A recent report shows that the Portland rental rate is slowing, with a current vacancy rate of 5.09%. Lower demand makes it even harder for landlords to find good tenants for their investment properties.
Are you among those landlords looking for ideas to help your properties stand out among the competition? Implementing a tenant portal could give you the edge you need.
Keep reading to find out how this technology can make your rental properties more attractive to prospective tenants.
What Is a Tenant Portal?
Tenant portals are digital platforms. They allow your tenants to access information and perform certain tasks in one place.
They're set up to provide easy access for managing the following:
- Online rent payments
- Communications and complaints
- Feedback, announcements, and updates
- Lease management
- Scheduled inspections
- Maintenance requests and feedback
Tenant portals have various benefits for both landlords and tenants.
How Do Tenants Benefit from Tenant Portals?
A tenant portal helps tenants keep important documents in one place. They can access this information from any digital platform.
It provides quick, easy, and accurate information about the following:
- Rent receipts and invoices
- Maintenance requests
- Upcoming property inspections
Tenants needn't waste their time on phone calls or emails when they need information; they can log in to the portal.
Tenant portals provide transparency and help improve communication for both parties. They're a convenient platform for real-time communication between property owners, property managers, and tenants.
The portal records all these interactions for easy reference.
By limiting the paperwork involved in property maintenance, a tenant portal helps speed up the execution of these tasks. Prompt maintenance helps prevent costly replacements or damage to the property.
Tenant Portals Also Benefit Landlords
Under Oregon law, landlords must attend to maintenance issues promptly, so a tenant portal helps you stay on the right side of the law. Legalities aside, well-maintained units mean happy tenants who are likely to renew their leases.
With a tenant portal, owners can communicate with their tenants more easily and service their needs more efficiently. When landlords own numerous properties, it's much easier to manage them via a portal.
This technology allows them to:
- Check for property vacancies
- Follow up on expiring leases
- Keep track of rental payments
- View expenses related to each property
If you have a property manager paying bills on your behalf, it's easy to keep track of this on a central platform.
Overall, a tenant portal provides transparency for both parties by improving their access to relevant information. This helps avoid misunderstandings and conflict.
A positive and cooperative relationship between parties is vital for keeping tenants in place. By maintaining a positive cooperative relationship, landlords encourage lease renewals.
Manage Your Tenants Better and Limit Vacancies
Working with a reputable property management company is the best way to ensure you thrive as a landlord. We offer extensive management services, including a tenant portal, to help you maximize your investment properties.
Browse our blog for more tips on how to find and keep great tenants, or get in touch to discuss your property management needs in Portland or Gresham.