The average rent for a 2-bedroom apartment in Idaho is $1,118 as of 2022. You might charge more or less for your properties. Regardless, you'll experience cash flow problems if you don't collect all the rent.
Creating a tenant portal can help you with this issue. In fact, tenant portals provide many benefits to you and your tenants.
A tenant portal gives your tenants access to information and services from their phones or computers. If you don't have one yet, consider getting one.
Keep reading to learn the top three benefits a portal offers.
1. Improved Communications
A tenant portal is a platform you and your tenants can access. You can use it in many ways and can set one up yourself. You can also hire a property management firm for help.
When you have a portal for your tenants, it provides improved communications. You can use it to:
- Send messages to tenants
- Announce upcoming services and maintenance
- Remind tenants to pay their rent
- Inform tenants of vital information, such as power outages
- Handle lease signing or renewals
Of course, you can also use it for other purposes. The bottom line is it helps you stay in touch with your tenants. It also provides a way for them to stay in touch with you and learn about upcoming events.
2. Improved Rent Collection Process
A tenant portal offers online rent collection. Tenants will no longer have to mail or drop off their rent checks. Instead, they can pay online with a bank account or credit card.
Therefore, a portal gives options. Tenants can make one-time payments on the portal. They can also set up recurring payments.
Because this option is more convenient, you might see an improvement in your cash flow. Positive cash flow is necessary for every rental property business. Unfortunately, late rent impedes cash flow.
Improving your rent collection process also helps you protect your investment. It keeps money flowing in, allowing you to make necessary repairs and updates.
You can also protect your investment in other ways. However, improving cash flow is one of the best options.
3. Improved Tenant Relations and Satisfaction
A tenant portal is also helpful for improving landlord-tenant relations. As you've already learned, it improves communication and rent collection.
It also lets you automate maintenance. Your tenants can use the portal to report problems.
For example, they can report emergency problems in their units. They can quickly tell you about minor issues or neighbor problems.
Additionally, your tenants will feel more informed through the portal. They can read the announcements and will know when repairs occur.
Happy tenants tend to renew their leases and pay their rent on time. Keeping your tenants happy should be a top goal, as it also benefits you.
Get a Tenant Portal for Your Rentals
PMI Grand Tetons is a full-service property management firm. We've served rental property owners for more than 20 years and can help you create a tenant portal.
A portal offers these benefits and more. Are you ready to learn more about how our firm can help? Reach out today to get started.