Tenant turnover rate is the percentage of renters who decide to terminate their lease at the end of their agreement. A high turnover rate equals more financial stress and instability for you as a landlord.
To keep your turnover low, you'll need to keep your relationship with your tenants high. The best way to do this is by having a quality tenant portal. This will provide occupants with a convenient way to pay their rent and submit maintenance requests.
That's only the beginning. Continue reading to learn more about how a portal will help you improve tenant relations.
Most tenants don't want to have to walk to the property management office to make rental payments, put in a maintenance request, or sign a lease agreement.
It takes a lot of time, and depending on their work schedule, they may not be able to make it to the office before you close up for the day. A tenant portal puts everything at their fingertips. They can make their rental payments while at work if necessary.
Easier Rental Payments
Having a tenant portal will allow residents to save their banking information so they can make payments in seconds. In most cases, they can even set up auto-pay through the portal.
You can send your tenants reminders when it's time to pay their rent so they're never stuck paying late fees.
Smoother Lease Renewal
Every year, tenants have to resign their lease agreement. Again, they're not going to want to walk all the way to the office to sign it unless they need to negotiate some of the details.
Tenants may also want to look at their rental agreement throughout the year to refresh their memory of your policies. That's why many landlords allow tenants to view and sign their lease through an online portal. It's convenient for residents, and it saves them time.
Tenant communication is key when it comes to running a rental property. You need to keep a line open at all times so residents can ask questions and put in maintenance requests.
Allowing tenants to reach out to you through your portal will reduce the number of phone calls and emails you receive from confused or angry residents. It's also convenient for the tenants because it allows them to have their questions answered right away instead of waiting for an email.
Tenant portals give you a secure platform to share confidential information with your residents. Tenants can breathe a sigh of relief knowing that no one will be able to get their hands on their social security and bank account numbers.
Improve Your Relationship With Your Residents With a Tenant Portal
To make the most profit out of your rental property, you have to keep your tenant turnover rate low. Giving residents a convenient way to pay their rent and put in maintenance requests with a tenant portal is a huge step in the right direction.
At 33rd Company, we can help you manage your tenant portal, screen potential residents, and collect rent. Reach out to us to get started.