Assetsoft - Blog #tenant portals

How To Combat Late Payments Through Property Management Software?

Fri, 01 Oct 2021 08:00:00 -0500

Collecting rent is one of the most problematic parts of being a property manager. More than 20% of renters in America are nearly 4 months behind on their rent payments. That is $5600 worth of rent per delinquent tenant.

Traditional payment methods do little to solve this problem. While micromanaging rent payment is tiresome, leniency can cause too many missed rents. The final step is to carry out an eviction, which can cost up to $7000 for the property manager.

A better solution is to leverage property management technology to streamline rent collection. With the right technology, you can make sure every tenant pays you on time!

If you are unsure how, read the below tips and combat late payments effectively.

Automate tenant screening

Ensuring timely rent payment isn’t a month-end process. Instead, it starts with the beginning of the tenancy itself. A study by Harvard University found that nearly 50% of tenants couldn't afford their rent due to low income. A thorough tenant screening can help determine the affordability for each renter.

The screening process needs to verify basic requirements such as credit score, eviction history, and criminal record. Verifying income and employment should be a priority as a tenant can only pay rent when they can afford it.

According to a survey by the US Census Bureau, spending more than 30% of income on rent is considered a financial burden. While this isn’t the sole determinant of housing affordability, it is wise to choose tenants who spend around the 30% threshold.

Additionally, you can know the tenants' payment patterns through their credit scores and eviction history. In 2020, the average credit score among renters in the U.S. was 638. Credit scores show how promptly an applicant clears their dues, including rents.

A tenant with a bad credit score can potentially fail to pay rent on time. Eviction history also works similarly, by showing the behavior of an applicant during previous tenancies.

Automating tenant screening through software like Yardi ScreeningWorks Pro helps you select low-risk tenants.

Online rent payments

Online payments can help you tackle late payments simply through their convenience. New generation tenants prefer online payment methods with millennials paying 61% of their bills digitally.

Giving your tenants their most preferred payment option will automatically help them pay rent on time. There are several options like bank transfers, e-wallets, or credit cards that can be used to complete these transactions.

Mobile payment options are also an added advantage. Nowadays, almost every tenant has access to a smartphone. Through mobile apps, tenants can complete their rent payments anytime. Making payments convenient for the renters reduces the chances of late payments.

Digital payments are also convenient for property managers. You don’t have to go through your mail for payment checks or visit the bank to cash them. Funds are transferred directly to your account, which means you get real-time updates whenever someone pays their rent.

Send out payment reminders

Most tenants don’t intend to miss out on their rent payments. Sometimes people are busy or they simply tend to forget. In a Citi Bank survey, 61% of delinquent tenants blamed forgetfulness for late payments.

Setting up reminders is an excellent way to collect timely rent from forgetful tenants. But manual reminding each tenant about their due rent takes too much time and effort. A more convenient way is to use property management software to set up email or text reminders.

You can automate these reminders for the first of every month, and also carry out sending them multiple times till the rent is paid. Text and email reminders are documented, which means they can serve as evidence in case an eviction becomes inevitable.

Set recurring payment options

Setting up automatic payments is another benefit of property management software. Tenants who don’t want to go through the monthly hassle of rent payment can use these options.

Setting up recurring payments does not require extensive technical knowledge. Initially, tenants need to feed their payment details such as credit card information to the software.

Then, they can set their payment dates and choose to get transaction notices in their mail.

A recurring payment is the best way to ensure timely payments. It is not only beneficial for the property manager, but also for the tenant. Since these transactions are online, they can be easily documented as well.

Utilize tenant portals

Constant communication is important to maintain a healthy relationship with tenants. Tenants who have a good connection with their property managers are more likely to pay rent on time. Effective use of tenant portals for tenant communication can ensure that every payment reaches you on time.

The use of these portals is not limited to sending or receiving messages from tenants. They come with a wide range of features such as tenant account management, document transfer, and much more.

Property managers can keep a track of the renters’ payment history, check the frequency of late payments and send text warnings to tenants if necessary. Similarly, tenants can also check due dates, update payment methods and communicate any delay with their property managers.

