Over 97% of American households own a personal computer, and for many people, they practically live on their smartphones. Today's savvy population prefers to make use of technology whenever possible, so it's your duty as a landlord to make this happen.
You may prefer to do things by pen and paper, but the reality is, there are computer programs that'll benefit both you and your tenants. For example, you can use a tenant portal, which is a fantastic tool to have in your arsenal.
Want to learn more about this technology? Then read on for four benefits you can get.
1. Efficient Rent Collection
Tenant portals are one of the must-have pieces of tech for landlords because rent collection won't be a challenge anymore. These portals facilitate automated rent collection, reducing the need for manual processing of checks or cash.
In addition, you won't have to chase up your renters for late payments. Reminders and notifications are automated, too, which ensures timely payments with no effort on your part. As a result, you'll maintain a steady stream of rental income, minus the usual stress that comes with the job.
2. Streamlined Communication
You may prefer to communicate through texts, while one tenant prefers email and another prefers phone calls. Not only can this make communication messy, but also inefficient.
A tenant portal gives you centralized communication, allowing you to send important messages, updates, and announcements to all tenants simultaneously. On the other hand, your renters can submit maintenance requests and inquiries online, and you can track them effortlessly, too.
3. Document Management
Online portals provide a secure platform for storing and managing important documents, such as leases, rental agreements, and move-in/move-out checklists. You won't have to scramble and dig around in a file cabinet to find what you need.
Plus, easy access to documents helps resolve disputes and provides a transparent record of transactions. This can significantly reduce friction and improve landlord-tenant relationships.
4. Financial Tracking
Many landlords already know that tenant portals let you track financial transactions, meaning you can see rent payments, security deposits, and any additional charges. This gives both you and your tenants peace of mind about where their money is going and when.
But, in addition, this painless access to financial data simplifies accounting and reporting processes. You won't have to worry about security either, as the portals use secure, encrypted technology to protect sensitive information. This reduces the risk of fraud or unauthorized access.
Start Using a Tenant Portal to Reap the Benefits
If you're not already using one, then get access to a tenant portal today. We've listed four benefits you can get from one, but that only scratches the surface.
While you can search for software yourself, it's better if you utilize the services of a property management company. They'll have vetted the tech for you, and they can also offer you a wide variety of other beneficial services.
Contact PMI Garden State today to gain access to a quality online portal. We'll also use our 20 years of experience to help you manage your rental property with ease.