Benefits of Using An Online Portal for Landlords and Tenants
In this current, modern-day climate, renting is no longer perceived as a cheaper alternative to buying the property. In Los Angeles, one of the largest metropolitan cities in the world, the demographics of rental tenants range from families and transient business professionals to adventurous Millennials in pursuit of exploring different towns and cities and enjoying a more fast-paced lifestyle.
There are several benefits to renting a residential property. Primarily, it allows residents to spend time getting to know a new area without the commitment of a mortgage if a property or neighborhood doesn’t live up to its standards. Additionally, if maintenance issues occur, landlords are held responsible for fixing the issue and paying the outstanding costs which reduce the tenant’s financial responsibility. Plus, as the job market is evolving dramatically, people are exploring their potential by applying for new roles in different locations and consequently, they require more flexibility in the event of relocating for work.
Throughout Los Angeles, there are rental laws that protect both Los Angeles tenants and landlords. Legal rights are distributed fairly equally between both parties, and the transparency of rental laws encourages respect and a mutual working relationship between both property owners and their tenants.
Prior to renting out a unit, a landlord has a plethora of responsibilities in order to make the property suitable and comfortable while also meeting legal housing requirements. For experienced and new Los Angeles landlords alike, there are many commercial and financial duties that have to be tended to, and these consist of ensuring that their property is safe and free hazards. Residential property should contain necessary household appliances, and all gas and electrical equipment need to be installed–alongside several other checks. Many landlords advertise for tenants that can provide positive references and employment status, so unnecessary costs for damage and misuse of the property are kept to a minimum. To reduce complications or issues down-the-line, it’s worthwhile to be thorough in prepping the property and screening tenants.
Nevertheless, once the property is ready for renting, the hard work doesn’t stop there. Tenants’ attitudes can vary, and although some are content to liaise with their landlord regularly, many tenants find the constant interference from a landlord intrusive and an invasion of their privacy. With the aim of creating trust and transparency between tenants and landlords from the get-go, the option for an online property management portal is an excellent resource for both parties.
What are the Major Benefits of Using an Online Portal for Landlords and Tenants
Getting digital access for communication between tenants, owners, and property managers is a more practical option than the traditional one. When working in conjunction with experienced and knowledgeable property managers, landlords can have access to a developed online portal for residents that streamline communication between tenants and owners or management. Ultimately, property managers and landlords will no longer need to spend extensive time communicating via phone, email, or flyers. Some property management portals also allow for sharing documents and files digitally, which eliminates the need for pesky backfiles.
Minimize Complaints and Any Discrepancies:
Additionally, the portal provides immediacy to tenants for reporting their concerns or complaints directly to the property manager who can then handle the problems accordingly. This streamlined approach leads to swifter solutions, reducing the time whereby tenants are awaiting a response or action and consequently, can, therefore, increase customer satisfaction. Complaints can be a common deterrent to managing properties, but through the use of an online portal, complaints are now an efficient opportunity for landlords and property managers to demonstrate loyalty and commitment.
Due to the online portal’s productivity and ease, tenants retain virtually no reason to withhold rent or claim a right to ‘repair and deduct,’ therefore minimizing financial losses and any discrepancies.
Monitor a Portfolio of Properties:
You can even implement an option to pay rent online via the portal, eliminating late payments.
For landlords that own numerous properties throughout Los Angeles or surrounding areas, the online portal is also particularly adept at managing a large roster of tenants. With the chance for paperwork to be considerably reduced, this is not only a more environmentally-friendly route, but the portal also provides definitive information about the financial success of the properties–whether tenants are paying their rent on the agreed date and whether their rental prices fall above or below the mean rental price of other properties within their area. This fundamental information is provided in a range of mediums from charts and statistics to clear figures and remains an effective resource for monitoring the growth of properties With the high influx of information that property managers are required to keep track of, the online portal can also be accessed from any mobile device, allowing landlords to access important data without having to micromanage every aspect of their property.
An Efficient Online Platform for Landlords and Tenants:
Another key aspect of the online portal is that it allows landlords to peruse through up-to-date images of their properties and observe the success of their rentals from behind the scenes. Collectively, the portal provides an efficient online platform for tenants and landlords to feel both reassured and confident that the property is a successful home for one and business for the latter.
Online Portal System Sets Parameters for Landlords and Tenants
In order to protect both landlords and tenants, there are necessary limitations to the online portal put in place by the third-party developers. For instance, landlords are not able to edit the features or amenities on a property, nor are they able to view the contact details of the tenants. When utilizing an online portal system from a third-party company, property owners will need to entrust their property managers as points of contact between both parties.
The benefits of this approach are that tenants feel they retain a sense of privacy whilst having reliable and immediate service. Also, when landlords are restricted from altering the listed features of their properties within the portal, tenants can rest assured knowing that a property owner is honest and has their best interest in mind. While they’re unable to directly alter account information themselves, landlords are reserved special access to financial statements and receipts, ensuring that they have a firm understanding of how their property management team is handling budgets and expenses.
Why join Online Portal Trend?
According to a recent study from Mintel, more than half of all U.S. consumers pay their utility bills online and go for e-options for almost all of their tasks. This number continues to grow as more companies embrace digital solutions.
- – Nearly 61% of U.S. consumers have now used at least one digital payment service as per August 2018 report.
- – More than 60% of consumers are already using mobile payments; verify account balances and recent transactions
The above statistics suggest that people are more comfortable with digital transactions than ever before. An online portal trend is not considered as future technology, it is a cost-effective solution for successful landlords to streamline communication with tenants and avoid discrepancies.
Waiting for Property Managers that provides Digital Access!
At RTI Properties, Inc., our online portal system allows residents to pay rent and utilities online, set-up automatic payments, sign up for reminder emails, and more. If you have any questions about how using this type of software can benefit you and your tenants, or any other property management services, please don’t hesitate to contact our team of professionals at 310-532-5470 or visit www.rtiproperties.com!