For tenants, keeping up with these announcements and checking their rental agreement also becomes easier. Any incentives and penalties can be shared through these portals. By giving incentives for timely payment, you motivate more tenants to pay on time.

Make rent payments easier through Assetsoft

Leveraging technology can help reduce the number of late payments you receive. Assetsoft helps you find the right option to streamline your rent collection. We have several options such as tenant portals from Yardi and MRI, online rent collection through Zoho Books, and much more.

For more customized software, our expert team can work with you to integrate suitable features. Our support extends beyond integration with services like training, troubleshooting, and data transfer.

We can also help you streamline your business and improve your strategy through our consultation services. With Assetsoft, you will find complete tech solutions for your property management business.

To streamline your rent payments, contact Assetsoft!

6 Ways To Increase Tenant Retention Using Technology

Thu, 30 Sep 2021 11:50:57 -0500

Tired of all the tenants moving out? Well, you are not alone! Tenant turnover is the second biggest problem faced by property managers, preceded only by tenant evictions. In 2018 alone, the National Apartment Association reported a 46.8% tenant turnover rate in the U.S. While it is natural for tenants to move out after a certain time, an unusually high turnover rate can cost you financially.

But what most people don’t know is that more than 60% of tenant turnover is controllable. While not all reasons for tenant turnovers can be fixed, you can retain more tenants by fixing management-related issues. Understanding the cause behind the high turnover can help you find suitable solutions and renew more leases.

Why do tenants leave?

Personal issues: A change in the family such as marriage, childbirth or a job change can prompt the tenant to move.
Financial issues: Tenants move out to find affordable property in case of high rent or a job loss.

Management issues: Poor maintenance, bad communication, or ignored needs from the property manager can motivate tenants to move out.

While factors like rent growth barely affect retention rates, management issues such as poor communication lead to higher turnover.

Top ways to decrease tenant turnover

Simple renter-focused strategies can help you renew more leases and maximize profits. If you are unsure where to start, follow the below tips to retain more tenants and make their overall experience.

Establish good communication

Occupants having a good connection with their property managers tend to be more understanding if they face issues. According to Watson Wyatt’s Communication Survey, companies having effective communication with their customers had a 47% higher return over five years.

For multifamily properties, tenant portals are an excellent way to communicate with the tenant community as a whole. Apart from individual occupants, you can also send messages or emails addressing a group of tenants. In case of utility outages, you will be spared the hassle of informing one renter at a time.

Other than streamlining communication, tenant portals also document all your texts. In case an eviction is inevitable to protect your other tenants, such documents can serve as legal evidence.

Identify tenant needs

Identifying tenants’ needs is the first step to improve your property management service. According to a PwC survey, around 80% of American consumers say knowledgeable help and friendly service are important for a positive customer experience.

Data is your best friend for identifying tenant requirements. Analyzing tenant behavior, maintenance requests, and communication can give you insights into what your occupants require. Is there an issue tenants have brought up multiple times? Are renters using one amenity more than the other?

Understanding such behavior through data analysis software helps you generate accurate reports. These reports can be shared through your team and used to improve your overall tenant experience.

Prioritize tenant complaints

When tenants send out maintenance requests, it is often a priority to them. The urgency with which you treat these requests can significantly impact the tenant retention rate.

Whether it is a leaking ceiling or a noisy neighbor, tenants view such issues as important. A tenant communication platform lets them submit their complaints to the property manager. Depending on the kind of complaint, property managers can assign the right technician to fix the problem.

Tenants can also track their requests, see the status, and communicate with the technician through the platform. And for property managers on the go, mobile-friendly platforms help respond to tenant complaints faster.

Amenity management

Amenities are an excellent way to attract and retain more tenants. 87.2% of multifamily tenants say that building amenities significantly affect their renting decisions.

If you are targeting tenant retention, then certain amenities fare better than the others. A survey by TransUnion says that the most preferred community amenities are parking(94%) and pool(83%). The same survey also states that high-speed internet and walk-in closet are the most preferred home amenities.

