With 3.3 million signatures already collected online, On-Site makes it even easier for renters to sign lease paperwork from any computer or mobile device
Mountain View, Calif. – On-Site.com, the top provider of online leasing automation for the apartment business, today announced several upgrades to its electronic signature technology.
Since creating E-Sign in 2008, it has become On-Site’s most popular feature with renters and apartment owners alike. On-Site delivers a fully integrated and 100% paperless “listing to lease” platform for the property management industry that incorporates marketing and online leasing tools.
Based in Silicon Valley, the company replaces the paper-centric, disconnected process that typifies the traditional process for searching and securing apartments. On-Site’s clients represent over two million apartments in all 50 states, ranging from independent landlords with a single unit to the country’s largest privately-owned property management company.
The convenient method of signing lease documents electronically automatically archives the files securely while driving down printing and storage costs. On-Site estimates that a typical apartment community will achieve a $312 increase per month in net operating income by adopting E-Sign.
“Today’s renter has outpaced the technical ability of most apartment industry software systems and processes by several laps,” said Jake Harrington, co-founder and Chief Revenue Officer at On-Site. “A majority of today’s renters are not only comfortable doing business online – it’s their preference. Why push them toward antiquated, paper-centric, offline transactions?”
On-Site was the first software provider to the multifamily industry to offer e-signatures and has captured more E-Sign leases than all other providers combined – over 3.3 million to date. The federal E-SIGN Act of 2001 permits electronic contract execution, a version of which has been adopted in all 50 states. On-Site’s customers enjoy the ability to allow qualified residents to sign – and invite existing residents to renew – leases online, accelerating the time to close or extend contracts.
The latest generation of On-Site’s E-Sign includes several innovations:
- Renters may “touch to sign” using any mobile device or computer, imprinting their unique signature
- Online signing ceremony is ready for use 240% faster without sacrificing security
- Technology is built into online leasing process that includes “live” unit availability, revenue management pricing and payment processing
Studies conclude that 4 in 5 apartment renters search online. In fact, properties seeking the most qualified batch of prospective residents must make it easy to business with them after business hours.
A look at On-Site’s statistics shows that prospective residents who choose to apply over the Internet are indeed more financially qualified than their offline peers. Over the past three months, On-Site data shows that online applicants score higher and are approved at double the rate of applicants who choose to submit a paper application.
These online applicants don’t just work in the tech sector. During that same three month period, only 7% of applicants who applied via the Internet reported working in the computer industry. The statistics show a relatively even distribution across such diverse fields as law, medicine, and finance.
On-Site’s customers further demonstrate that online leasing is not limited to conventional and student housing, but has transformed operations at affordable, military and mixed-use properties.
Aaron Stright, Operations Manager for Washington-based HNN Associates, LLC, solely manages affordable housing. He says his apartment management company requests that all prospective residents complete their application online. Each application is accessible through On-Site’s platform to access credit and background checks with no further data entry. Once a prospective resident has been screened and cleared, a leasing agent invites an applicant to sign his lease electronically.
“On-Site’s technology has not only saved us time and paper, it’s also been very helpful in our interactions with residents,” Stright says. “A resident is required to electronically initial each page of our lease before the technology allows them to sign the final page. If a resident later says they never read one of the pages and were unaware of a certain policy, we have proof otherwise.”
Stright estimates that 97 percent of HNN’s residents take advantage of On-Site’s e-signature technology.
Document management is a component of On-Site’s best-in-class online marketing and leasing tools for property managers. The company has been voted Best Resident Screening Service three years in a row and its paperless office platform was a finalist in the First Annual Green Initiatives Awards from Multi-Housing News.