With everything we have all been through globally due to the pandemic, we can say with certainty that all of us have evolved based on current trends, digitalising our lives and businesses. Some of us might long for things to go back to how they were, and who knows? One day it might, however it is safe to say that the pandemic has promoted us to adopt the digital age and this has certainly brought with it an array of benefits.
Most businesses and markets moved towards the digital landscape, and with it the property management industry, where many real estate professionals and landlords adopted the use of property management platforms. Such an approach proved extremely efficient.
The benefits are ample – close deals faster, minimising lengthy void periods, hence saving time and increasing revenue; everything is organised in one place ensuring convenience and accessibility. The list goes on!!
We are providing a few tips in helping you choose the right platform to meet your needs and how technology can be used to improve your retention rate.
Rental Property Management Tools – 3 Important Qualities
Cost – If you are an independent landlord/property manager with a small portfolio there are management platforms that offer budget-friendly plans or can even be free. It all depends on the number of properties you own and/or manage and the features you choose to meet your needs.
Accessibility – Rental information needed daily can be accessed easily by both landlords/property managers and tenants, i.e. lease agreements, communications via the platform, maintenance requests and progress, rental payments, references, tenancy performances, etc.
Convenience – Platforms allow tenants to pay their rents online, where both the tenants and the landlords/property managers have access to payment information, receive notifications on various issues or updates, and tenants can also generate a good track record they can use for any future rent applications.
Technology can Improve Landlord-Tenant Experience
Technology allows for a more convenient, hassle-free and user-friendly approach when it comes to signing lease agreements and overall tenancy experience. Many of us consider our time to be a valuable aspect of our lives, hence digitalising the tenancy process offers us and our tenants additional time to focus on everything else we hold dear and important.
Adopting a rental property management platform greatly improves the renting experience for all parties, and here are three reasons why.
Online Payments – All transactions are completed quickly and safely, keeping transaction fees low due to built-in payment systems implemented within most platforms. All payment history can be accessed via the platform.
Lease related automatic notifications – The use of a platform that offers such a feature can greatly benefit your well-being by minimising the stress of having to remember important dates, tenancy updates or any issues related to your tenancies.
Digital Leases – Imagine not having to keep a paper-copy of all your lease agreements and having to look for these whenever an issue occurs. Digitalising lease agreements are an eco-friendly, convenient and accessible solution. We would advice adopting a platform that offers lease document templates that can be adjusted and personalised to your needs, whilst taking into consideration the local laws. In addition, being able to update agreements for different properties based on an already set-up agreement to save you time, and ensuring that lease agreements can be finalised quickly with the use of e-signatures.
Why Opt for Digital Payments and What to Look for?
In the current age, digital payments are paramount for any business ensuring that purchases and deals are completed securely and speedily; but what makes such a service the right one for you?
When choosing an online payment service ensure you take the following into account:
Transaction fees can be greatly reduced if you choose a property management platform with a built-in online payment system.
Source a reliable and trustworthy service that always supports their customers as and when needed, and ensures that all your rent collections remain hassle-free.
Pay attention to your users experience by seeking their feedback on the service you have chosen. If payments are delayed or inaccurate, ask whether this could be due to the chosen service not being user-friendly enough.
Always take into account the the processing time of a transfer, especially if time is of the essence for you and your business.
At the end of the day, it is so much better to have everything under one platform, so choosing one with an online payment tool that meets your needs and the needs of your tenants is essential for a successful rental experience.
If you are a landlord, property manager or a tenant looking for easy accessibility to your lease related information, reliability and safety when collecting rents, and full control of your tenancies, all at a low-fee then TenEnt is exactly what you need.
Through extensive research and valuable feedback from landlords and real estate professionals, we created TenEnt. We offer our users a platform where they are able to digitally create and sign lease agreements, transfer rental payments automatically through a trusted payment gateway, and have access to any tenancy related issues via our dashboard.
For more information on TenEnt, please visit the website on www.tenent.eu.