Contactless Virtual Leasing
Of the many interesting trends landlords and property managers will experience this year, contactless virtual leasing will likely be the most wanted.
The leasing or renting process can be time-consuming for both landlords and tenants and dangerous to health. The average tenant travels to the rental unit 3 times before signing. During the Covid 19 era, it’s something no one likes doing. The trend to online leasing is rising and could become a fixture for landlords and property managers.
We’ve highlighted 15 significant benefits of going virtual with your leasing processes.
Business is Going Virtual in 2021
Virtual leasing simply means conducting all leasing activities online, from advertising to renter applications and inquiries, to suite showing and lease signing. You can perform everything digitally, and automate much of it via your property management software. You can also meet the renter in person once for your screening for complete validation if desired.
Virtual leasing isn’t just for landlords or multifamily managers. The more of the leasing process you can conduct online, the better for the tenant. Tenants love digital services, as they do not like filling out paper applications or making long trips to the rental unit or your office. The whole process of finding a rental and completing applications is something renters are disliking more and more.
Traditional leasing reduces the number of qualified prospects and leasing success rate. Younger renters expect these activities to be automated — if they have to physically visit, they may abandon their inquiry.
Obviously, a more tenant-friendly approach can increase the number of qualified renters who will go through the process.
Time Spent is Money Wasted
If anyone in business knows, landlords know that time is money. And with a new array of property management automation tools, they’re finding relief in the endless demands on their time.
If you’ve done all leasing tasks face to face during the pandemic, you’re definitely not part of the industry trend to virtualization and digitization.
Let’s take a look at some of the business advantages of going virtual:
- freedom from exposure to Covid and other health threats
- leasing software is very affordable
- automated leasing and rental experience is cost-effective
- time from lead to lease is decreased
- online live video interviewing is convenient and less stressful for renter prospects
- renters find the virtual leasing experience is comfortable and friction-free
- indicates to the renter that you’re a modern and professional landlord
- leasing agents save significant time in managing a portfolio of thousands of rental units
- lease fill rate is raised because more prospects are engaged and get through the process
- virtual showings increase interest to prospects who would have had to take a gamble that the unit was worth viewing
- landlords see the virtual leasing process as resulting in higher returns on their investment
- fewer mistakes and missing items because the process is managed by software
- fewer negative experiences during the whole process for the tenant
- improve analytics data regarding which leasing activities are most successful and what creates issues with tenants
- stay compliant with leasing regulations
- video-guided or live virtual viewings helps protect your health during Covid 19 pandemic
Which Leasing Activities are Going Virtual?
- lease inquiries
- actual interviews via live video
- filling out renter lease applications and automated processes
- renter background and credit checks
- communications with prospects and current tenants
- lease signings
- online deposit and online rent payment setup
- virtual showings
- re-leasing marketing and communications with current tenants
- FAQs and inquiries on online chat service on the website
Vacancies to Happy Qualified New Tenants
No manager is perfect, and travel inconvenience, interpersonal face to face friction along with paper documentation mistakes tend to hamper leasing success.
You could think of the virtual leasing process as a streamlining of tenant acquisition. The end value is reduced costs, greater fill rates, and happier tenants.
Property management companies who are looking for new sources of revenue may be able to tackle the renter advertising and suite-showing to leasing process.
Virtual leasing is just one component of a complete online property management solution. Using ManageCasa as your automation platform will save you money and keep your business thriving this year. Learn more on the top topics in property management for the road ahead.
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