Rental rates in Denver, CO, are up 20% from the year before. This presents a unique opportunity for increased income for rental property owners. However, you need to be competitive in the market to make the most of rising rental rates.
One of the best assets you can have is an online tenant portal. Not only will it make management easier, but your tenants will also appreciate it. Set up a tenant portal and start enjoying these benefits.
1. Improved Communication
The key to having happy tenants is open tenant-landlord communication. Your tenants should feel comfortable enough to reach out with their questions and concerns. A tenant portal gives everyone a centralized place to communicate.
This removes the issue of communicating on multiple platforms. You also stay more organized to ensure all concerns get addressed. That way, you stay on top of all repair and maintenance requests.
Online tenant portals are convenient because they are hosted online. Tenants can access their convenient and personalized portal from anywhere in the world. In addition, they can use various devices, from their smartphone to desktop computers.
The portal is available 24/7, so tenants can access the portal any time they want. This means you don't have to be available for your tenants all the time.
3. Improved Rent Collection
Collecting rent on time is one of the most challenging parts of being a rental property owner. Switching to an online rent collection method can make this task easier. Tenants don't have to write checks or put them in the mail,
As the landlord, you don't have to chase tenants down to meet up with them for in-person collection. Payments also get processed faster and put into your account sooner.
Once your online rental portal is set up, you can look into reporting payments to the credit bureaus. That way, your tenants can improve their credit scores simply by paying their rent on time. Knowing that you report payments also encourages them to avoid being late.
Modern tenants are accustomed to using technology. Because of this, they look for convenient online features in all areas of their lives. A resident portal makes things simpler for your tenants.
Including in your marketing that you offer this feature to your tenants can make your property listings stand out. Tenants know up front that you are organized and a responsible landlord.
5. Optimized Processes
A centralized tenant portal eliminates the amount of paper that you use. The application, lease, and other documents can all be digital and contained within the portal. Tenants can make electronic payments instead of writing paper checks.
Your tenant portals can integrate into a property management portal. This allows you to own and manage multiple properties from a single platform.
Set Up Your Tenant Portal
If you don't currently offer a tenant portal, then there is no better time than now to implement one. Provide your current tenants with login information so that they can gain access. Then set up a profile for all of your future tenants.
Contact our skilled property management team and give your tenants a convenient portal.