Are you on the fence about creating a tenant portal for your property?
Perhaps you have seen an increasing number of landlords creating these portals and you want to jump in on the trend. On the other hand, your tenants seem to be doing just fine without a portal.
Which way should you go?
In today's digital world, running a rental property without a tenant portal is a big mistake. The portal not only makes life easier for you as a landlord but also significantly improves the experience of your tenants.
Read on for the finer details on the many benefits of a tenant portal.
1. Rent Payment/Collections Convenience
The primary responsibility of any tenant is to pay rent on time. Landlords only need to provide the bank account details into which the rent will be paid. But is that all you have to do?
As a rental property owner, it's in your best interest to make it easier for your tenants to pay their rent. Providing multiple payment options is an effective way to do this, but a tenant portal makes the task even easier.
Your tenant portal should have a feature that enables users to make their rental payments. With a single click, they'll be redirected to the payment method of their choice. This way, tenants can make payments at any time from anywhere in the world, as long as they can access the portal.
On your part, rent collection will be a breeze. Tenants will no longer tell you that they paid their rent late because they didn't have the time to deposit a check into your account. Plus, you'll get a breakdown of who has paid their rent and who's late.
2. Seamless Tenant Communication
Strong landlord-tenant relationships are based on good communication. If tenants are unable to reach their landlord whenever they have an issue, they'll be dissatisfied and possibly plan to move. This is how you'll start dealing with high tenant turnover rates.
A tenant portal makes seamless communication possible. If it has a message board, all tenants need to do is log in and post what they want to communicate. You'll receive an alert in real time, after which you can respond or take appropriate action.
There's a lot on your plate. The last thing you want is your phone to be ringing incessantly-at least not from your tenants. You can count on the tenant portal to reduce those calls while improving the quality of communication with your tenants.
3. Cut Down on Paperwork
Dealing with paperwork is part and parcel of your life as a landlord, but you can make that a thing of the past with a tenant portal. You can upload lease documents to the portal, from where tenants can access and sign them.
A reduction in lease agreement paperwork comes with a reduction in your operating expenses. It might not be a significant amount at first, but over several years, as you acquire more rental units, the savings will add up.
Build a Tenant Portal for Your Property
Investing in a rental property is one of the best decisions you've ever made, but the job doesn't end there. You need to find ways to enhance the tenant experience. Setting up a tenant portal is a great way to achieve that goal.
If you need expert help managing your property and you're in Huntsville, Alabama, contact us at PMI North Alabama. We have the expertise to make your investment a success.
You can also stay tuned to our blog for more landlord advice.