The homeownership rate in Bountiful, UT is far higher than most other cities, coming in at almost 75%. With such a small pool of renters, things can get competitive for Bountiful landlords.
You should take any opportunity you have to make yourself stand out and attract great tenants. That includes using the latest technology to connect with your tenants and streamline communication.
A digital tenant portal is the perfect solution for the modern lease. Read on to learn why it's time to invest in one in our latest landlord advice.
Easy Tenant Onboarding
During the tenant onboarding process, you'll need to go over the lease and have them sign a variety of documents. You may need to collect things like the security deposit, first month's rent, and pet fee.
Tenant portals make it easy to collect digital signatures and store easy-access documents like your lease agreement. You can also collect payments through the portal, allowing both you and your tenant to track what they still need to pay.
Automated Rent Payments
When you're trying to build a rental income in a tight market, every month counts. Late payments can create significant financial setbacks, even when you charge the maximum late fee of 10% or $75.
Your tenants can pay rent each month using the tenant portal, eliminating the need for time-consuming options like checks or money orders. Plus, tenants can set up automated payments so they pay rent on time without any effort.
Streamlined Maintenance
Regular property maintenance is the cornerstone of rental property success. You have a legal obligation to provide a safe and healthy environment for your tenants. Beyond that, it's in your best interest to stay ahead of major wear and tear, and your tenants can help.
Tenants see the inside of your rental unit far more than you do and they're the first to notice when something goes wrong. Tenant portals make it easy to report non-emergency maintenance issues. As you're addressing and completing each request, you can keep tenants up to date with portal messages.
Quick Lease Renewal
When you're dealing with a tight rental market, you don't just want to attract great tenants. You want to keep them for years to come. That means having a solid lease renewal strategy.
You can send out alerts through the portal letting tenants know it's almost time to renew. You can then send a digital copy of the updated lease and offer one-click renewals. The less of a hassle it is to resign, the more appealing it is to get it done.
Call PMI Mountain West for Tenant Portal Access
When you're investing in a slow rental market, it's crucial that you adopt any practice that will appeal to the modern renter. A tenant portal will benefit both you and your tenants. Making the switch is simple when you have the right software.
PMI Mountain West is a locally owned and operated property management company benefiting from our franchise's 20 years of time-tested methods. Contact us to learn about our tenant portal and the services we offer to boost your investment.
