Studies show that new multifamily construction has declined in the last few years, which is good news for landlords. With competition slowing down, you won't have to worry as much about vacancy rates in your properties.
However, that doesn't mean you should let things slide either. To be the best landlord you can be, you should always be searching for new property management tools, including tenant portals.
If you're not already using one, then you should start researching now. Below are the benefits both you and your renters can get from a tenant portal.
More Efficient Rent Collection
Are you tired of chasing down tenants to collect rent? Expecting money at the end of the month is already stressful enough; sending repeated reminders and also upholding late fees can be exhausting.
If you use an online portal, then you can streamline rent collection. Because there's automatic rent payment processing, this will eliminate manual tracking. You can also set up reminders for due dates, which will reduce late payments.
Convenient Rent Payments
By nature, humans want the easiest path to anything they do, so if you make rent payment simpler, everyone will benefit. A tenant portal offers them multiple payment options (such as ACH transfer and credit card), and this makes payments hassle-free.
Plus, the in-built payment reminders will motivate renters to avoid late fees. They'll like this so much that they're bound to renew their leases.
Easy Maintenance Requests
One major responsibility you have as a landlord is property maintenance. You're required by law to respond to tenant maintenance requests in a timely fashion, but realistically, this can be difficult to do.
With landlord management software though, you'll have an easier time receiving and managing maintenance requests. Plus, your renters can submit them anytime they wish, complete with descriptions and photos. You can also give status updates to keep tenants informed about the process.
Improved Communication
We've just mentioned that you can keep renters up-to-date about maintenance requests through a tenant portal, but you can do so much more with it.
As the property owner, you can send the following in real-time through the tenant communication platform:
- Announcements
- Updates
- Notices
This centralized message system will keep communication organized. Renters can use the direct messaging options to get quicker responses. The same goes for issues or services; they can communicate these without delays.
Data Insights
With these Houston rental solutions, you can access payment histories and maintenance trends, as well as occupancy statistics. The detailed reporting tools will also allow you to monitor property performance effectively, and all this data can aid in better decision-making.
Use a Tenant Portal for Your Properties
Using a tenant portal is a win-win situation for you and your renters. It can provide a seamless and efficient property management experience, and it can boost tenant satisfaction too.
By investing in this piece of tech, you'll get long-term tenant retention. As a result, you'll have increased profitability for years to come.
Get in touch with us now if you're interested in using a tenant portal for your rentals. We at PMI Fine Properties have two decades of experience and can help with all aspects of property management.
