Tenant turnover rate is a metric property owners use to analyze their properties. It tells you how many tenants move out compared to those who stay.
Learning this matters as it helps determine if you're doing a good job as a landlord. Being a good landlord requires good communication and strong tenant relations.
Finding ways to boost these things can reduce your tenant turnover. One way to achieve both goals is through a tenant portal.
Continue reading to learn how a tenant portal benefits you and your tenants.
Provides a Platform for Communications
Owning rental properties requires having tenants. Keeping every good tenant is vital for your bottom line. As a result, you must find ways to keep great tenants.
One way is by improving your landlord-tenant communication. Tenants want access to talk to you and communicate about things. This can include concerns, problems, and strengths.
A tenant portal gives them a platform to communicate with you. It also gives you the ability to communicate with them. You can relay messages and reminders to your tenants through the portal.
A portal offers an effortless way for both parties to communicate.
Improves Rent Collection Process
Cash flow is vital to every business, including rental property companies. A positive cash flow means enough money comes in to cover the expenses.
Setting up a tenant portal can help with your company's cash flow. A portal provides a simple way for tenants to pay their rent.
They can log into the portal on a computer or phone. Then, they can make one-time payments. You can also use the type of landlord software that lets them set up recurring payments.
They'll never miss payments with recurring payments set up on their accounts. The result is improved cash flow for your business.
Impacts Lease Renewal Process
A portal may also encourage tenants to renew their leases. If your portal improves tenant relations and communication, they might want to stay longer.
You can send reminders to tenants to sign their new leases. Because this is done electronically, it's simple and efficient. Tenants like things that are simple and efficient.
Work Gets Done Faster
Additionally, a tenant portal allows tenants to request services electronically. They won't have to call you or visit the office. Instead, they can submit tickets on the portal for repairs.
This process speeds up the repair procedures needed. As a result, the tenants are happier.
You can hire a property management firm to set up the portal. They'll also manage it for you, making your job even easier.
Ready to Set up a Tenant Portal?
A tenant portal offers these benefits and more. As a rental property owner, you could see massive improvements to your business by setting one up.
Do you need help with this and other property management tasks?
PMI Palms offers state-of-the-art technology for rental property management services. We operate in Tarpon Springs, FL, and can help you set up a tenant portal.
We provide quality services you can trust! Reach out to learn more.