The Tennessee rental vacancy rate is currently at 7.3%. That's higher than the national average.
High vacancy rates translate into fierce competition in the market. This leaves landlords with no alternative but to offer incentives to potential tenants.
Implementing a tenant portal is one way to make your properties more attractive to renters.
Are you serious about making money from your Nashville investment properties? Keep reading to find out more about this innovation and why you need it.
What Is a Tenant Portal?
A tenant portal is a one-stop digital platform for tenant communications. It's set up for tasks like:
- Updates, announcements, and feedback
- Complaints and other communications
- Online rent payments
- Accessing important documents
- Lease management
- Maintenance requests
- Scheduling inspections
Most tenant portals offer a version for property owners too. This helps them streamline the administration of their investment properties.
In these busy times, a tenant portal helps owners and tenants meet their responsibilities more easily and effectively.
Tenant Benefits of Online Portals
The most important benefit of an online portal is accessibility. Tenants can access and operate the portal from any digital device.
A tenant portal offers transparency for both parties. Tenants have quick and easy access to the information they need, like:
- Rent payments
- Correspondence
- Maintenance requests
- Scheduled inspections
Tenant portals help improve communication. They provide a platform for interactions between property managers, owners, and tenants.
There's no need for phone calls or emails; a portal is ideal for instant communications that stay visible on the platform.
Importantly, real-time communication limited the paperwork involved in requests for repairs and maintenance. This way, it considerably speeds up the execution of these tasks.
Prompt action in this regard not only keeps tenants happy but also protects your property from further damage.
How Do Landlords Benefit From a Tenant Portal?
Positive tenant interaction is vital for landlords. It helps build relationships and encourages tenants to renew their leases.
Landlords who own many properties can easily access information about their units via the portal. They can:
- Follow up on expiring leases
- Check for vacancies
- View the income and expenses for each property
In cases where property managers pay the bills related to a property, the owner can keep track of payments and more easily manage their expenses.
Having all relevant information in one place for both parties to view increases transparency. In this way, it can help prevent disputes between landlords and tenants.
A positive and cooperative relationship between parties is vital for keeping tenants in place.
Tennessee law mandates that landlords keep their properties in an acceptable condition. By speeding up the maintenance process, a tenant portal helps landlords stay compliant.
Maximize Your Nashville Investment Properties
Working with a reputable property management company is the best way to ensure success in a competitive market.
Our property management offering includes a state-of-the-art tenant portal. For your peace of mind, we also offer tenant screening, property maintenance, eviction protection, and more.
Browse our blog for more landlord tips, or contact us to discuss your Nashville property management needs.
