The recent release and immediate success of Apple’s new iPad (3 million sold in the first three days) puts a new spin on consumer electronics and software: it’s about the user experience and access to data on the go. It also reminds us how quickly technology is evolving (three versions of the iPad since its introduction only two years ago). The pervasive adoption of smartphones and tablets like the iPad has transformed the Web from a standard informational tool into a platform that facilitates social interaction with other users. And guess what? The apartment business is starting to catch on.
For over a decade On-Site has been a leader in online leasing automation. In 2006 the company recognized the need for an easier, more convenient way for renters, co-signers and leasing agents to execute a lease. Renters previously had no choice but to make time in their busy schedules to come into the leasing office during business hours to sign a lease. While leasing agents had no choice but to spend hours creating, reviewing and faxing or mailing leases to co-signers for signature.
On-Site was one of the first service providers to bring electronic signature (E-Sign) technology to market in the multifamily housing industry. Scott Jones, On-Site’s Chief Technology Officer, noted “ When we started development we had two overriding goals: to invite the customer to sign from wherever they were at any time of day or night and to mirror the actual experience of closing the lease.” Since launching the product, On-Site has seen exponential growth year over year—and an astounding 693% growth in e-signatures collected in the past year alone.
This significant growth prompted On-Site to publish a new white paper on the convenience offered by E-Sign, titled “Smarter Lease Signing: Ending the Paper Chase.”
Riverstone Residential Group, the second largest apartment manager in the U.S., is one of On-Site’s E-Sign clients with 85,000 units using the product today. According to Mark Stringer, Senior Vice President of Credit Services at Riverstone, “With E-Sign managers can remotely look at the leases, review and approve them without being physically there. That saves gas, time and labor. A lease signing that would normally take an hour or so on site and more time for travel and coordination can now be completed in 10 minutes at a huge cost savings.”
“Other providers tend to promise things but not deliver. On-Site is the opposite. Development and research at On-Site is ahead of the curve,” added Stringer.
Readers of this white paper will learn how property managers and owners can use electronic signature technology to re-vamp their lease signing process and facilitate:
- Higher closing rates
- Greater convenience for all parties
- Cost savings of $40-$50K+ per property
- An environmentally friendly, paperless process