September 17, 2015
3 Smart Ways to Streamline the Property Leasing Process
Leasing in the multi-residential market is no walk in the park—all too often, it can be paper-heavy and labour-intensive. Even in today’s modern, technology-driven, app-filled environment, apartment leasing can remain cumbersome, with much of the collecting, reviewing and filing of paperwork done manually.
Unfortunately, many multi-residential property managers are still faxing, mailing or arranging in-person visits to get application and background information for leasing, screening and credit approvals. It can take days (and even weeks!) between when the prospect first applied and when they are approved. In that time, too many great leads can slip away.
A web-based application that is available 24/7 on multiple platforms – for example, on a tablet used by the agent showing the property – can help convert a “lookie-loo” into a tenant before they wander off to look at other properties.
However, It’s what happens AFTER the application that can really make the difference. Here are three smart ways to ensure you can secure quality residents more quickly, with less hassle, work and effort.
Ensure Integrated, Consistent Credit Checks – A fully integrated leasing solution can automatically check prospective residents’ credit, streamlining the entire process. Credit check automation also reduces the chance of human error. All required information is consistently captured and all credit checks are performed in the same way, every time. For instance, by using Property Vista’s solution all applicants, co-applicants and guarantors are analyzed using all of your pre-set criteria, so you can make confident leasing decisions and can platform screens your prospective residents in a matter of seconds.
- Faster approvals (or refusals!)
- Higher security
- Less leads lost
- Enforced credit check process consistency
Implement Smarter Screening Technology– In many cases, the property manager will simply look at the FICO credit score that accompanies the credit report to evaluate the applicant. However, there are a myriad of other variables that can help determine whether or not a prospect would make a suitable tenant or not. Some people might have been late paying bills, but have never missed a rent payment in their life.
In addition to an integrated credit check with Equafax, Property Vista derives the applicant’s mean income from their past location to their new location. Then we apply statistical analysis to the historical information in the credit report and probability analysis to the rest of the data.
- More decision making information
- Higher quality tenants
Use Automation to Reduce Redundant Work – By leveraging an online application solution with an e-signature capture, not only do you reduce errors but you also eliminate tedious low-value work like faxing documents back and forth. However, another big advantage is that all potential resident information is seamlessly integrated into guest cards, leasing forms and welcome letters.
- A savings of hours of administrative time per lease
- Fewer errors, due to less human intervention
- Less paperwork= more eco-friendly + a digital trail
Here at Property Vista, all of our solutions are designed to help property managers improve the leasing process, while improving the customer journey.
To learn more about our solutions for marketing, leasing, communication and operations, sign up for your free account today or give us a call to learn more.