Apart from the survey, a quick look at the demographics of your property can determine the amenities your tenants want. For example, Gen Z and Millennials depend on co-working spaces. But if a majority of your tenants are senior citizens, then investing in walking trails and fitness centers will retain more renters.

Platforms like MRI Resident Portal helps you manage multiple amenities. Tenants can utilize it to book slots and submit maintenance requests to make their amenity usage hassle-free.

Provide digital payment options

New generation tenants choose to pay online more than cash or check. Providing rent payment options such as bank transfers, credit cards, and e-wallets is not only convenient but also attractive.

Combine digital payment options with attractive incentives such as a discount on rent, and you give tenants no reason to move out! Such transactions are also safe for both the property manager and the tenant since the portals are secure and the transactions are documented.

Maintain financial transparency

Financial transparency is crucial for building trust in a tenant-property manager relationship. Whether it is security deposits or maintenance charges, conveying to the tenants what exactly they are spending can go a long way.

Using tenant portals, you can send invoices, receipts and communicate any changes to their rent or deposit. For example, if an occupant’s rent is due, you can send them a reminder while also adding information about the late fee. This makes the occupant aware of the additional fee on their rent that month. It is best to avoid any hidden charges and speak of the expenses upfront.

Assetsoft can help you retain more tenants

A leading company in real estate tech services, Assetsoft can help you find the right solutions for your business! From tenant portals to full-fledged property management software, we integrate the required features by understanding your needs.

With years of experience, we help clients make the best choices that help them reach their business goals. Through our consultancy services, you can find strategies that align with your business ideas and help you grow!

To know more about our services, contact Assetsoft!

10 Benefits of Using Tenant Portals

Thu, 02 Sep 2021 08:00:00 -0500

Keeping your tenant happy is an unending task, but it's the most important step in your real estate business to succeed. While there are many ways to achieve tenant satisfaction, implementing a tenant portal is something you don’t want to miss out on.

Automating and digitizing some of the traditional processes can save a lot of time and improve efficiency too. It reduces paper use and tenants' dependency on property managers as it's a self-service portal.

If you're spending more time replying to multiple emails and responding to calls every day, getting property management software can reduce your time and streamline your workflow.

Go paperless and cashless as tenants upload documents on a cloud platform and make online payments. If you’re wondering how beneficial is to use a tenant portal, we’ve listed some of them for you here.

What is tenant portal?

Tenant portals are online platforms for tenants to communicate with landlords or property managers easily. It's a self-service portal where all the information about the property, payments, and maintenance requests can be stored using a single platform. Tenant portals reduce time and provide easy access to all the resources regarding the services.

It also helps property managers manage tenant requests and service orders better with zero hassle. Payments can be made using this portal instead of in-person payments every month. All the tenant's documents can be stored, making it convenient for tenants and property managers. 

Advantages of using tenant portal

Tenant portals reduce the manual time it takes to process documents and make payments. Here are some of the benefits of using tenant portals:

1. Access on the go

One of the biggest advantages is that tenants can access the portal anytime, anywhere. If your tenant has to pre-book a hall, it can be done using the tenant portal, looking at the availability. Booking is easier as there is no middle man to handle the process. It's cost-effective, and you can cut down on the resources without compromising the service to your tenants. It helps them place maintenance orders and pay rents on the go without you chasing them every month. Accessibility is what makes tenant portals the best for both property managers and residents. 

2. Attract potential residents

Tenants often find it hard to reach out to property managers or receive delayed responses. When you show your potential residents about tenant portals, it lets them know that they can rely on them for any problems. Since it can be used to report issues or know better about the properties, it builds a sense of trust and draws them to rent your property. On the one hand, the tenant portal helps retain tenants; on the other hand, it helps attract potential residents. Providing a full-functional service can go a long way to succeed in your property business. Tenant portals resolve many issues and offer a hassle-free service to your tenants. 

3. Build trust

You no longer have to be available all the time, answering multiple calls and replying to emails when you have a tenant portal. Any queries by the tenants can be easily resolved on the portal within seconds, and you can also use automated messages to help them in case of any issues at any time. These instant responses can build a sense of credibility and get positive responses to your building management. Tenants need to be sure that you will be available at all times, and with tenant portals, it couldn't be easier. 

