If you’re like most rental property managers, you dread the process of screening prospective tenants leads. The tedious task of sorting through endless stacks of paper contracts and lead conversion records can be tiresome. Additionally, once your lease expires, that stack gets bigger. But it doesn’t have to be this way. Moving your lead-to-lease process online is an essential method of boosting your competitive advantage in the market. Whether your business involves rental property or homeowner’s association management, bringing your operations online allows it to get the most out of its lead-to-lease process. You can visit myHomeSpot to read more about HOA management. Focus on the following steps to make that digital migration your business requires to survive a competitive industry.
1. Expand Your Lead Generation Methods
When managing properties, you’ve likely discovered that there are countless sources of leads. With that being said, you should keep your options wide open when it comes to generation methods. Look for creative ways to get the most out of your current marketing channels and business systems. This means using your website, social media accounts, corporate website, and more to reach potential tenants.
Virtual & Self Showings
“Virtual” and self-showings are two of the most popular forms of lead generation. As a result, these methods should be prioritized. While you might not show your properties to tenants in person, you can attract them using your website to promote virtual tours.
Social Media Management
Social media management is another essential asset for any rental property manager looking to thrive in the market today. You can use social media sites like Facebook or Twitter to get the word out about your rental property management business and post relevant pictures of your properties while including their links. Furthermore, you can share local events and engage with your audience through various trends such as memes, increasing their chances of following your business.
There are many online lead tracking systems that you can easily integrate to help you manage your lead tracking efforts. Such software will help you track these leads through the entire lead-to-lease process and update you on the progress of each one.
2. Improving The Tenant Application Experience
In this day and age, people would instead apply for various vacancies online without leaving the comfort of their homes or workplaces than making the trip to the official location just to be informed that they aren’t qualified to rent the property. Therefore, an online application is a crucial tool as it helps you identify prospects and start your screening process immediately.
3. Streamline The Tenant Screening Process
You need to use a quality screening process to ensure you’re only reaching the most qualified leads and preventing unqualified access. By automating your tenant screening process, you can get rid of tedious tasks that will lead to the loss of qualified prospects. These AI screening tools help you streamline the entire process of online application submission, background checks, credit inquiries, and maintenance forms into one system. Furthermore, they can assess a prospect’s debt-to-income ratio and determine their ability and willingness to pay rent in the future.
4. The Lease-Signing Experience
You should streamline the lease-signing process to make it easier for prospects to move forward in the business relationship you’re trying to develop. Using lease-signing software, you can provide people with a secure, cloud-based tool that can be used from any device. You won’t have to worry about lost paperwork or other inconveniences such as the costs of printing leases because no hard copy material will be needed.
5. Enable Online Payment
Tenants appreciate the convenience of online payment systems as it allows them to pay their rent whenever and wherever they are on their mobile phones or other electronic devices. Online payments would also reduce late rent collection risks and allow you to pay your owners quicker. Additionally, you can save money that would’ve otherwise been used on check-processing fees, among other expenses.
Make The Move Online Today
Transferring your lead-to-lease process online comes with many benefits, including higher tenant and owner satisfaction, savings on money and resources, and competitive advantage. It would help if you considered property software to accomplish all the necessary online procedures to make your work easier.