Though the return-to-office push has been well under way for over a year now, commercial property owners are still facing tough conditions. High interest rates and low occupancy may have left you wondering what to do next.
The answer is to invest more heavily in your property, and that includes the way you manage it. Upgrades like a tenant portal can modernize your practice and increase the appeal for commercial tenants in Livermore and across the county.
What makes a tenant portal something you shouldn't operate without in 2024? Read on for three unbeatable benefits of tenant portals for commercial tenants.
1. Online Rent Payments
No commercial tenant in 2024 wants to write and mail a check to you every month. Tenant portals are perfect for upgrading your commercial rent collection strategy by offering online rent payments.
If tenants can pay rent through your tenant portal, you don't have to worry about checks and money orders getting lost in the mail. You can cut down on late rent payments by encouraging commercial tenants to set up automated rent payments every month. You can also send out reminders leading up to rent due dates and messages notifying late payers that they now owe a late fee.
2. Faster Maintenance Fulfillment
Commercial tenants rely heavily on property owners to maintain the properties where they work. If you don't stay on top of things like plumbing and electrical, you can cost another company thousands in missed work. The better you are at staying on top of maintenance and repairs, the more likely it is that your tenants will be happy staying put.
With the tenant portal, you can streamline maintenance requests. Your tenants can easily submit tickets and track the status while you schedule and oversee the necessary maintenance. You can also use the portal to send emails and let tenants know when you've scheduled preventative maintenance or inspections.
3. Easy Lease Renewal
Commercial real estate was always seen as the more reliable property investment because the leases tend to last three to five years, rather than one. Now, some commercial tenants are reluctant to sign leases of that length. Offering shorter leases may help to make you more competitive, but it also puts more pressure on lease renewal.
Tenant portals make lease renewal simple. Send tenants updates regarding their upcoming lease renewal option and any changes they can expect to see. Rather than having to meet with you, tenants can resign their lease through their tenant portal with a few clicks of a button.
Talk to PMI About Our Tenant Portal Options
Are your commercial properties yielding lower profits than before? In 2024, it's going to take some additional investing to increase your commercial real estate more appealing to tenants. A tenant portal is one of the best places to start.
PMI knows the commercial real estate market in Livermore and how to attract tenants. From our customizable tenant portal software to our hands-on commercial property management options, we can breathe new life into your commercial property portfolio. Contact us to learn more.