Digital property management solutions like online rent payment or a tenant portal make things easier for landlords and tenants alike. According to figures cited by Real Trends, these tools are so effective that over 80% of tenants expect their property management firms to utilize technology.
Without a tenant login system and well-functioning lease management software, your tenants will look elsewhere. Want to create effective tenant portals? Read on to find out about how.
Streamline the Rent Collection Process
With an effective tenant portal, tenants forgetting to pay rent is a thing of the past. By scheduling recurring payments, your tenants ensure the rent always arrives on time. The transactions are transparent, with both landlord and tenant able to see detailed payment history.
They also streamline the process by offering various payment methods. Most portals support:
- Bank transfers
- Credit cards
- Digital wallets
While they won't help if tenants are willfully negligent, portals make your cash flow more reliable by streamlining the payment process. With a well-configured tenant portal, the days of chasing up forgotten rent payments are over.
Improved Maintenance
Like rent payments, maintenance issues can be problematic. According to IBM preventive maintenance is usually the best maintenance strategy. The principle is simple: you address problems at you're property as soon as possible.
Small maintenance jobs are almost always quicker and cheaper than emergency repairs. As a landlord, you depend on your tenants to provide information. If there's a ceiling leak or a wall crack, you need to know about it as soon as possible.
The longer you wait, the more likely it will result in a catastrophe. The more convenient it is to report problems, the earlier you'll hear about these crucial minor issues. With an advanced property management tool, you could even connect with the appropriate vendors and contractors in one seamless maintenance system.
Better Communication
Miscommunication causes problems for landlords such as late rent or tenant dissatisfaction. Tenant portals help by providing a centralized communication platform. Your tenants can access information and resources 24/7 reducing misunderstandings and the need for potentially confusing phone calls.
Both you and your tenants will receive instant notifications ensuring everyone is in the loop. If there's any confusion, you will have a detailed archive of all previous communication. With a tenant portal, you can prevent many common property management headaches and everyone feels informed and valued.
Set Up a Tenant Portal
If you want to streamline the rental process and reduce miscommunications or emergency repairs you should set up a tenant portal. Tenants expect proficient use of technology and the best way to demonstrate that is through an impressive tenant login system.
Of course, setting up a centralized digital solution is no easy task and you can't risk having the system fail. The smart move is to work with a qualified property management company.
Here at PMI Turn Key NJ, we have extensive experience implementing effective tenant portals. Since 2013, we've helped landlords centralize their communication and reduce their workload.
Contact us today to learn how we can help.
