Right now, the most significant trend in the property market isn't a type of house or a fashionable Californian residential district.
The top trend is in software. More landlords are using tenant portals to manage their properties, and the software market is growing by around 9% yearly.
So is it time you started using property management software? Here are five benefits you can expect when switching to a tenant portal.
1. It Reduces Your Administrative Workload
As a landlord, you probably have many tasks on your priority list. Managing tenants will mean lots of daily admin, such as recording issues, monitoring payments, and collecting rent.
Having a tenant portal means your tenants can manage many aspects themselves through self-service options in the portal. That will cut down on your admin tasks.
For example, online portals will tell tenants when rent is due and set alerts to go out to remind them.
That will mean you won't have to do the chasing and monitoring yourself, which can often take up a large portion of your working day if you have lots of properties.
2. Fewer Empty Properties
You might not think you're in a competitive market as a landlord. But you are. Tenants will choose properties for many factors, but they will also favor things like convenience.
It means you are more likely to sign a tenant if you can sell them the advantage of doing all the tenancy aspects online via one convenient portal.
That means you'll rent your properties sooner and reduce the time your property spends unoccupied (and not making you money).
3. It Cuts Costs
A tenant portal will ensure your rent is paid on time, without unnecessary time spent chasing your tenants if they are late. That helps you save money. You'll save on hiring someone to chase tenants for you.
And you'll save money on your added expenses like bank fees and interest rates if tenants delay their rent payment. Plus, overseeing all your rent in one simple portal means you'll see all your costs and rental income on one screen.
4. It's Accessible Remotely, 24/7
If you go on vacation, you don't want to spend your time making phone calls or asking the office to email you paperwork about your rental properties.
A portal is web-based, so it's available remotely from anywhere, 24/7.
5. You'll Have All Your Information in One Place
Having a portal to store information means you and your tenant will always have complete transparency with your rental agreement. You can see the tenancy agreements, communication from your tenants, and rent owed.
You're less likely to have disagreements and disputes with your tenant. It will help keep a positive, cooperative relationship with all parties.
The Easy Way to Start Using a Tenant Portal
You can see the benefits of using a tenant portal, but what are your next steps? Do you need to begin evaluating software and paying out sums of money for installation fees?
The answer is no. With our property management services in San Mateo, you'll get a tenant portal as standard with our service. To find out more, head to our contact page.