Tenant screening can be a time-consuming, labour-intensive process. It’s also the last place to take shortcuts. Fraudulent applications or poor-quality applications that slip through and are approved end up costing property managers a lot of money – some reports say that the average cost per eviction can top $7,685 per incident due to unpaid rent, legal fees, and other costs. Securing quality tenants who pay their rent on time is critical to protecting your operating income. It’s far too important to leave to chance.
So, how do you dramatically increase the odds of a high-quality renter? The answer lies in automation. Property Vista offers a mobile-friendly leasing solution that helps property managers handle the leasing process from advertising the vacancy right through to signing the lease, and future renewals. Let’s dive in and explore how automation can improve your leasing process.
Anytime, Anywhere Access to Tenant Applications
By switching over to an automated online solution for tenant screening, you can immediately accept applications any hour of the day, any day of the week. It also makes it a snap for people who are not yet in your local area to secure a place to live when they can apply online.
The ease, speed and user-friendliness of the online application process ensures that people don’t drop off. And, if you are showing the available unit, simply have a laptop or cellphone on hand to start the application process, so you can get everything going when they are “hot leads.”
Easily Capture ALL Information
Incomplete applications waste time, and increase your risk of a poor-quality applicant. With an online application form, you’ll never have to worry about any incomplete or missing applications.
By their very nature, an online application with mandatory information fields creates a digital record of everything you need to determine which prospective tenants are a good fit for your properties.
Property professionals can save time and money by automating the leasing and tenant screening process. Eliminating manual tasks, like phone calls and faxes, helps to avoid delays, reducing vacancy rates and ensuring that good prospects don’t turn to other properties.
In 2022, the screening process should be as automated and consistent as possible to ensure a bias-free, high-quality screening methodology. When every application is handled in the same way, you remain compliant with your internal processes and significantly reduce the chances of a poor fit for your rental unit.
Lower Costs, Increase Efficiencies
By reducing the need for human intervention/administrative time, removing paper and faxing, and streamlining the application-to-lease process, quite simply you have the lowest costs possible.
Set Yourself Up for Success
From the tenant’s application through to screening, lease signing and concessions, we deliver a frictionless experience to you and your tenants. By implementing an automated leasing solution you reduce manual administration tasks and create an amazing first (and second and third!) impression to potential renters and renewing tenants.
How Property Vista Helps
At Property Vista, we provide intelligent, state-of-the-art credit check protocols. Our system uses a leading-edge algorithm to analyze factors such as credit score, debt, income and required rent. In a matter of seconds, you can accurately assess applicants, co-applicants and guarantors, enabling you to make informed leasing choices. If you’d like to reduce vacancies, and attract and retain top quality tenants, all while improving your cash flow and bottom line, we can help. To learn more, see how you can improve tenant selections.