Real estate is the investment of choice for many investors. Several online articles detail why this investment is such an excellent way to build wealth.
However, real estate investments often entail landlord responsibilities. And, as any landlord will tell you, these responsibilities can be challenging.
BiggerPockets.com lists five crucial challenges that landlords face. The top two include reducing tenant turnover and chasing down late rent payments.
Facing these difficulties alone can be a burden for even the best landlords. That's why many landlords consider using a tenant portal.
A tenant portal can assist with several challenges that Charlotte landlords experience. If you're unsure about this technology, keep reading! This guide will explore the benefits of tenant portals so you can decide if they're right for you.
Reduce Turnover With a Tenant Portal
One reason many tenants leave a building is frustration. Tenants don't want to spend hours trying to notify their landlord of a problem. Instead, they want swift communication that can help them resolve the issue.
A tenant portal can provide this communication. These platforms support community tools that residents can use to record and submit problems quickly. In doing so, you can increase their satisfaction and keep them renting at your building.
Sometimes, even the most well-kept buildings require evictions. Usually, these evictions happen when tenants continue to pay late rent or damage the property.
However, few landlords enjoy handling evictions themselves. Once again, tenant portals can make this task easier.
Tenant portals come through property management companies that assist with running your building. These companies will handle evictions and let you focus on other issues.
These property managers can also help you avoid renting to problematic tenants. They perform a tenant background check on each new resident to ensure they cause little trouble for your property.
This service usually includes a tenant criminal background check in addition to the tenant's financial background. This way, you can know everything necessary about a tenant before you agree to rent to them.
Rental Valuation and Accounting
Tenant portals also provide a single place to log your financial information. This data includes your rent payments, maintenance expenses, and more.
This rental analysis can benefit you when it comes to tax season. Your rental property accounting can reveal all your income and expenses that affect the building.
This information also benefits your owner statements. The tenant portal provides a clear catalog of your portfolio's financial breakdown.
Work With Us to Receive a Full-Service Tenant Portal
As you can see, using a tenant portal provides several benefits for landlords. These systems allow you to outsource many of your concerns to a property management company and relieve stress.
If you own housing in Charlotte, consider using our tenant portal services! We provide exceptional tenant portal services to owners of many kinds of buildings. We can provide the support you need, whether you own a Section 8 housing unit or a condominium complex in South Park.
If you'd like to get started, don't hesitate! Create an account with us today to receive the best benefits for your building.