It's time to start factoring tenant experience into your property management strategy.
Renter statistics show that two-thirds of the market renews leases every year. Thus, every landlord needs a lease renewal strategy to retain their best tenants.
One way to retain tenants is to provide tools that optimize their living experience. Convenience is an important factor that comes to mind.
A case in point is a tenant portal.
Digital platforms streamline:
- Communication
- Rent collection
- Maintenance
- Property upgrades
Here's a closer look at the benefits of property management software for owners and tenants.
Store Important Lease Documents
More often than not, the first point renters consider when applying for housing is price. Thus, a landlord's pricing strategy must be on point in the marketing strategy. The monthly rent price must also be clearly outlined in the lease.
An landlord-tenant portal is a smart way to keep important documents in one place for tenants. Renters don't have to worry about losing lease agreements. Landlords may also generate lease agreements using digital signature technology for easy signing and storing.
Other documents to consider include:
- Maintenance protocols and services
- Emergency numbers
- Lease renewal information
- Income verification
- Pet policies
- Security deposit protocols
Landlords may also communicate upcoming lease renewal protocols for tenants. Owners can use portals in conjunction with email to streamline the documentation process.
Improve Tenant Communication
One of the reasons why owners hire property managers is to facilitate better communication with tenants.
Renters should be notified about the following issues:
- Upcoming construction projects
- Changes in internet providers
- Property inspections
- Mandatory unit upgrades
- Changes to policies (i.e. pet policies)
- Upcoming lease renewals
An online portal keeps all correspondence in one place.
It's easy for important issues to get lost in the shuffle. Plus, tenants can respond with questions or confirmation more easily through a tenant portal.
Property owners can also optimize living experiences by posting upcoming community events in the portal. This may include festivals, free concerts, and more.
Streamline Online Rent Payments
One of the most important tasks for any landlord is rent collection. On-time rent ensures consistent rental income; owners need this income to pay property taxes. Thus, it's vital to screen for financially responsible tenants.
Online portals are the quickest way to collect rent. Even better, digital payments are recorded for accuracy. Landlords don't have to worry about checks getting lost in the mail. Plus, they can offer more forms of payment.
Multiple payment types also optimize the tenant experience. Renters can pay through their bank accounts, debit cards, or even credit.
Book Maintenance Appointments through a Tenant Portal
One problem that drives great tenants away is a poor maintenance protocol.
Renters want to live in safe, upgraded units. It's important to have a fast and reliable maintenance option when there's a plumbing emergency or HVAC problem.
Tenants may also request upgrades which also increases lease renewals.
Optimize Owner and Tenant Experiences
Going paperless isn't just great for the environment.
An online tenant portal improves:
- Documentation and Communication
- Rent payment processes
- Property maintenance
- Lease renewals
- Community
The team at PMI Cobb is enthusiastic about facilitating great renter experiences that foster strong landlord-tenant relations. Our property management family is part of a growing nationwide network with over 20 years in the industry.
Contact us today to reimagine your approach to investment properties.
