Tenants are staying longer in their rental units due to the tumultuous and costly housing marketing. According to Newsweek, the average timeframe for most renters is around five years. Even with that in mind, many tenants have lived in their current homes for over 10 years.
Improving your tenant retention rates is key to ensuring you maximize your profits on your rental properties. One way you can keep your renters happy is by improving your operations with a tenant portal. This blog will talk about the top three benefits of investing in property management software for your investment properties.
1. Easily Communicate With Your Tenants
One of the primary benefits of using a tenant portal is having an all-in-one platform to communicate with your tenants. What's great about these tenant communication tools is not only can you send messages to your renters, but they can use them to get in touch with you. A few things your renters can use the software for include:
- Submitting maintenance requests
- Reporting issues
- Providing feedback
- Accessing documents like property guidelines and lease agreements
- Messaging concerns and quick questions
Property owners or managers can use the tenant portal to let renters know when they have past-due payments or late fees. You can also let them know about upcoming projects or updates that will affect them. This transparent communication helps tenants feel respected.
2. Efficiently Collect Rent Payments
Another advantage of using a tenant portal is the online rental payments feature. According to Yahoo! Finance, around 46% of people haven't written a check in the past year. Property owners can make their units more appealing to potential tenants by offering various forms of digital payment.
Property management software allows you to collect rent payments in different ways, such as:
- Debit or credit card
- PayPal
- Zelle
- ACH transfer
This eliminates the need for people to pay with outdated money orders or checks. This decreases the risk of a check bouncing once you receive it or it getting lost in the mail.
Another great feature of tenant portal software is renters can automate their monthly rental payments. This ensures that not only are they never late on their rental payments, but keep money regularly coming into your bank account.
3. Conveniently Manage and Access Documents
All the documents related to your tenants will be stored in the cloud-based software. This makes it easy for both you and your tenants to access necessary documents whenever you need them. You can also use the system to send lease renewal agreements to your tenants when it's time to sign them.
A few advantages of this feature include:
- Improved organization
- Reduced paper waste
- Easy distribution and updates of important information
Streamline Your Operations With a Tenant Portal System
In today's digital age, investing in tenant portal software is a great way to make your units more appealing to tenants. From lease agreement tracking to a maintenance request system, make your life and those of your tenants easier with these programs.
Sail Properties in Huntington Beach is here to make your life as a property owner easy and stress-free. Our team of property managers will handle every aspect of your tenant relations, from fulfilling maintenance requests to finding new renters. Contact our office to schedule a meeting with one of our team members.