4. Land long-term tenants

Tenants stay in your property as long as you provide all the facilities and respond to their queries promptly. If you want your tenants to continue using your property, having a tenant portal is the best choice. Management becomes easy with it, and you will also have satisfied tenants who don't vacate soon. Finding long-term tenants can be a huge task, but you can provide the best services to them and make sure all their queries are resolved on time with tenant portals. 

5. Improve efficiency

With tenant portals, the overall process of dealing with issues will no longer be inefficient. You can include resources, guides, FAQs, and payment methods on the portal. It makes it easy for the tenants to look up general information and know the status of their orders and their payments. It improves the overall efficiency as tenants don't have to contact you every time they have a question. They can upload their details to the portal for easy access and save time than having printed documents. 

6. Organize events

You can announce upcoming events through notifications and also update about new instalments in your property using the portal. Community building becomes easier with it, and tenants will also feel like a part of the society. Digital channels in property management and community building a lot simpler. 

7. Quick communication

You can respond to tenant queries and complaints instantly without delay with tenant portals. It eliminates tenant frustration and, in turn, increases tenant satisfaction. If there are any new updates or new installations on your property, you can inform the tenants through the dashboard instantly. If you're planning to organize an event or meet up with the tenants, communicate easily through the portal. Instant communication is one of the many advantages of tenant portals. 

8. One-click payments

You no longer have to worry about in-hand payments or remind your tenants of rent payments. With multiple online payment methods in the portal, payments can be made on the go at any time. Around 80% prefer digital payment so, with the tenant portal, you can make the whole payment process smooth and convenient for the tenant.

9. Easy reservations

Making reservations for party halls or other amenities provided will be trouble-free with the portal. Bookings can be automated, and you need not worry about keeping a manual record of them. Slot bookings can be a cumbersome process manually, but with technology, the entire process is automated, making it easier for both you and the tenants. Tenants will not be entirely dependent on property managers for every step with such software. 

10. Time-saving

On the whole, tenant portals save tremendous time by speeding up rent collection and service requests. Online payments, slot booking, community building can all be made in one single dashboard using a mobile phone. Due to its convenience, they will likely recommend your property to others and may also turn into long-term clients. This self-service method can improve your business and also make your tenants happy. Processing payments will no longer take hours or days with tenant portals. You can also make announcements and respond to requests easily.

Ensure overall tenant satisfaction with Assetsoft

Handling tenants and managing properties is not an easy feat, but with the help of software, it can reduce your time and keep your tenants satisfied. Assetsoft can help you implement or customize your tenant portals. We help you choose the right property management software for your property business, whether it’s Yardi or MRI.

Want a tenant portal for your business? Reach out to Assetsoft today!

Top 10 Tenant Screening Tips

Wed, 18 Aug 2021 08:00:00 -0500

Tenant screening is one of the first and the most important steps while renting your property. If you’re managing a property business, tenant screening can be a tedious task, and if done wrong, it can lead to troubling consequences. Getting that ideal tenant is not always possible. Even if all the documents are free of blemishes, you might end up running behind them for payments every month. You should also make it a point to adhere to the Fair Housing Act before screening tenants for your property

Avoid bad residents by following these top tips to screen your tenants and stay risk-free.

Why is it mandatory to screen tenants?

Tenant screening is essentially the first step to finding out whether the incoming tenants are the right fit for you. Doing so will keep property damages and legal actions at bay. When screening potential tenants, you find out if they have a stable job to pay rent regularly or not.

Did you know that around 468,000 were evicted in the last year alone? And if your potential resident falls under that, you might want to keep a close eye to avoid losses. Here is what you can do to stay away from such tenants. 

1. Review credit history

A credit score determines if the tenant pays rent on time or not. Conduct a thorough check on their credit history and see if they have a poor credit score. Sometimes, they tweak the credit scores and submit false information to get past the screening process. Watch closely to such reports and take necessary actions.

