The Rise of Self-Service: Why Tenants Love Property Management Portals

June 4th, 2024 | 5 minute read

Proptech

Tennant using her phone to access self service portal on Veco Plus

The way tenants manage their properties is undergoing a digital makeover. No more lengthy phone calls or inconvenient office visits; today’s renters expect property agencies to offer a convenient and seamless rental experience. 

A change in tenant expectations has brought a wave of innovative, user-friendly tenant portals. Designed to empower tenants to take charge of their rental experience, tenant portals are key to enhancing customer satisfaction.

Tenants have complete access to everything they need, from submitting maintenance requests to reviewing lease agreements, making the rental process smoother and more efficient for both tenants and property managers. 

"We've seen a significant shift in tenant behaviour. Tenants overwhelmingly prefer using apps or portals to report issues rather than contacting us over the phone or in person. This not only saves them time but also allows us to streamline our operations and respond to their requests more efficiently."

Rosalind Beesley - Support Expert at Veco

What is a Tenant Portal?

A tenant portal is a secure online platform where tenants can access everything related to their property. These platforms act as a central hub, offering a range of functionalities that simplify the rental process. This includes communication with letting agents, making payments, submitting maintenance requests, or reviewing lease agreements.

Why do Tenants Prefer Portals?

There is no doubt that self-service portals are transforming property management. Here are a few reasons why:

Convenience: Tenants demand flexible services that fit around their busy lifestyles. The main benefit of tenant portals is that they can be accessed from anywhere at any time. 24/7 access allows tenants to send enquiries or submit maintenance requests at their convenience in the comfort of their homes. Not only does this save tenants time, but it lets agents free up their phone lines for more urgent matters. It’s a win-win. 

Transparency: Transparency within property management has been a driving factor for many property professionals to boost customer confidence. Tenant portals allow renters to track the progress of their requests or applications in real time. This 360° view of their tenancy improves communication and strengthens tenant relationships. 

Accessibility: Tenant portals centralise all communication and documents in one secure location. As a result, tenants can easily access important documents like lease agreements, move-in checklists, and rental terms through the portal. Unlike outdated methods, prone to duplicates or lost paperwork, documents are automatically synced across all devices to provide a seamless experience for all. 

What are the Advantages for Letting Agents?

While tenant satisfaction is paramount, tenant portals offer significant advantages for letting agents as well:

Efficiency: Empowering tenants to manage routine tasks like maintenance requests frees up valuable time for property managers. This allows them to focus on strategic initiatives, such as winning instructions or developing landlord retention strategies.

Collaboration: Tenant portals provide a central platform for communication. This ensures clear and documented communication, reducing the risk of misunderstandings during property handovers. These portals make it easier to collaborate with landlords as they can review and approve documents, sign contracts and keep track of payments with ease. 

Customer Experience: By offering tenants a convenient and user-friendly platform to manage their needs, letting agents demonstrate a commitment to exceptional customer service, fostering stronger relationships with their clients. Satisfied tenants are more inclined to renew their leases, reducing turnovers, vacancy rates, and increasing client satisfaction.

Woman looking at a self service portal on her phone while with her daughter

Are Tenant Portals Right for Your Property Agency?

The rise of self-service portals reflects a clear shift in tenant expectations. By embracing these digital tools, letting agents can improve tenant satisfaction, streamline operations and enhance their overall business efficiency.

While introducing a tenant portal may require some initial adjustments, especially for property management agencies accustomed to traditional methods, the long-term benefits are undeniable. Many letting agents find that their tenants and landlords readily adopt these platforms, appreciating the convenience and control they offer.

By embracing tenant portals, letting agents can position themselves at the forefront of the property management industry. These digital platforms offer a win-win for both tenants and letting agents, creating a smoother, more efficient, and more satisfying rental experience for everyone.

Want to experience the difference? Our latest property management CRM solution, Veco Plus, is designed to provide total product access at your fingertips, anywhere, anytime. Eliminating the need for individual client portals or native app downloads— letting agents simply log into the Veco Plus web app on any online device and access all the information they need to manage every opportunity effectively.

To learn more about Veco Plus, contact our team at contact@veco.software or call us on +44 1372 389 250.

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