Milwaukee, Wisconsin's median rent grew by 6.39% in only a year. This leaves ample room for investors to increase their earnings.
While there is a space for rental property owners, it won't be easy to make rental property income. However, a tenant portal can streamline multiple mundane processes to make the lives of landlords and tenants much simpler.
Keep reading to learn the common benefits you can expect from this form of property management software.
Easier Rent Collection
Collecting rent can be a hassle when you have to knock on doors to remind tenants. Having a tenant portal avoids this problem and streamlines the entire process.
Tenants will have a one-stop shop to pay rent with multiple payment options. Owners benefit from automated reminders that increase the likelihood of a tenant paying rent on time.
With an online portal, tenants can schedule automatic recurring payments. They won't have to worry about being late on rent and you get your income on time.
Late Payment Tracking
Property management software that includes an online portal tracks late payments for you. These fines are automatically added to a tenant's account when they miss a payment.
You can set up the portal to charge a specific late fee. If you offer a grace period, the portal can be set up to recognize it. Wisconsin requires landlords to provide a five-day grace period on rent by law.
Additionally, a tenant portal can help track common real estate fees. Security deposits and pet fees/rent can be tracked using this software.
Efficient Maintenance Scheduling
Tenants move into a rental expecting it to be maintained. When something goes awry, they will be happy to know that a property manager aims for quick handling.
A tenant portal allows renters to schedule property maintenance immediately. The request will go through a funnel reaching the landlord and property manager. From there, the correct vendor can be contacted for work.
A tenant portal can track the maintenance job throughout the entire timeline. Property managers can also use the portal to schedule regular property inspections.
Top-of-the-Line Communication
Communicating with tenants on different matters is easier with an online portal. Efficient tenant relations can help you increase your chances of lease renewals down the line.
A tenant portal acts as a first line of defense against common tenant questions. Instead of bombarding a property manager with calls, they can check their rental documents for clarification.
Most tenant portals also offer messaging for top-of-the-line communication between landlords, property managers, and tenants.
Set up Your Tenant Portal Today
Performance Asset Management provides property management services in the Milwaukee area. Licensed professionals and experienced investors are part of the team to help landlords like you.
Our property management software includes access to a beneficial tenant portal. We pride ourselves in our technology and expertise. We are set apart by paying attention to the little details.
With a tenant portal and online investor portal, you can keep track of everything property-related even if you aren't on the premises.
Ready to get your online portal up and running? Contact us today for a partnership you can trust.
