Transitioning From the Paper Trail to Digital Applications
Just reaching your prospective renters through targeted marketing isn’t enough anymore. Without a full toolbox of digital tools you might be missing out on golden opportunities to close more sales. If you are straddling the fence between a paper leasing processes and a digital automated leasing system, here are a few details to help you get off the fence.
The Problem with Paper Trails
The paper application process isn’t efficient, it’s fragmented. Tenants look for a property online (or during a drive-by), pick up an application, mail it back, fax it in or hand deliver it to the leasing office, and wait for a leasing agent to manually key in the information. Depending on how motivated the prospect is, he may or may not view other properties while waiting for notice of approval.
At every point in the process, property managers risk losing the prospect’s interest. He or she might take the application, but get distracted by other properties before filling out the application. He could fill out the application, but fail to return it. Maybe, another property using digital processing reaches a decision faster and closes the deal while your team is evaluating the paper application.
Digital (Mobile) Lease Flow
Mobile lease flow systems close those gaps. When an apartment seeker locates a property that piques his interest, he can complete an application from any mobile device, get an answer from management, and sign the lease – all digitally and without leaving your property. No loss of momentum and no interference from other properties vying for attention. This also means prospective tenants doing a drive-by don’t have to wait for open office hours to apply.
Supporting a Green Lifestyle
Digital lease flow systems support an eco-friendly lifestyle. Managing guest cards, non-paper applications and online virtual tour brochures drastically reduce paper waste and shrinks your property’s carbon footprint. An environmentally responsible, low-impact management style is very appealing to many urban apartment dwellers who look for sustainability-centered properties to call home.
Digital applications are efficient and cost-effective. Property owners and managers find that digital leasing systems reduce staff hours, while increasing closing ratios. Cost of printing and file maintenance also falls. Integrative, seamless paperless leasing options require fewer staff hours, but allow for more customer contact. It is like having a virtual leasing agent on call to keep your prospects engaged throughout the process from the point of interest to a signed lease.
Still Not Ready to Switch?
Beside appealing to today’s savvy, digital consumers, saving money on supplies and labor costs, and reducing your carbon footprint, there are a few more advantages for digitally integrated systems.
- Speed up background check processing times.
- Electronic payments reduce NSF chargebacks and late payments.
- Paperless applications reduce turn-around time.
- Electronic files are secure and archived for future retrieval without taking up file space in the office.
Changing the way you do business can be stressful. Switching to a system that saves you money and boosts efficiency relieves stress though, and is a great option for tenants and property managers.
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AppFolio, Inc. develops Property Management Software that helps businesses improve their workflow so they save time and make more money. Appfolio submits articles & blogs including topics of Resident Retention, Improved Owner Communication, Time Management, and more.
Tags: AppFolio, Going Green, Property Management