Streamlining and improving the lead-to-lease experience can help shorten vacancy duration, expand a tenant pool and even improve resident or owner experience. One of the tested and proven ways of making the most out of a lead-to-lease process is to digitize it as much as possible. With the right technologies, the whole lease-to-lease process can be moved online. Digital lead-to-lease experience is more convenient, much quicker, and safer for the tenants and owners. A property management company should take steps to move the lead-to-lease process online by adding digital solutions.
Increasing Lead Generation Methods
Over the past few months, the practices involved in the lead generation process have changed drastically. Conventionally, a property management company would have to list the property, erect signage outside the house, and then hold open house showings for potential clients. However, technology advancement has seen more property managers shift to digital tools like social media management systems and listing widgets. Instead of the onsite open houses, many property management companies opt to provide self- and virtual showings. This is a proven way to increase leads since potential tenants tour the property online at their convenience.
Improving Tenant Application
Implementing an online application system is particularly valuable. Potential tenants can apply anytime and anywhere via mobile. This is important since it reduces the risk of losing potential tenants. Such mobile applications should enable prospective clients to check their status online after applying. Such a platform can also be extremely valuable for property managers. It would be possible to review applications and initiate the screening process while on the go. This dramatically reduces the number of phone calls property managers have, make, or receive.
Streamlining the Screening Process
Usually, the screening process is expensive and consumes a lot of time. With the digital lead-to-lease process, machine learning and artificial intelligence can simplify and make the screening process more accurate. An AI tenant-screening tool is capable of handling background and credit checks. Managers can also use it to predict the tenant’s ability to pay by analyzing their debt-to-income ratio. Property managers can also send tenants electric leases to sign.
With the onset of digital tools, tenants can pay their fees and rent via online payment systems. This creates ease of making transactions to owners. Making online payments saves property managers on check processing fees and late fees for the tenants.