3 Benefits of an Online Tenant Portal

When you think of an online portal, one of the first things that might come to mind is your bank's online services. The school's student portal will come to mind if you're in college.

If you're a landlord, a tenant portal ought to be the first thing that strikes you. If it doesn't, it probably means you have not invested in one, and you're missing out on plenty of benefits.

Like all portals, a property portal makes it more convenient for you and your tenants to execute their duties and responsibilities.

Read on to learn why you should invest in this piece of technology.

1. Tenant Applications

Are you still stuck in the old world where renters have to fill out and submit physical application paperwork? You're doing a disservice to not only your rental property business but also the environment.

In today's digital world, a renter can apply for tenancy online with a few clicks of the mouse. To make this happen, you need an online portal with a feature that enables rental applications. A prospective tenant just needs to visit the portal, which can be hosted on the property's website, and fill out the digital forms.

In the backend, you'll receive the applications, after which you can process with your screening process.

2. Tenant Onboarding

After a successful rental application, you don't just hand over the keys to the property and move on. Onboarding a tenant involves signing a lease agreement, informing them about the property's rules, and showing them how to operate various pieces of equipment that come with the unit.

This is a lot of work, which is why some landlords don't bother to onboard tenants properly. The good news is that a tenant portal can simplify your onboarding process. A digital version of the lease can be signed on the portal, and you can include videos of the house tour and other helpful guides to help the tenant settle in without needing your help.

3. Rent Collection

At the start of every new month, or as per the lease terms, your tenants are required to pay their rent. Checks and cash are still the preferred method of rent payment, which means landlords must be present to collect the money.

With these methods, rent collection can become a challenge if you're an absentee landlord. Every month, you'll need to visit the property and pick up the cash and checks.

That's not sustainable, and carrying cash around has security risks. An online tenant portal can automate rent collection. With the right integrations, tenants can make payments through the portal from wherever they're in the world, and the funds will be sent to your collection account.

An Online Tenant Portal Is a Must-Have for Landlords

Investing in a robust online tenant portal can seem like an unnecessary expense, especially if you're a private landlord. However, as the article has demonstrated, there are big benefits you'll reap.

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Contact us to enjoy the PMI experience!