Increase Tenant Retention with a Resident Portal

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Dec 28, 202212:15:24am

6 ways to increase Tenant Retention using a Resident Portal

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George M.S | December 28th, 2022 | 5 min read

Having good tenant relationships is important for any property management business, as it can not only improve the quality of life for tenants but also increase the profitability of the business. One way to do this is by providing a Resident Portal – an online communication platform that provides tenants with tools and resources to make their rental experience better. In this article, we’ll discuss 6 ways you can use a Resident Portal to boost tenant retention and provide your customers with a better rental experience.

What is a Resident Portal?

A resident portal is an online platform that gives a resident 24*7 access to pay rent, submit a maintenance request, and to keep updated about what is happening in and around his community. The ease of access increases tenant retention and overall tenant satisfaction.

Online portals that are included in the property management software, like Property-xRM is the most convenient form. You don’t have to take the hassle of multiple services and password information. The quality of data is also better as data duplication is avoided.

6 ways to increase Tenant Retention using a Resident Portal

1. Pay Rent Online with ease

One of the biggest benefits of an online portal is the ability it gives residents to pay rent payments online, this removes the hassle of handling checks and envelopes.

Property management companies can save a lot of time and energy by circumventing these manual processes. An added advantage being that, all payment records are organized and easily accessible by both tenants and owners increasing transparency and trust. 

2. Submit Maintenance Requests at any time

Tenants can submit maintenance requests at any time, this makes them feel more valued. So if they have a leaking tap or their air conditioner broke down, they can log in to the tenant portal and register their grievance. A tenant can give a short brief of the situation and add photos, so it provides the maintenance team with more information from the get-go, making the maintenance process faster and more efficient.

When tenants see that their maintenance requests are dealt with swiftly, you increase tenant satisfaction and in turn increase tenant retention.

“Acquiring a new customer can be five to twenty five times costlier than keeping an existing one”

Harvard Business Review

3. Streamline Maintenance Activities

Resident portals help in streamlining maintenance activities. The number of incoming calls is reduced as maintenance activities that do not belong to an urgent category are registered using the customer portal. The ease of access to see account details and other valuable information like lease status and payments made means that residents won’t have to call up the office that often.

4. Stay in touch with your Rental Community

Online portals help to foster a sense of community among the residents. It provides a shared forum where the residents can communicate and connect with their neighbours, staying on top of all the events and happenings in the community.

According to the Harvard Business Review, acquiring a new customer can be five to twenty-five times more expensive than retaining an existing one. Tenants who are happier will stay longer and be interested to buy new properties from the builder. A win-win for both parties!

5. Lease Renewals made easy

Lease renewals are simplified and made more easier with a resident portal in place. By getting a clear view of his/her leases, the residents can apply for an extension or submit for renewals with a few simple clicks.

Manual renewal of leasing contracts is a time taking process. A tenant portal can save up to 500 hours of labor a year for a single leasing agent. The advent of e-signatures also had a big role to play as they are now accepted in the major industrialized nations in the world and in the USA. With the E-sign act giving it the same status as hand-written signatures, digital signatures don’t get more official.

6. Self-Servicing Capabilities

In today’s convenience driven world, faster resolutions are often the key to higher customer satisfaction. Resident Portals promote self-servicing capabilities by leveraging the power of AI and Chat Bots. By leveraging the customer database, chatbots can provide quick responses to FAQs like rent payment due date, maintenance request status, rent amount due, etc. These instant responses often leave an impression on the residents who feel valued and satisfied at the same time.

Property-xRM is a CRM based Property Management software powered by Microsoft Dynamics 365. The Resident Portal offered along with Property-xRM has observed an increase in customer satisfaction by 45%. Explore the capabilities of Property-xRM for your organization today.

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