Real estate is among the fastest-growing industries regarding technology implementation. Tenant portals pose a promising development for any company wishing to streamline its tenant support.
These portals allow property managers to provide a direct contact channel for their tenants. It enables property occupants to reach out, request services, access lease documentation, and pay their rent online.
Naturally, implementations such as tenant portals are crucial advantages for any company, especially in today's market. If you're interested in implementing a professional tenant portal, consider working with a professional Yardi implementation service.
Streamlining transactions and processes
The real estate sector has experienced massive evolution thanks to technology development. Cloud solutions, enterprise software, and communication apps have shaped the industry in recent years.
Why does that happen?
Today’s solutions allow companies to shed complicated filing systems and cumbersome paperwork. Simultaneously, they optimize countless processes thanks to features like automation, remote collaboration, and data centralization.
Tenant portals cover all those needs. One platform can keep all information related to your leases. Your tenants can also access the necessary information, which means more manageable payments, requests, and more.
The current need for digital solutions
Today, virtually all industries depend on digital implementation to recover from the pandemic. Many real estate firms still rely on traditional paperwork for lease agreements, accounting, and other processes,
Tenant portals aren't the same as ERP software, but their advantages extend to numerous departments. For instance, remote communications keep your resources safe by aiding with social distancing.
Robust functionality and customization features
One of the issues with traditional practices is their lack of versatility. Tenants must stick to their landlords’ schedules for payments and disputes. These requirements cause general discomfort in a lease agreement.
With tenant portals, tenants and landlords can instantly access the information they need. Companies can arrange their listings depending on priority, risk, or profitability, among other factors. Dashboards offer extensive customization possibilities.
Intuitiveness for tenants
Paperwork has lost its intuitiveness. It typically requires expert advisory to audit and analyze clauses for compliance. Likewise, traditional rent collection practices require too much effort from both parties.
With tenant portals, everyone can access payment channels and lease conditions from any device. Tenants can pay their rent in minutes thanks to payment processor integrations. All these quality of life improvements make the relationship more pleasant.
Seamless access to documentation
Documentation is as extensive as it is essential for any lease agreement. Tenants need their documents to verify their rights, responsibilities, and benefits. The same holds for property managers.
Tenant portals allow landlords to upload and sort lease documents seamlessly. This advantage also applies to tenants, who can download and evaluate their lease agreements anytime they need.
Paperless transactions
As we mentioned, lease agreements translate into seemingly endless paperwork. Initial contracts, requests, payments, services, and virtually every transaction requires it. They can quickly cause accounting nightmares for everyone.
Tenant portals eliminate the need for paperwork. All transactions occur in the cloud, and all related data remains stored within the platform. Naturally, this benefit also reduces the need for physical proximity and complex scheduling.
Accessing advanced features and tools
Tenant portals offer more than communications between tenants and landlords. Even fundamental features — like document storage and request submissions—can provide crucial advantages.
However, today’s solutions offer much more than that. Tenant portals generate constant data streams: lease statuses, income data, tenant risk, and more. You can turn your tenant portal into a central database for the rest of your company.
The right tenant portal helps you find room for improvement. These benefits manifest throughout your firm, offering unique returns outside of the portal’s functionality.
Manage deals and lease pipelines
Every lease agreement is a lengthy process. You need to market your properties, sort through applications, reach an agreement, and keep track of multiple contracts. That takes time, and it can get tedious quickly.
Tenant portals let you gain insight into your applicants and tenants from one system. You can access data from marketing to lease generation in minutes, and the entire process is easier for everyone.
Receiving and tracking requests
Every property needs maintenance and repairs, and the same is valid for common areas. Traditionally, all these requests require at least days to process and provide.
With tenant portals, every occupant can access their profile from any device and place an online request. The platform processes them, and property managers can access vendor lists and status updates for every request.
Boost financial accounting and forecasting
Accounting requires lots of data and said data is also essential for developing forecasts. Traditionally, acquiring this data meant sorting through countless files and paperwork.
Tenant portals centralize all the information you need for you. Are you registering income? You can segment the data. Do you need to assess a lease’s risks? You can do it from the same dashboard.
Property valuation and modelling
Studying properties’ market values was a similar challenge. You needed to sort through countless folders and physical documents for the simplest valuation models.
Tenant portals provide real-time data on every property: occupancy rates, number of deals, upcoming vacancies, and more. All this data considerably streamlines property valuation regardless of the property type and sector.
Evaluate individual leases
Finally, tenant portals let you evaluate every lease within a property. You can register multiple buildings and break them into property-specific lists for every lease.
It allows you to evaluate every tenant individually. You can see when their rent is due, overdue payments, risk factors, and the rent's term, among other factors.
Make your and your tenants' lives easier
Tenant portals have myriads of advantages for everyone: tenants and landlords alike. Today, digital solutions are vital for any company and service. Providing an outstanding customer experience is one of the best marketing strategies you can use.
Similarly, making it easier for your tenants to abide by their responsibilities is a direct benefit for you. They’ll be happier because they can pay their rent and services in seconds, and you won’t have to worry about overdue tenants.
In the end, benefitting your tenants is a direct benefit for you—in addition to all the operational benefits of implementing a tenant portal.