May 22, 2018
Modernize & Digitize with Online Rental Lease Agreements
Property managers are all-too-familiar with how much effort goes into the online rental lease agreement process, and keeping rental units occupied. The process involves a myriad of working parts, including applications, credit checks, leases, and tenant move-ins and outs.
Online applications are a great first step toward streamlining. With those in hand, agents showing a property can get interested prospects to submit their applications on the spot. But it’s what comes after the application – the leasing cycle – that is often the most paper-intensive part of property management.
Many managers get bogged down by paperwork and tedious manual tasks, like faxing and mailing, and arranging in-person visits, all to get the necessary background information for leasing, screening and credit approvals. These chores sap up valuable time and energy, detracting from bigger-picture goals, like improving overall profitability or customer satisfaction. They’re also inefficient, leaving days or even weeks between application and approval. In that time, many applicants will have moved on to another property.
So what can you do to protect your bottom line and keep operations running smoothly?
Follow the Lead: A High-Converting Online Rental Lease Agreement Process
If you’re looking to modernize and digitize your property management business with online rental lease agreements, here are three must-haves:
Comprehensive & Consistent Credit Checks – With a fully integrated leasing solution, you can automatically check prospective tenants’ credit, streamlining the entire process. You’ll be able to consistently capture all required information, and ensure that credit checks are performed the same way, every time. All applicants, co-applicants and guarantors will be analyzed using your pre-set criteria, so you can make confident leasing decisions in a matter of seconds. Faster approvals mean fewer leads lost, helping you reduce – or eliminate – vacancy.
Smart Screening Technology – When it comes to applicant reviews, it’s not enough to simply review the FICO credit score that accompanies their credit report. There are too many other variables at play. For instance, some prospects may never have missed a rent payment entirely, but that doesn’t mean they pay their bills on time. Look for an online system that assesses each applicant’s income, as well as their previous rent and the rent for your unit. That analysis will help you determine the probability that the prospect can afford the new rent and will be able to pay promptly.
Maximal Automation – Automating the entire leasing process, including online applications with e-signature capture capability, reduces the risk of human error and eliminates low-value work like faxing. It also provides the opportunity to leverage the system for even greater gains. With all potential resident information stored digitally, you can seamlessly integrate tenant data into guest cards, leasing forms and welcome letters, saving hours of administrative time per lease. Not only does that cut back on paperwork and provide a secure digital communication trail, but it also frees you up to focus on other aspects of the business – like long-term growth and profitability.
How Property Vista Helps
Property Vista provides the tools and technology you need to keep your business competitive and cost-effective. Our modular solutions enable you to choose the services you need, when you need them. By automating many of your property management processes and offering online rental lease agreements, you’ll save valuable time and resources while ensuring that all rental units are occupied and rent is paid on time.
To see our pricing and arrange a demo, visit PropertyVista.com/pricing.