Erik Wahl said it best during his keynote at NAA this year, “Think Different.” Companies that embrace innovation and creativity are more profitable, more productive, and differentiate themselves from the competition.
The traditional leasing model is broken. While it may still work for smaller properties, there is SO much opportunity to make leasing a simpler and easier process for multi-property companies.
Between coordinating the application process to the signing, printing and filing of lease documents and addenda— administrative duties are a big time suck for leasing agents and community managers.
What’s stopping you from breaking free of redundant data entry and paperwork?
With online leasing, your renters can conveniently and securely do all the things that would normally take hours or days, and do them in minutes from wherever they are in the world. This includes finding an available apartment, qualifying based on your criteria, paying the application and deposit fees, and signing the lease.
Let’s take a look at how online leasing has changed three components of the rental process.
1. Property Websites. Websites have evolved to be much more than simply a property brochure showcasing your community amenities. Why not use online guest cards to start collecting information on prospective renters while they’re on your site taking a peek? Better yet, improve your close ratios by adding real-time availability and pricing with a link to apply.
2. Electronic Signature. Managing the lease execution process online saves you and your renters time and money. It’s not easy to leave work to sign a lease during office hours, and it’s not time or cost efficient to mail lease agreements to co-signers. Why not provide a secure way to electronically sign the agreement from a smartphone, tablet, laptop or desktop? You’ll close leases faster and you’ll fill more vacancies too. In a recent On-Site study, communities that allowed renters to execute lease documents via e signatures closed roughly 25% more leases than sister communities without the E-Sign option.
3. Online Payments. Properties using online leasing are able to accept application and deposit payments via credit/debit card, saving them the hassle of keeping track of checks and depositing them at the bank. Why not get back that administrative time and put it towards more important tasks like finding new renters and keeping current renters happy?
How easy and efficient is your leasing process? Maybe it’s time to think different.
To learn more about how online leasing can work for you, check out our free guide: The Essential Step-by-Step Guide to Online Leasing.