8 Great Virtual Leasing Apps
Has leasing become a source of angst and worry for you these past 13 months? If so, it’s understandable, given apartment managers have seen vacancy rates rise and Covid 19 lockdown protocols were stiffened.
Leasing has to go online and the pandemic has given this dominant trend an accelerating boost. It’s not just for large multifamily rental companies. Small to mid-sized landlords are utilizing virtual leasing software too to stay competitive.
The virtual leasing process includes advertising, writing customized leases, sharing, online showings and live video apartment tours, credit/background checks, collecting deposits, tenants signing electronic leases using e-signature tools and more.
It comes down marrying new virtual leasing apps to property management platforms, where a sophisticated tenant acquisition process is beautifully simplified and made more effective.
Not only do landlords and property managers avoid Covid 19 infections, but also discover time savings and improved execution of the leasing process (streamlining and automation). Improved conversion rates and higher ROI are the rewards for those bold enough to progress to the digital tools.
Virtual Leasing Statistics
According to one survey, 68% of property management businesses believed virtual showings are here to stay.
Zumper surveyed renters and found:
- 82% of property owners who advertised with a 3D walkthrough rented their property entirely virtually
- 99% of property owners said potential renters would be more interested in a listing that offered a 3D virtual tour over one that didn’t
- 98% of property owners saia 3D virtual tours give their listings a competitive edge
- 95% of renters are more likely to rent a property with a 3D virtual tour on website
- 90% of renters are more interested listings that offer a 3D virtual tour over ones that don’t
One solution provider, Realnyc, reports:
“Realync found that those who had previously implemented a virtual leasing solution were better poised to respond to the social distance guidelines. These properties saw a 196% increase in video tour creation, a 273% increase in virtual prospect traffic, and an 8,278% increase in live virtual tours… Realync’s user base tripled, resulting in an overall virtual tour increase of over 11,000% on the Realync platform. Virtual follow-up from leasing agents also saw a 470% increase in video views and engagement.”
Property management software platforms are virtual, so why wouldn’t apartment tours, unit showing, tenant interviews, and lease signing be completed online too? Curious about the new virtual leasing leasing apps? They’re listed below.
What is Virtual Leasing?
Virtual leasing is defined as any lease management activity that uses software, hardware, promotion or tenant communications tools. The emphasis is on using technology to enhance presentation, prospect experience, and lead closing.
The cost and time efficiencies in virtual leasing are compelling. Virtual tours help to weed out poorly qualified leasing prospects, those with little interest in your apartment unit.
And while there is some risk in self-guided in-person showings, reports of damage to units, buildings and criminal behavior are minimal. There are increased security processes that can reduce that potential risk.
The process is simple. You can set appointments for new prospects via your property management software or email, or a virtual tour software package. Conduct initial screening to ensure the rental meets the inquirer’s preferences, they meet background requirements, and arrange for a pre-recorded virtual tour, or for a live video tour at a specified time. From there, you can accept applications, deposits, and send documents for e-signatures.
Let’s take a quick look at a few handy virtual leasing tools which fulfill this process. You can find more on our landlord apps, real estate apps, and property manager apps posts too, and our product overview page to learn more about taking your complete property management business virtual. It’s an exciting opportunity!
8 Amazing Virtual Leasing Solutions
Delight your prospects with live virtual showings, pre-recorded video tours using your smartphone, to decrease your lead to lease process, increase site unseen rentals, improve engagement, lower costs, and build your brand with Realync.
Realync allows you to pre-record video tours using your smartphone. Given the quality of video resolution in modern Apple or Android smartphones, why not use them to create showing tours? You can host live video tours, post to Facebook and your marketing website, and collect valuable analytics data about your tour’s engagement levels.
The popular Zoom live video platform allows a low cost way to show rental units during live showings with tenants online. As the graphic indicates, users who use live video build more trust and engagement. Tenant prospects can ask questions, see particulars and allow you to respond to their most pressing questions and needs. You’ll be collecting valuable info about your prospect pool.
Showing Hero automates the showing process from A to Z, answering all calls & emails, coordinating and scheduling your showings between your agents, prospects, and occupants so you can focus on growing your business. It’s all about time management as Showing Hero helps reduce time spent on phone scheduling showings, emailing prospects, screening leads, requesting feedback and following up on applicants.
Managing keys and unit/building access are critically important to safe and trouble-free virtual showings. Keyzapp helps you identify keys and manage your keys and access to properties using electronic tags. Using SmartFobs, you’ll find easy to identify and issue keys, send out alerts, and not have to chase after keys.
Managecasa is a cloud-based virtual property management applications with all the functionality you need to manage leasing online. Accept rent applications, accept deposits and rent payments, and manage the leasing process, along with digital lease accounting and tenant communications. Augment with Realync or Showing Hero for virtualized tours. Screen tenants with Certn and get them signed with Docusign. They’re all popular and ready to use virtual property leasing tools that applicants will find convenient and successful.
After you’ve shown the lease, you’ll need to quickly screen the applicant’s background and credit worthiness. Certn can make the process a breeze.
Getting new tenants leased and starting the unit possession process is vital. Online leasing signing with the popular Docusign esignature app improves your tenant engagement and lease closing process ensuring you get high quality applicants signed after the live virtual tour has ended.
Tracing the success of your rental leasing activities and ROI is important. Easily enter and track data, get control of lease-related expenses, track and analyze your lease portfolio. Visual Lease serves clients across public, private and government sectors and offers an easy-to-use software dashboard, simplifying the complexities of lease accounting and administration.
Get Started with Your Virtual Leasing Process
That’s 8 core virtual leasing related tools you can use to increase reach, engagement and lease signing success. Review other apps for landlords, apps for property managers, and apps for real estate pros that may be handy for your particular business. Property management is a virtual business now.
The wonderful thing about online property management via a cloud-enabled property management software is how interoperable many apps are. While some property management software solutions try to integrate many of these functions, consumers have their own preferences. It’s better to give them yheir choice, or at least use tools that are free, convenient, and easy to utilize via their smartphones.
The more accessible your services/rental properties to renters, the greater your leasing success will be. Good luck in choosing and using the best virtual leasing management tools in the post pandemic era.
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