If you rent out your property while abroad a virtual mailbox can be very useful beyond just allowing you to view your physical mail online.
The same applies if you are a property manager with a portfolio of rentals. In this case, you will still be living in the U.S but you might not be conveniently close enough to the properties that you lease.
While a virtual mailbox will not be able to stop you from worrying about maintenance, property damage, and if unlucky, problematic tenants, it can help you with collecting payments.
There are other ways a mailbox service can help property management too. Today, we will look into what these are.
1. Automatically deposit rent checks you get in the mail
Personal checks remain a popular method of paying rent, especially for older, long-term renters. If you manage a property where the tenants pay by check you could leverage the check deposit facility of a virtual mailbox to make payments easier.
Using this facility you do not have to make trips to deposit checks at the bank or have the check sent to your home address (opening up privacy issues) for you to make deposits via your mobile phone.
This also opens up a level of freedom for a property manager in that you do not need to be local in order to manage the incoming payments. You can travel and still be in control.
Our recommended choice service for property managers is US Global Mail due to their free check deposit service on all plans.
2. Better record-keeping
As an extension of point one, another benefit for property managers is the fact you have a clear electronic record of when checks have been sent to you and payments made.
Yes, you can look at bank statements for this, however, with a more difficult tenant, it is good to have a clear indication of when checks have arrived in the post, and whether any have been missed or arrived late.
Furthermore, because virtual mailboxes digitize all your mail, (including checks) in a way that is easily searchable and stored in the cloud so it is quick to find using any internet-connected device, you have these records at your literal fingertips.
With many virtual mailbox services, you will also have the benefit of integrating with popular accounting software, (Google Sheets, Quickbooks, etc). This further streamlines your workflow making your account processes more efficient as a result.
3. Register your property management company with a virtual address
If you form an LLC for your property management business you can use a virtual mailbox to be the address for the enterprise.
This is an important step when starting a business, and virtual addresses are a good idea as they stop your home address from entering the public domain.
It also means that any other mail items can be delivered to your mailbox service so that you have the benefit of a mailbox for your business, (see here for all the pros involved with that).
4. Increased Privacy
As a property manager, it can be a good idea to keep your home address private from your tenants.
Also, as we mentioned above, when starting a business it is recommended to keep your private life (as in home address) separate from the details of the business.
A virtual mailbox solves this issue of privacy by providing you with a virtual address for all of your business operations.
It also serves to make your enterprise seem more professional. The address on invoices and other correspondence can be a prestigious area of your local city, rather than your home address in the suburbs.
- Related Content: Mail Forwarding Services: Ultimate Guide 2022
5. Protection from mail theft and loss
Having checks sent to you through the post there is a risk of items getting lost or stolen.
Also, having items sent to your home address means you are responsible for them. If your administrative processes are not up to scratch, errors can happen here too.
A good virtual mailbox service removes this from the equation.
Your important documents (including those checks), arrive at secure premises and will be scanned and recorded, and saved in the cloud.
They will also be tagged so the location of the hardcopy is easy to find. That tracking number ensures that items do not go missing.
Finally, the check is deposited via the virtual mailbox service. All of this is completed without you needing to come into contact with the physical mail at all.
As a property manager, it is one less stress for you.
As you can see, a virtual mailbox service can really help make the life of a property manager easier. However, it is important to make sure you choose the right service or what should alleviate stress, which may cause more problems than its worth.
As we stated earlier, the US Global Mailbox plan is a great option for property managers because of the free check deposit facility. Most services provide this feature at an added cost.
Check out the review here, for more on the service.