According to 2News.com, Reno, Nevada, currently has a rental vacancy rate of 9.6%. As a result, rental prices are dropping and will likely average around $1,500 this year.
As a Reno landlord yourself, the last thing you want is to have your property sit vacant for long periods. The longer it does, the less rental income you'll earn.
Aside from adjusting your rental rates, another tactic you can use is offering a tenant portal. It's one of the most effective property management tools for attracting and retaining residents.
The Martin Team will explain the benefits of landlord-tenant portals in this guide, so please read on.
Convenience of Accessing Critical Documents Online
The Martin Team at Dickson Realty uses innovative rental management software to provide landlords/property owners and tenants with an online portal. The portal gives them safe and secure online storage for crucial lease-related documents.
If you're a landlord/property owner, you can access the following documents via your owner's portal:
- A copy of the lease agreement
- Monthly statements showing rental income and deductions
- Copies of invoices paid
- A full 12-month cash flow of itemized income and expenses
- A 1099 form to help simplify tax season
Our tenant portal features also include online storage for renters' documents. Simply log in to your account to see your lease agreement, rent notices, payment receipts, and other transaction records.
Simplified Payment Collection
According to Forrester, digital payments have become the most widely used payment method in the United States. The research firm said that in 2023, nearly seven in 10 online American adults reported paying for a purchase digitally.
With such high adoption rates, landlords should consider offering tenants the option to pay rent online.
Fortunately, among the online tenant services that resident portals offer are digital rent collection and payment methods. For instance, with The Martin Team's online portal, residents can pay their rent conveniently through credit cards and e-checks, wherever they may be, on or before the due date. They no longer have to worry about traveling and dropping by our leasing department office to pay their rent via a money order or cashier/personal check.
Landlords also benefit from online rent payments made via credit cards, as their processing occurs in real time. Real-time processing lowers the odds of delayed receipt of landlord payments.
Ease of Communication
Online portals also act as a landlord or tenant communication system. For example, at The Martin Team, our landlords and residents can use the portal to communicate their property inspection, maintenance, or repair needs. They can also message us via the portal to let us know about their concerns, give feedback, or ask anything about the property or the lease.
Enjoy These Landlord and Tenant Portal Benefits
A landlord and tenant portal can revolutionize renting experiences by providing a safe, secure location for lease documents, making rent payments more convenient, and simplifying communication. So, as a Reno landlord, consider investing in one to simplify your life and that of your residents.
Let The Martin Team at Dickson Realty help with our full-service property management solutions. As a company that has served the Reno/Sparks area since 2004, we'll help you expertly manage your property and tenants so you can optimize your income and worry less about vacancies.
Reach out today to schedule your free property consultation!
