Virtual Assistant (VA) Property Management: Thumbs up? or down?

[Greg Moore]

What is your experience with a Virtual Property Manager (e.g. oversees Virtual Assistant specializing in Property Management)?

I'm a big believer in Property Management.  A good one is worth giving up cashflow for! I've always used local property managers who are experts on the local market where the property is located.  However, I have a new rental in my portfolio with lean margins, and my choices are: 

1. 1) self manage and keep the $250 cashflow
2. 2) use a local Property Manager and make basically $50 cashflow; or 
3. 3) go with a low-cost, overseas Virtual Property Manager (VA) wherein I get property management and approx $150 cashflow per month.

I've never tried option 3, but my research tells me it's ok, since Property Management can be distilled down to a set of tasks that can be done remotely, online, over the phone, etc. (No offense Property Managers! I know you work hard!). Even a phone call to the Sheriff to go post an eviction notice can be done remotely.  So if this was my only choice to keep some cashflow, shall I give it a try?

Please let me know your experiences!

[Drew Sygit]

Prepare to be disappointed...or do a lot of training.

We use Remote Workers and it's not as easy as the VA websites peddle it to be.

Biggest issue is cultural - they don't understand what is "normal" in the states! 

Then they have no clue about local geography, which may result in them hiring a contractor that lives hours from the property.

If you only need one part-time, understand they will be juggling at least another client, or two, or more. They won't be focused or commited to your business. So, you'll have to develop training materials for even the most basic tasks...and basic tasks are all you can really trust them with. 

Good luck if you decide to pursue this:)