With the latest technological advances, even the pandemic can’t stop you from attracting tenants and leasing your properties. Plus, new software solutions in the real estate industry do half of the work for you.
Online leasing exploded in popularity last year. Today, it’s the norm for any respectable property manager. Let’s see how you can take advantage of all the latest technology solutions at your disposal.
What Is Online Leasing?
If you’ve been in the traditional real estate business for a while, online leasing could sound like an intimidating, overwhelming concept. However, it’s a pretty straightforward concept that includes everything you’d do with a new tenant, only in virtual spaces.
You’ll find software for:
- Marketing vacancies
- Organizing virtual viewings
- Processing application forms
- Tenant screening
- Rent collection
- Owner and property account management
You can finalize the lease agreement without meeting the other party in real life. Alternatively, manage some tasks online and have the final discussion and agreement signing in person.
Essentially online leasing allows you to streamline your property management processes by leveraging digital tools and reducing the need for face-to-face interactions.
Online Leasing: Do’s
The following four tips ensure that you make the most of the virtual process while avoiding common pitfalls.
Post Detailed Listings
Writing a detailed and persuasive vacancy description improves your chances of getting contacted by potential tenants. Describe:
- Room number and distribution
- Building orientation and natural light
- Materials and possible renovation requirements
- Parking spaces
- Local amenities
- The neighborhood
Attach images of everything you discuss in the description to paint a full picture of the listing.
Organize Virtual Tours
Even with your detailed listing, people need to see the home for themselves before signing any legally binding documents. However, in the middle of a pandemic, not everybody feels comfortable meeting with an agent to view a property.
You could supplement the lack of a physical tour by organizing a virtual one. Either record a video and post it on your website or have a conference call with your clients in real-time.
Automate Document Processing
While viewings are sometimes better in person, there’s no reason not to use document automation software. It saves time, reduces human errors, and even makes your business more environmentally-friendly.
Collaborate with Other Service Providers
When you arrive at the move-in preparation stages, you could suggest other local services they could use.
For example, a company from Texas, TheUrbanAvenue, offers moving assistance with a fun twist. Find such services around town and promote them on your website. If the clients are new to the city, such recommendations do wonders for building a trusting relationship.
Online Leasing: Don’ts
On the other hand, the following behaviors and practices might make potential clients uneasy about hiring you.
While tenant screening is a bother for tenants, it’s a custom in real estate. So, superficial screening puts you in danger of ending up with financially irresponsible tenants and makes you seem careless in return.
Skipping Phone Calls
You won’t have time to answer every text and email as soon as it arrives. However, communication is key in your industry. Never ignore a phone call, even if you only pick up to tell your potential tenant you’ll call them back.
When it comes to text messages, you could introduce a chatbot that shares available information by itself. Otherwise, it lets clients know when you’ll be able to get back to them.
Not Granting Lease Access
Tenants have to open the agreement to sign it. They should continue having access to it through your website whenever they want to check:
- How to report maintenance problems
- When their rent is due
- How to pay rent
- Which rules they must follow
Store the lease safely and let your clients review it whenever they need to. It boosts transparency and reduces the number of phone calls you have to take later.
Technology Works in Your Favor
Overall, online leasing only needs some getting used to. Select the right software and do your best to showcase transparency every step of the way, and you can continue with your regular practices while improving results.