If you're interested in property investment or property management, using a tenant portal is vital. According to Freddie Mac, approximately 82 percent of renters find renting more affordable than home ownership.
No matter what type of property you own or manage, using software such as an online portal makes renting easier.
Read on to learn all about the benefits of using a tenant portal, both for yourself and your tenants.
Investing in a tenant portal helps to improve and maintain good communication between owner and renter. You can utilize the portal to make announcements, ask questions, and provide updates to all of your tenants at once.
With the integration of a tenant portal, it's much easier to keep track of important dates and documents. Use the portal to send newsletters, make major announcements, and more.
A Tenant Portal Makes Rent Collection Easy
If you own several rental properties, tracking rent collection can be challenging. But with a tenant portal, you can receive payments online quickly.
Allowing tenants to pay via an online portal helps them submit their monthly rent much faster. As a bonus, you'll typically get the money in your account much faster than you would via traditional means.
A quality tenant portal also provides you with insightful financial reports. This makes it easier to collect late payments and fees, and to track who's behind on rent if you need to track multiple tenants living in various properties.
Better Maintenance Management
Part of good tenant management is ensuring that each property is well maintained. With a tenant portal, your tenants can quickly submit specific maintenance requests.
Once you're alerted to the request, you can have your maintenance team start on the issue right away. This simple thing leads to happier tenants. It also increases the odds of keeping long-term tenants in the future.
Using an online portal for maintenance also makes it easier to keep up with expenses. All the information is compiled in one place so you can keep track of maintenance issues and costs at a glance.
Instead of having to deal with tons of files and paperwork, an online tenant portal keeps all the information in a single virtual location. This reduces the chances of losing crucial information or misfiling something by accident.
Having an online tenant database also makes it easier to find what you need fast. The reduction of paperwork makes your office less cluttered, too.
Not only will you save costs on physical paper and file storage, but you'll also save money on printers and ink as well. Keeping crucial information in a single, central location online is a major time and money-saver.
Choose Your Portal
As you can see, using a tenant portal offers a wide range of benefits for both owner and tenant alike. From less paperwork to easy rent collection, these portals are a vital way to improve the renter experience.
If you're interested in property management, click here to learn more about the team at PMI Fox Valley today.