The property management industry can be both complex and chaotic. Across your property portfolio, there are applications coming in, new leases to be signed, tenants are moving in and moving out … and the list goes on. With so many plates spinning, it's easy to get caught up in the busy work, rather than the work that can make a property more profitable and residents happier.
The Paper Weight
Ask any property management professional what part of their job makes them the unhappiest AND infringes on their ability to get the work that matters done, and the answer will always be “paperwork”! And, the leasing cycle is one of the most manual and paper heavy.
Many multi-residential property managers are still faxing -faxing!– mailing or arranging in-person visits to get application and background information for leasing, screening and credit approvals. Sometimes it can take days between when the prospect first applied and when they are approved. In that time, too many great leads can slip away.
An online application that is available 24/7 on multiple platforms – for example, on a tablet used by the agent showing the property – can quickly convert a “lookie-loo” into a resident before they wander off to look at other properties.
3 Ways to Accelerate the Leasing Process
However, it’s what happens AFTER the application that can really make the difference. Here are three smart ways to modernize and digitize with online rental lease agreements.
1.) 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
2.) 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
3.) 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
How Property Vista Helps
At Property Vista, we provide both the technology you need to better understand your business and the tools needed to make changes. Our solutions come in a modular format, allowing you to choose the services you need, when you need them.
By automating many of your property management processes and enabling online payments, you can run your business more profitably and more efficiently. You’ll be able to save valuable time and resources while ensuring that all rental units are occupied and rent is paid on time.