{"id":3964,"date":"2015-11-13T14:10:01","date_gmt":"2015-11-13T22:10:01","guid":{"rendered":"https:\/\/www.rentecdirect.com\/blog\/?p=3964"},"modified":"2016-12-27T14:00:51","modified_gmt":"2016-12-27T22:00:51","slug":"real-time-property-performance-for-your-rental-owners","status":"publish","type":"post","link":"https:\/\/www.rentecdirect.com\/blog\/real-time-property-performance-for-your-rental-owners\/","title":{"rendered":"Real Time Property Performance for Your Rental Owners"},"content":{"rendered":"<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2015\/11\/placeit-20.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-3965\" src=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2015\/11\/placeit-20-300x225.jpg\" alt=\"Owner Portal Property Management Software \" width=\"300\" height=\"225\" srcset=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2015\/11\/placeit-20-300x225.jpg 300w, https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2015\/11\/placeit-20.jpg 400w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a>Making the decision to work with a property manager to represent an investment property is a big step for many rental property owners. \u00a0Considering all the <\/span><a href=\"https:\/\/www.rentecdirect.com\/blog\/2015\/11\/what-does-a-property-manager-do\/\"><span style=\"font-weight: 400;\">tasks that fall on a property manager<\/span><\/a><span style=\"font-weight: 400;\">, it is understandable that a rental property owner would want to delegate the responsibilities onto a professional.<br \/>\n<\/span><\/p>\n<p>Working with a property manager benefits owners by eliminating the time consuming processes and stressful jobs related to managing rental properties but owners still want reassurance that their investment properties are generating income and are being taken care of. \u00a0Property managers can easily provide this reassurance to their owners by giving them access to an online Owner Portal available in their property management software.<\/p>\n<p>Owner Portals allow a property manager to provide their owners with an online account to view real time property performance. \u00a0Owners can see simplified data of overall property performance or view more detailed reports and owner statements. \u00a0Each owner is given a unique login to view a personalized online account that only displays information relevant to their properties.<\/p>\n<p><b>What CAN an Owner Portal do?<\/b><\/p>\n<p>The Portal shows the owner only information pertinent to their properties and items an owner typically may ask about. \u00a0Giving owners access to this information will save property managers time from having to field calls and questions from owners seeking the answers available in the Owner Portal.<\/p>\n<ul>\n<li><b>Property Performance<\/b><span style=\"font-weight: 400;\">&#8211; Within an Owner Portal, a snapshot of an owner\u2019s property performance is immediately visible in an easy to read format. \u00a0Owners can see a simplified glance at the total income and expenses for all properties in the past month and the occupancy rate. \u00a0Owners can click through their Portal to find more detailed ledgers and statements for income and expenses per property. \u00a0<\/span><\/li>\n<li><b>Lease Notifications<\/b><span style=\"font-weight: 400;\"> &#8211; An Owner Portal will display important notifications regarding new or expiring leases related to the owner\u2019s properties. \u00a0This gives owners a real time look at who is living in their properties and if tenancy is about to change. \u00a0<\/span><\/li>\n<li><b>View Occupancy Rates<\/b><span style=\"font-weight: 400;\"> &#8211; Owners can see the occupancy rate of their properties on the homepage of an Owner Portal. \u00a0Occupancy rate gives insight to how many units are vacant and the expected rental income from occupied properties. \u00a0A good property manager should always want to show their owners the occupancy rate to demonstrate the value of their services for keeping properties occupied.<\/span><\/li>\n<li><b>Properties <\/b><span style=\"font-weight: 400;\">&#8211; The owner can view all his properties and access a property ledger that will display rental income and expenses related to the individual property.<\/span><\/li>\n<li><b>Financial Statements <\/b><span style=\"font-weight: 400;\">&#8211; Combined financial transactions from all the owner\u2019s properties to give an overall view of an owner&#8217;s finances when the properties are combined.<\/span><\/li>\n<li><strong>Work Orders<\/strong> &#8211; The owner can view all work orders related to his properties, if the manager elects to share them. This helps to communicate what repairs and upgrades are made to each property.