Did you know that US consumers' usage of paper checks is declining rapidly, with only 3 checks written a month on average per person and most of them for less than $250? What does this mean for you as a landlord?
On one hand, it's good news, because you don't have to fiddle around with paper checks and you don't have to waste time depositing checks at the bank. But it also means that as online payments become more common, tracking them is going to become a hassle.
Check out our reasons below on how using a tenant portal can help alleviate this worry of yours and many others.
1. 24/7 Accessibility
The biggest advantage of using an online tenant portal is partly for your tenants. They now have 24/7 access to their information. No more do they have to call and bug you or the property manager to get information on their payments, invoices, and other details.
All they need to do is check their online renter portal and voila, all the information is at their fingertips. They can also inform you right away if anything on their invoice or portal is incorrect.
2. Online Payments
As iterated earlier, payments are made easier with online resident portals. Your tenants can send in payments directly to the online tenant portal and this reduces the possibility of late payments or missed or lost paper cheques.
3. Increase Property Manager Efficiency
If your property manager is managing a large portfolio of rental properties for you, then you can assist in their task by getting an online renters portal. They will receive fewer phone calls and emails, as everything can be done through the portal. This means they can spend more time reducing vacancies and tenant turnover by increasing property marketing efforts.
4. Track Maintenance Work
Do you know what the maintenance status is for all your rental properties? Which one needs to have its roof repaired, or the household appliances replaced?
With a tenant portal, all this information is right there making your life as a landlord that much easier. No more fiddling around with Excel sheets or giant mounds of paperwork.
It's also a great way to inform your tenants of all the different upcoming maintenance work, so they can be informed and feel less cranky when the repairman comes knocking on their door. They will receive a sense of control over the situation, rather than feeling like you are thrusting them into it.
Your Tenant Portal Will Fast Become Indispensable
Once you get a tenant portal set up for your investment properties, you and your property manager will wonder how you ever did without it. It's going to become an important asset and the best employee you ever had.
If you are still doing all your property management on your own, then you need to contact us asap. Utah Property Management Solutions can take care of all the dirty business involved with owning properties, so you can relax and enjoy the fruits of your portfolio instead.
