There are over 48 million rental properties in the U.S., which shows how many of the population are landlords.
Tenant portals are renowned for a variety of reasons, from improving communication to keeping tenants happy. But, if you're unfamiliar with the world of tenant portals, you've unlikely heard of their underrated benefits.
Still skeptical about tenant portals? That's why we're here to convince you. Read on to learn more.
1. Increases Tenant Satisfaction
Landlords who own a rental property know that portals improve tenant satisfaction. This is because residents needn't pop into a property management office or chase down their landlord. Instead, you simply log onto a portal and you're good to go.
2. Effortless Rent Collection
Tenant portals slash landlord stress because rent collection is effortless. If you're worried about a missed payment, you can send reminders, so they're not charged a penalty fee. It also means tenants can pay their rent on the go, perfect if they're away for a vacation or work trip.
3. Easy Lease Renewal
A majority of landlords rely on rental income for a chunk of their salary, which is why many prioritize lease renewal. If you've found a great tenant, for example, you want to make it easier for them to sign a new lease. Luckily, you can do this via a tenant portal.
Further, tenants may want a recap of your property's policies, so many property management companies advise posting the rental agreement online to save time.
4. Smooth Communication
Like every business, good communication is essential. You want residents to feel comfortable sending you a message if an appliance is broken or the toilet is clogged. Although phone calls are handy, they can take longer to return and distract you, which isn't useful if you have a day job.
Instead, ask residents to send you messages via the tenant portal to streamline the process. It's also convenient for residents because they will have an answer straight away, making it a win-win.
5. Safe and Secure
Everyone who works in property management understands how important security is. For instance, landlords must deal with lease renewals and background checks that include bank details.
Because you're handling personal information, you shouldn't cut corners by handling the data alone. To prevent any legal issues, use a tenant portal, as it has an additional layer of protection, such as two-factor authentication.
Also, if you need to evict a tenant, you'll have all the necessary legal documents at your fingertips. Aside from minimizing stress, you can prove that the tenant missed a payment or, in the worst-case scenario, violated your property.
Invest in a Tenant Portal Today
Hopefully, you'll only work with a property management company that advises you to use a tenant portal.
At PMI Meridian Management, we have 20 years of experience helping landlords manage properties and protect their investment portfolios. Because the landscape is changing and tenants want more security, it's wise to hire an expert to ensure you're consistently turning a profit.
Ready to find a property manager? Then, contact PMI Meridian Management and we'll help you get you started ASAP.