A poor credit score can mean the tenant delays paying on time, have an eviction history, or have large amounts of debt. In all these cases, it’s you who will have face adverse consequences later on. Checking credit history is a necessary first time to see if they are reliable. 

2. Background checks

Background checks determine any underlying problems beneath the surface. It’s a little more extensive than checking credits, in fact-checking credit history is sometimes a part of the background check. You need to check their address history, employment history, criminal records, public records, eviction records, full income, and credit scores here. This year, to keep the businesses steady, the CARES act was introduced to retain the properties.

There may be instances where there would be differences in the mentioned and the actual income, but you can uncover it during this stage of tenant screening. Background checks are a crucial part of the process that should be done extensively. 

3. Triple-check rental application

Avoid costly mistakes by verifying rental applications in your screening process. Rental applications need to be complete with accurate information and ensure the tenants have gone through all the terms and conditions before signing. Check for incomplete applications or incorrect details in the form. It may be a total red flag if they deny the false information mentioned. Keep in mind to not discriminate against a tenant during the process, no matter what.

4. Check with former landlords

Contacting former landlords unravel the true character of your future residents. Some landlords cover up for the tenants and avoid the truth, and trying to find out whether it’s true or not can be hard, but you can go with your instincts if you find something suspicious.

You can also check with at least two to three landlords and see if they say the same about the tenant. Checking with two is always better than sticking to just one. Get the contact information of the landlords by asking the tenants and dial them up. 

5. Conduct an interview

Finding profitable tenants is not enough; they should be reliable too. Keeping the property and other tenants safe is of prime importance, and conducting interviews can help you learn about the potential tenants better.

Ask about their short-term and long-term plans and find out if they are looking to stay for a long time or not, as you know how looking for new tenants frequently is a daunting task. Ask questions during this stage and see if they are the perfect fit for you. If you feel uncomfortable or have a strong gut feeling about their behaviors, you can reject their application. 

6. Verify their jobs

Talk to employers in the organization and learn about your potential tenants in the Workfront. Find out if they are someone who is always late to work or who is on time. Ferret out the little details as they are the ones that matter a lot when it comes to renting out your property.

Efficient time management, trustworthiness, and reliability are the three things to look for. How your potential tenants are at the professional front determines how they behave with you. It’s what defines them on the professional side and as residents. 

7. Run a quick check on their current home

You can conduct interviews, run background checks, and talk with landlords, but there’s no better way to learn about your potential residents than visiting their current place. You can say that you will be dropping by for a couple of minutes during the weekends for some paperwork and learn about their surroundings when you do so.

It’s one of the best ways to spot warning signals. See if they live with other roommates or have a pet they haven’t mentioned in their application and observe how well they have maintained the property. 

8. Watch our for red flags

Some property seekers seem overly friendly and try to build a sense of trust in their first meet with you. You may think they are the ideal tenants you’ve been looking for, but don’t let your guard down. Notice any subtle changes in their behavior and go with your intuition. It’s your property above all, and to protect future consequences, never miss a single step in the screening process. 

9. Check with references

We have listed about checking with former landlords and employees in the organizations. You can also contact the tenant’s roommates and other personal references if you get to know them better. Do not rely on one source. Always ask many people before renting your property. You may uncover more details as you talk to more people. 

10. Have a clear written agreement

Keep all the documents safe and have a written agreement signed by the tenant to avoid putting yourself in bad spots. Follow the tenant-landlord laws in each locality to avoid getting accused by the tenant.

List out the terms and conditions clearly in the papers and get them to sign them for better property management. You can automate the tenant screening process for better efficiency using Yardi Screenworks Pro or MRI resident screening to fasten the process and reduce costs.

Manage tenants with Assetsoft

Screening tenants can be one of the most exhausting tasks, but you can handle the entire process seamlessly with the latest technology and tools. Assetsoft helps manage the whole process of screening potential clients with software like Yardi, MRI, and others for a hassle-free business. 

We also help our clients with back-office accounting, tenant portals, lease abstractions, and overall property management. 

Looking for ideal tenants for your property? Contact Assetsoft today!