Whether managing a few dozen properties or a few hundred, most property management companies can benefit from the adoption of a web portal. Today's web portals manage nearly everything for both landlords and tenants, giving them a one stop resource for their property needs. Here are a few of the major benefits.
Consolidation of Legal Documents
Today's tenant portals consolidate background checks, credit checks, applications, and leases. You'll never have to look for a document again -- all the legal information will be right there. If tenants and landlords want to review their copies of the lease, they can simply print it out again from the website. Many tenant portals can even handle the process of managing applications for you.
Easy Access to Maintenance Requests
Tenant portals make it easy for tenants to request maintenance, whether it's a burnt out light or something more serious. By streamlining maintenance requests, you can improve responsiveness while also reducing overhead. Maintenance requests can automatically be directed to the property managers or on-site maintenance crews, so that they can respond quickly. These requests can then be reviewed later on to ensure that they were handled correctly. Even better, this provides an audit trail for any requests that may eventually turn into a dispute.
Monthly Rent and Fee Processing
Rather than having to collect checks every month, you can simply have tenants submit their rent directly through the tenant portal. They can also manage automatic payments through this portal, to ensure that the payments are made on time. As property managers know, hunting down and processing rent checks can take up a large amount of administrative time. This form of rent processing also cuts down on errors.
Automatically Generated Financial Documents
Through the tenant portal, you'll be able to quickly review each unit's income and expenses. Moreover, both your tenants and your landlords will also be able to review their financial documents, so that they can see how much they are paying or being paid. This consolidation of financial documents means that your office won't have to give out account statements and ledgers on demand -- it will already be done for you.
Naturally, not all web portals are made equal. There are many products out there today, aimed at both small and large property management companies. By exploring these options, however, property management companies can greatly reduce their administrative costs while also providing better service for their clients.