Rent prices continue to increase causing more than eight million Americans to be late on rent payments. If you still collect rent the old-school way, you aren't doing yourself any favors.
Instead, implement a tenant portal to collect rent and complete other necessary tasks.
Not sure if a tenant portal is right for your property? Keep reading to learn three reasons why it is.
1. Increased Efficiency
Having a tenant portal can increase the efficiency of your property management team. Property managers play a huge role in the comfort of your residents which can impact tenant reviews.
You can better your communication with tenants by sending them notifications or surveys with the click of a button.
Although you don't have to, you can use portals to chat back and forth with tenants when you want to speak with them. If tenants have concerns or questions, they can refer to the portal instead of emailing or calling.
Tenant portals are also an effective solution for maintenance requests. Landlords don't have to miss maintenance requests and tenants don't have to worry about contacting their landlord via email or phone.
Using online portals allows tenants to make requests 24/7. This way, your maintenance crew can see them right away and provide quick repairs.
2. Easier Rent Collection
A self-service tenant portal makes it much easier to collect rent payments from tenants. Both you and your tenants can benefit from this.
Forcing tenants to pay rent the old-fashioned way comes with a lot of errors. Tenants might forget to pay or write a check out with the wrong amount. This consistently leads to late payments.
Online portals eliminate this problem and decrease the risk of late payments.
You can send rent notifications directly to tenants to remind them when they need to pay. You can also collect rent directly from the portal.
Tenants will have the option to set up a credit card transaction or bank transfer for continual use.
3. Simple Lease Management
Along with online rent collection, tenant portals make it easier to manage leases. When a lease is up, tenant portals allow landlords to send tenants lease renewals.
You can send a lease agreement through the tenant portal so that your tenants can access them with ease. They will review and sign the documents or send messages back with questions.
The tenant portal provides full-time access to the lease. Tenants will always have their own copy without having to ask you to send it over.
They can refer back to their lease agreement if they have any confusion or would like to renegotiate their terms.
Do You Need a Tenant Portal?
Owning a rental property comes with a lot of responsibilities. Make the day-to-day tasks easier on yourself by implementing a tenant portal.
Tenant portals benefit you and your renters. With one, you increase management efficiency, collect rent payments easier, and make the lease management process simple.
Hiring a property management company provides you with an online tenant portal that you can benefit from. Contact us today to learn how we can help.