A tough reality of the real estate industry is the many factors that can contribute to a housing sales slump. Rising interest rates, a weak job market, or a slowdown in the overall economy all leave their mark. Then there’s changes in consumer behaviour and preferences, such as a shift towards renting instead of buying, and factors like oversupply of inventory, increased competition, and stricter lending criteria.
Regardless of why the housing market slows, it’s crucial real estate agencies build a sustainable business model that can weather these market downturns, and an easy way to do this is with a rental portfolio.
A strong and reliable rental portfolio is the bread and butter that keeps good real estate businesses booming, and the good news is there’s now technology to streamline the entire process.
The Perks Of A Rental Portfolio
Before we tackle the technology that can take the headache out of maintaining a thriving rental portfolio, let’s first explore why it pays to have one.
Rental properties offer a stable and steady stream of income that can withstand fluctuations in the housing market and provide a safety net for agencies during slow sales periods. They allow agents like you, to diversify their revenue streams and reduce dependence on sales. The result is a sustainable business model that is better equipped to weather market downturns.
Technology That Tackles Property Management Tasks
Managing a rental portfolio can be time-consuming and a logistical nightmare. There’s stacks of information to keep track of, reports and agreements to draft, financial statements to track, and multiple parties to communicate with. Once you multiple this workload by the number of rental properties on your books, you have quite a workload to contend with.
Or you did have, before now.
Thanks to the introduction of ground-breaking technology created specifically with real estate agents in mind, these headaches are now a thing of yesteryear.
A purpose-built customer relationship management (CRM) platform can now allow you to manage residential and commercial leases, with a stack of in-built features tailored specifically to real estate agents.
Vendor and Tenant Portals Pave The Way For Easier Property Management
A big component of a good purpose-built CRM, is the vendor and tenant portals, which allow your property owners to view their property information, see inspection reports, and track financial statements in real-time. This eliminates the need for multiple phone calls and emails to keep owners informed about their property. They can access everything they need from one central location, saving a tonne of time and effort.
In the same way, a tenant portal provides renters with access to everything they need. They can view their lease agreement, pay rent, request maintenance, and communicate with you directly through the portal. This not only saves you time but also provides your tenants with a convenient way to stay up to date with their tenancy.
A One-Stop Shop For Property Management
But why stop at vendor and tenant portals? Consider implementing a comprehensive property management CRM that includes these features and more. A good CRM system can help you manage every aspect of your property portfolio, including marketing, lead generation, and reporting.
One of the biggest benefits of a good CRM system is the ability to automate repetitive tasks, freeing up your time to focus on building relationships with your clients. With automation, you can automatically send reminders to tenants about rent payments, schedule inspections, and track maintenance requests.
But, Get It Right The First Time
As with most things in life, not all CRMs are created equal. When choosing a vendor and tenant portal, it's essential to select a system that is part of a comprehensive property management CRM. This ensures that all the features compliment each other and work together seamlessly to support your agents.
With a comprehensive CRM system, you can track leads and prospects, manage your listings, and streamline your communication with clients. Additionally, it provides you with a clear picture of your property portfolio, allowing you to make informed decisions and take actions that will benefit your business.
Feature Of The Week: Vendor and Tenant Portals
When you implement a CRM system with a vendor and tenant portal, you’re able to provide your clients with a level of service that sets you apart from your competitors, and this kind of competitive advantage is exactly what MantisProperty's CRM can deliver.
Their CRMs comprehensive built-in property management features, such as their vendor and tenant portals, become essential tools for streamlining your real estate business processes, and improving communication with clients. Their platform allows you to automate tasks, track leads and prospects, manage your listings, and ultimately build and maintain a successful rental portfolio.