If you take a look at tenant-landlord relationships, you'll see that 86% of renters want to interact with their landlords digitally. In addition, 62% of property managers say technology helps them solve problems in a creative way.
The above statistics make it clear that if you're not utilizing technology, you're severely behind. And as a result, you'll lose rental income, which can be devastating if it's tough to attract renters already.
One place to start is with a tenant portal, which can help both you and your renters. Keep reading to see what benefits you can get from using such tech.
Centralized Communication
As mentioned above, people prefer to reach their landlords through the internet, especially since smartphones, laptops, and computers are so prevalent. A tenant portal enables them to send messages to you, and vice versa.
Through this software, you can send out mass messages, too. That way, you can communicate effectively and ensure no one's left out of the loop.
Streamlined Maintenance Process
There will always come a time when your tenants make maintenance requests for your rental property. You'll want to make sure that you take care of these promptly to keep them satisfied and your property in good shape.
An online portal lets renters submit requests, and you can then address and track issues accordingly.
Rent Collection Is Easy
Collecting rent is one of the toughest parts of being a landlord. Every month, you have to remind your tenants to pay up, and if they don't do it on time, then you'll have to keep chasing them up. This can be a tiring experience, but it's what you must do to ensure your income remains steady.
However, a tenant portal will make rent collection much easier. It'll automate rent collection, which means you won't have to perform manual tasks. This includes reminders and notifications, so it'll be a huge load off your shoulders.
In addition, these automated features are handy for forgetful renters (60% of Americans have multitasking-induced forgetfulness). Many don't intentionally pay late (or not at all), so having these constant reminders will enable them to pay on time.
Financial Tracking Will Be Simpler
Doing your taxes isn't fun, and when you have to sort through lots of paperwork and total up everything yourself, it can be a huge headache. This is especially true if you're an accidental landlord and never intended to be in the business anyway.
The good news is that a tenant portal will let you easily track financial transactions. You'll be able to clearly see all rent payments, as well as pet and security deposits. This will make accounting and reporting processes much smoother.
Start Using a Tenant Portal
A tenant portal has lots to offer to both you and your renters. Considering that it's a win-win situation for everyone involved, it wouldn't hurt to adopt this piece of technology.
Plus, if you work with a property management company, you can have an even more hands-off approach. They'll have comprehensive services that'll give you a better work-life balance.
Contact PMI Cowboys Realty today to gain access to a reliable tenant portal. We can also help with other property management issues, as we've been in the business for almost 20 years.
