Rental properties can be great investments, but you need to put in the work if you want to make a steady profit on them.
Things won't always go smoothly, so you should take what measures you can to make things easier. One of the steps you can take is to implement a tenant portal. These can offer a range of benefits for both you and your tenants.
Keep reading for a rundown of some of the key benefits of using an online tenant portal.
1. Keeps Communication Open
If you don't have happy tenants, they'll be more likely to leave. Finding new tenants can have an impact on your revenue, and is sometimes very difficult. Maintaining a good tenant-landlord relationship should always be a key goal as it keeps tenant turnover to a minimum and reduces the likelihood of disagreements.
Online portals can make tenant communication significantly easier. Your tenants can leave you messages whenever they need to and you'll be able to get an immediate notification. The same applies if you want to communicate anything with them.
2. Easier for Tenants to Pay Rent
Rent collection was a lot more cumbersome in the past than it needs to be these days. Checks, for example, have become outdated, and many renters (especially among younger generations) have never even used them before.
An online tenant portal makes it much easier for tenants to pay their rent. They can simply sign in and use an online payment method they prefer.
Tenant portals even allow for automatic transfers. By setting this up, a renter can ensure they never miss a payment. If they don't want to do this, they can set automatic reminders that will notify them a few days before their rent is due.
3. Simple Access to Documents and Records
There are plenty of important documents, records, and files that come into play when you own rental properties. If you don't keep these organized, it can lead to all kinds of issues.
You can keep all of these within a tenant portal. This will ensure they don't go missing, and you can access them whenever you need to. Tenants may also need to access them from time to time, so this can help them too.
In addition to convenience, this can help with security. Various documents often contain sensitive data. Tenant portals can be very secure, allowing for two-factor authentication so that only you and your tenants can access them.
If you ever need to evict a tenant, having all documents and records organized inside a portal could prove helpful. You may need to show the lease agreement or other files for legal purposes.
Using a Tenant Portal
Implementing a tenant portal can be incredibly helpful. Even more so if you have multiple properties. They'll help you keep things organized, keep in contact with tenants, and make it easier for tenants to pay their rent.
Managing rental real estate is no small task, but a professional property management company like PMI County Line can help. We offer a range of services such as tenant screening, rent collection, marketing, rental analysis, and more throughout Brea, California. Take a look at our property management page to see more about how we can improve your life as a landlord.