August 29, 2023 • 5 min read
Your leasing process might be like riding a bicycle down a highway during rush hour. Hear us out.
Riding your bike MIGHT still get you where you need to go, but it’s a far slower, riskier, and less-efficient way to travel than by the cars that would be zooming past you.
If you’re still operating your rental business using manual processes, paper documents, and relying on in-person communications, guess what? You’re riding a bike down the highway. It’s time to modernize your leasing process (or risk being left in the dust while your competitors zoom by).
Implementing some–or all!–of these five steps can provide a faster experience for property owners/managers and renters alike, helping you fill your open vacancies with qualified renters more quickly.
Any leasing agent in the industry knows the traditional leasing process is inefficient at best and completely broken at worst. The average leasing agent spends over fifty hours searching for, screening, and approving a single renter. If you’re struggling with inefficient processes, you’re not alone.
One of the biggest challenges property managers face is the never-ending battle with double data entry. You might feel trapped in a never-ending loop of inputting the same information over and over again. Not only is it mind-numbingly tedious, but it also opens the door for errors and mistakes.
Another challenge many leasing agents wrestle with is manual verification processes. Verifying employment and income information, rental history, and credit scores takes time and effort - and errors are frequent even with intentional effort. These time-consuming processes prolong the leasing cycle and limit your ability to cultivate meaningful relationships with your renters.
The cumulative effect of these challenges results in leasing professionals spending an estimated 60% or more of their time on repetitive, manual processes. There has to be a better way, right?
Embracing technological advancements and leveraging automation can revolutionize the leasing industry. Imagine a future where you can effortlessly gather and validate all necessary information with just a few clicks. You don’t have to wait for the future: you can leverage modern technology and tools to automate administrative processes and modernize your leasing process.
Modernizing your leasing process can help leasing agents and renters save time, reduce errors, and increase transparency (and it gives you a competitive advantage in the rental market!). Let’s dive in.
In the modern digital age, offering online applications and leasing options is no longer a bonus or a feature that will set you apart from the crowd. It’s expected.
Convenience and efficiency are the name of the game! An online application allows potential renters to submit their information and documentation from their homes easily. This functionality is particularly beneficial for applicants moving in from out of state or another country.
But applicants aren’t the only ones who benefit from online applications!
Leasing agents and property managers can screen applicants, check their references, and run background checks online. Doing these processes online speeds up the leasing process, makes it more convenient for everyone, and makes it easier to store records and documentation securely. Embracing online applications and leasing options streamlines the process and sets the stage for a smoother leasing experience.
Accepting online applications is only the first change you must make to attract great applicants in the modern environment. Next, consider accepting electronic signatures.
“Why can’t the applicant just print and scan their lease agreement?”
Simple: convenience. Surveys indicate that less than sixty percent of Millennials own a printer. The numbers are even lower for Gen Z. When you accept electronic signatures, you simplify the process for these applicants and reduce paper waste.
You can set up electronic signature platforms allowing renters to sign rental agreements digitally. Specific tools, like Intellirent, even allow you to set reminders for viewing and signing, ensuring that vacancies get filled quickly and efficiently.
Embracing electronic signatures simplifies paperwork and empowers leasing agents to deliver documents quickly and conveniently without sacrificing security.
Offering both in-person and virtual tours opens up many new possibilities for leasing agents. Virtual tours can be a fantastic tool for showcasing properties to potential renters, especially for out-of-state applicants or those with busy schedules.
Applicants can explore the property from the comfort of their own homes, which helps them decide if they want to pursue the rental in a low-pressure, comfortable environment.
However, it's important to rely on something other than virtual tours, especially when there's an opportunity to meet potential renters in person or through online platforms like Zoom. Meeting with potential renters face-to-face lets you gauge compatibility, reduce the chances of fraud, and establish a personal connection.
Our recommendation? A combination of in-person and virtual tours. This “best of both worlds” approach gives leasing agents increased control while ensuring a thorough and reliable screening process.
If you’re interested in going completely paperless, you may also want to consider offering your renters the opportunity to pay their rent online. You can process credit card payments, use direct deposit, or even use payment platforms like PayPal, Zelle, or CashApp.
Setting up online payment systems makes paying rent more convenient, which can make it easier for renters to pay on time every month. Not only does accepting online payments eliminate the need for paper checks, but it also enhances security, reducing the risk of misplaced or stolen payments.
Online rent payments aren’t the right solution for every property manager, but if you’re looking to go 100% paperless, this is a modern solution you may want to consider.
Last, consider integrated renter screening software if you want to modernize your leasing process. These tools utilize advanced algorithms to analyze credit scores, rental histories, criminal records, and employment information.
Solutions like Intellirent help you simplify your screening process by digitizing everything from communication to verifications to approvals.
Instead of manually entering data and referencing multiple systems, leasing agents can seamlessly handle the entire process within a single platform, reducing handoffs and streamlining operations. Integrated renter screening software empowers leasing agents to make informed decisions, ensuring you select qualified renters efficiently and effectively.
You must modernize your leasing process to survive today’s competitive rental market. Embracing technology and automation can save property owners and managers valuable time and effort when finding, screening, and approving renters.
Intellirent’s end-to-end renter screening platform empowers leasing agents with reliable data and insights for making informed decisions. With Intellirent, your leasing process becomes streamlined and efficient. Agents can easily collect and review applicant information, conduct comprehensive screenings, and access valuable data such as credit reports, rental history, and eviction records.
Revolutionize your operations, save time, and provide your renters with a seamless experience by incorporating our modern leasing solution and platform. Check out our free product tour today to see if Intellirent is the solution you’ve been looking for to gain a competitive edge in the market!
August 29, 2023
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