If you haven't been a renter in a long time, you may not understand some of the frustrations that your tenants are facing. Managing those frustrations can be the difference between keeping good tenants or having to fill another vacant unit next month.
There are several tools and technologies that may make a big difference in the overall experience that your renters are having. The rental management technology industry is growing fast because it works. For example, an online tenant portal goes a long way toward increasing tenant satisfaction.
Keep reading to learn why tenant portals are important and explore 5 reasons why you need one immediately.
What is a Tenant Portal?
Tenant portals are streamlined apps or websites that your tenants can use to manage their rental accounts.
When a tenant logs into their portal, they have access to many useful things. It varies with different platforms but generally includes things like documents, payment options, maintenance ticket requests, and communication tracking.
Benefits of a Tenant Portal for Renters
One of the most common complaints from tenants is that they have trouble getting consistent communication with their landlords. A tenant portal solves this because it sets reasonable expectations by stating the window for your replies. Whether it's within 4 hours or within 24 hours, the fact that they know what to expect eases the tension immediately.
Here are four more benefits that renters will find when they get to use a tenant portal:
- Rent collection is easy and fast
- Online access to rental agreements and other documents
- Maintenance requests are streamlined
- Able to add communications and feedback anytime
While these may seem like simple things, they give tenants a feeling of control and clear expectations. When tenants have tools like this, they are often happier and more patient because they can check for updates instead of just hoping you'll call back soon.
Benefits of a Tenant Portal for Property Owners
There are two main benefits for you with a tenant portal. The first is that collecting rent is systematic, allowing renters to pay online quickly. The second is that all tenant communication is kept all in one place. It's all there to refer back to, which helps protect you if any legal issues come up later.
Another benefit is that the portal can send reminders and anything else you want to turn into an automated process. Plus, the tenants gain a sense of security that everything they need —even maintenance requests— is at their fingertips.
Putting This Information to Work for You
The bottom line is that dissatisfied tenants want to leave. The labor, time, and cost of having a vacant unit and getting it filled quickly is something you don't want to go through if you can avoid it. It's much better to have happy tenants who want to renew their leases. A good tenant portal gives your tenants a sense of control and a place to find whatever they need.
Give Aksarben Property Management a call today to discuss the tenant portal we use as part of our full-service property management system. Click here to learn more.