgary, Halifax, the American South and across the Great Lakes.
Asia
You have plenty of options, but your best bet for remote property management is buying a condo in Thailand or Singapore. With rapidly growing tech infrastructure and a love of modern condo living, it’s the perfect spot for investors looking to diversify their portfolios.
Oceania
New Zealand and Australia have embraced smart home advancements — Auckland and Sydney in particular — making the market ideal for remote investors seeking the best apartments or houses, whether for long-term residence, rental income, or a seamless move-in experience.
Europe
Tech is spreading across Europe like wildfire; whether you’re interested in Berlin, London, or Paris, smart condos are big business, and remote property management is quickly becoming the normal route for investors.
Summing up
Technology has revolutionised many industries, including PropTech, so it was only a matter of time before it did the same to condo investment. You can invest in property worldwide and manage it with the right software, offering efficiency, effectuality, and a solid way to maximise every investment.
