San Francisco's rental market is changing more rapidly than most other cities in the nation. Median rent prices are falling and so is demand.
Much of this comes in response to residents struggling to keep up with the steep cost of living. While lowering rent prices can help, landlords still need to contend with reduced demand.
What changes can you make to find and keep great tenants and reduce your tenant turnover? One option is to start using a tenant portal.
Tenant portals are the perfect solution to rent payments and communication in the digital age. Read on to find out why you should invest in one as a San Francisco landlord.
Easy Rent Collection
First and foremost, tenant portals are the antidote to outdated rent collection methods. Younger renters, in particular, may not have easy access to check books or know how to send money orders.
Tenant portals not only allow tenants to pay rent online, but they can set up automatic payments so they never miss a deadline. As a result, making rent easier to pay can prevent unnecessary tenant evictions.
Streamlined Maintenance
Landlords have an obligation to schedule and pay for rental property maintenance the vast majority of the time. Tenants should keep their units clean and prevent excessive damage, but it's your job to maintain:
- Plumbing
- Electrical wiring and connections
- Structural elements (e.g., the roof, foundation, doors, and windows)
- Pest control
- Gas (if relevant)
- Shared amenities like pools or laundry rooms
You can customize your tenant portal to do more than collect rent. Tenants can use their portal to log maintenance requests so you don't have to keep track of multiple emails, texts, and phone calls. In turn, you can use the portal to track the status of each maintenance request, letting tenants know when they're in progress and when they're complete.
Accessible Communication
Taking a preventative approach to maintenance can save time and money. This means that you can't always wait for tenants to bring maintenance issues to your attention. In fact, the less often tenants have to report issues in order to have them addressed, the more tenant satisfaction will increase.
When you need to gain entry to a tenant's home, you do have to give them at least 24 hours' notice. When you make changes in the tenant portal, your tenants will receive automated emails letting them know. Send your notices through your tenant portal so they're organized, easy to access, and easy to reference at a later date.
Looking for a Great Tenant Portal? PMI San Francisco Can Help
San Francisco landlords need landlord advice now more than ever before. If there's one thing you can do that can make a big difference, it's adopting a tenant portal and taking advantage of digital solutions.
If you're looking for a great turnkey tenant portal, PMI can help. PMI is a national property management company that offers local solutions, from helping landlords to ensure compliance to taking over maintenance. Contact us to start talking about the property management services you need.
