Posted By admin
Dec 28, 2022
12:15:24am 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 an Online Resident Portal – an online communication platform providing tenants with tools and resources to improve their rental experience. 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.
A Resident Portal is an online platform that gives residents 24/7 access to pay rent, submit a maintenance request, and stay updated about what is happening in and around their community. The ease of access increases tenant retention and overall tenant satisfaction.
Online portals included in property management software, like Property-xRM, are the most convenient form. You don’t have to deal with multiple services and password information. Data quality is also better, as data duplication is avoided.
One of the most significant 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 is that tenants and owners can easily access organized payment records, increasing transparency and trust.
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
Resident portals help streamline maintenance activities. Using the customer portal to register non-urgent maintenance requests reduces the number of incoming calls. 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 the office that often.
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 neighbors, 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 in buying new properties from the builder. A win-win for both parties!
Lease renewals are simplified and made 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-consuming process. A tenant portal can save up to 500 hours of labor a year for a single leasing agent. E-signatures now play a major role, being accepted across the USA and most industrialized nations. With the E-sign Act giving it the same status as hand-written signatures, digital signatures don’t get more official.
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.