<\/li>\n<li><b>Shared Files<\/b><span style=\"font-weight: 400;\"> &#8211; Property managers can <\/span><a href=\"https:\/\/www.rentecdirect.com\/blog\/2012\/01\/share-files-and-documents-with-owners-and-tenants\/\"><span style=\"font-weight: 400;\">share important files with clients<\/span><\/a><span style=\"font-weight: 400;\"> that owners can view directly from their Owner Portal. \u00a0Owners can see copies of lease agreements, management agreements, receipts, property pictures and more.<\/span><\/li>\n<\/ul>\n<p><b>What an owner CANNOT do in a portal<\/b><\/p>\n<p>While an Owner Portal provides invaluable insight to an owner\u2019s portfolio performance, it is important that the property manager keeps access limited in order to ensure proper book-keeping, enforce tenant rights and keep overall business processes functioning smoothly. \u00a0Property managers can rest assured that their owners\u2019 Portals simply give them access to view property performance but not alter data stored in the account.<\/p>\n<p>These are some of the things that an owner will not be able to do within an owner portal:<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Accounts <\/b><span style=\"font-weight: 400;\">&#8211; An owner cannot update account information or make changes to an Owner\u2019s Statement or Property Ledger. \u00a0Owners are given read only access to financial statements shared with them by their property manager. \u00a0This helps a property manager stay organized and in control of business financials. \u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Property Details<\/b><span style=\"font-weight: 400;\"> &#8211; An owner cannot update or change a property\u2019s marketing info or property details (like number of bedrooms or featured amenities). \u00a0One of the benefits of working with a property manager is the marketing duties fall the management firm so an owner has no need to access or change this information. \u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Tenant Access<\/b><span style=\"font-weight: 400;\"> &#8211; An owner cannot view current tenants\u2019 contact information. \u00a0This prevents an owner from having the ability to contact a tenant directly. \u00a0Preventing an owner from contacting a tenant helps a manager control and document all tenant communication (which is important if a communication trail is ever needed for legal reasons). \u00a0Some owners do not understand the laws pertaining to landlord-tenant communication and a t<\/span><a href=\"https:\/\/www.landlordology.com\/implied-covenant-quiet-enjoyment\/\"><span style=\"font-weight: 400;\">enant\u2019s right to quiet enjoyment<\/span><\/a><span style=\"font-weight: 400;\">. Limiting an owner&#8217;s access to a tenant\u2019s contact information helps a manager control the way tenants are communicated with. \u00a0 \u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Owner portals demonstrate your professionalism in the industry and can serve as a powerful tool for attracting new clients. \u00a0Providing owners with secure access to their own portal lets your clients view portfolio performance for all properties or a single property. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0Owner portals empower your clients to understand their property performance and access important statements so they can understand the benefit of using your management services. \u00a0Letting property management software provide you with tools to answer your clients\u2019 questions gives you more free time to work on other tasks and grow your business. \u00a0<\/span><\/p>\n<p><span class=\"embed-youtube\" style=\"text-align:center; display: block;\"><iframe loading=\"lazy\" class=\"youtube-player\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/Tpq1-9qQU4Y?version=3&#038;rel=1&#038;showsearch=0&#038;showinfo=1&#038;iv_load_policy=1&#038;fs=1&#038;hl=en-US&#038;autohide=2&#038;wmode=transparent\" allowfullscreen=\"true\" style=\"border:0;\" sandbox=\"allow-scripts allow-same-origin allow-popups allow-presentation allow-popups-to-escape-sandbox\"><\/iframe><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Making the decision to work with a property manager to represent an investment property is a big step for many rental property owners. \u00a0Considering all the tasks that fall on a property manager, it is understandable that a rental property owner would want to delegate the responsibilities onto a professional. Working with a property manager [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":3965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":true,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"iawp_total_views":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[275,725],"tags":[193,568],"class_list":["post-3964","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education","category-property-management-software","tag-owner-portal","tag-property-manager-advice","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - 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