New York City has one of the highest numbers of renters in the country with 66.7% of households used as rental units. The city also has large apartment buildings with significant renter capacity, which means multiple tenants under one roof.
As a landlord, you may lease more than one property at a time, making management even more difficult.
Find out how a tenant portal enhances your ability to manage your properties with these five great benefits.
1. Online Rent Collection
The first bit of landlord advice that any experienced investor will tell you is to make rent payments easy for your tenants. And with rent at an all-time high in NYC, up 30% from 2019, at $5,588, it is necessary more than ever to make rent payments simple for tenants.
Whether it's offering various payment methods, being clear about the due date, or making payments available day or night, this is made possible with online rent collection.
2. Streamline Communication
Having your tenants call and text you all the time takes away from the luxury of being your own boss. An online portal for tenants removes this inconvenience by offering a central location for communicating.
Tenants can log in to the portal to send you secure messages so that they don't have to worry about catching you at a bad time. Then you can set a time to go onto the portal to reply to messages all at once.
3. Automate Maintenance Requests
A major part of tenant satisfaction is the ability to fix things in their rental when it's broken. If maintenance takes too long or gets neglected completely, then renters will most likely leave when their lease is over.
By placing maintenance services online, tenants can make requests and track their progress. You can even automate scheduling to improve the efficiency of requests.
4. 24/7 Access to Documents and Records
A rental property involves many legal documents and personal records. Keeping track of important paperwork is complicated, especially when an issue arises.
Having an online filing system allows you to organize the documents and gives access to your tenants whenever they need clarification about the rental agreement.
5. Allow for Community Networking
Property management isn't just about the logistics of being a landlord, it also allows your tenants to socialize. A community forum opens up possibilities to make friends and share important information about the building.
You can also have a public bulletin board for anyone in the building to post events or services that bring people together.
A Tenant Portal: An Essential Part of Property Management
Being a landlord is a business investment and with any investment, you need the best tools to succeed. Having a tenant portal is an essential part of management because it allows you to expand on your investment by making tasks more efficient.
At PMI Properties, we have these tools already in place for you to start implementing today. We can also help you market your rental, find and screen tenants, as well as create lease agreements.
Get started today by contacting us about our tenant portal for your current property.