Streamline the Rental Application: Technology is revolutionizing our world and the way we operate in different industries, least of all in the real estate sector. There are many ways you can utilize technology to improve your rental property business, including tracking your accounts, storing your documents, and facilitating maintenance.
But how about filling up vacancies? The process of leasing a house is often long and tedious. Many landlords spend countless hours pouring over applications, interviewing, and negotiating with potential candidates to find the right fit. Even if you have help, the procedure can wear you down, especially when you have multiple units to lease.
Fortunately, this article sheds some light on how technology can streamline the rental application process. So stick around if you’d like to discover digital tools that can make your business run more efficiently.
Attract tenants with virtual tours
One of the many ways technology affects real estate is by expanding the market. With the help of 3D virtual tours, interested tenants several miles or even a continent away can tour your home. That automatically widens your pool of applicants and increases your chances of selecting a high-quality candidate. For many owners and real estate agents, one of the most grueling tasks in leasing an apartment is hosting open houses and views for interested parties.
Unfortunately, some of the people who attend may want something different, and even less will put in an application to keep their options open. So if you can efficiently utilize virtual tours that deliver a unique visual experience and single out serious applicants, you can save yourself a lot of time and stress. After the virtual tour, you can schedule a physical viewing with potential applicants ready to apply.
Use apps to consolidate your communication
For most apartment listings, many landlords think it’s best to put out as much information as possible so prospective tenants can reach them. That’s great because you can’t lease a house if you’re inaccessible. But it still has its downsides. The more public channels you have, the harder it is for you to keep track of every applicant.
For instance, let’s say you place an ad on a listing site or social media. Interested applicants may decide to message you on that platform, while others prefer to email you. Of course, you can expect one or two calls if your private number is listed. If your rental is in high demand, you can easily get swamped and lose track of the conversation. Thus, it would be best to fall back on a centralized renter’s communication app that can keep track of all your conversations in one place.
Provide digital application forms
Save yourself the trouble of scanning through piles of paperwork to find the best candidate. Instead, utilize apps and sites that allow you to create digital application forms. Google forms are one of the easily accessible digital forms on the internet. You can quickly complete a comprehensive application form with the necessary biodata and even include sections for uploading documents. This part can come in handy for getting reference letters, bank statements, identity verification, and other credentials.
Of course, some other options and portals provide the same service. Not only is this new technology convenient for you, but it also makes things easier for your prospective applicants as well. They can fill out a form on their device while on the go.
Speed up application with tenant screening software
Tenant screening is a crucial step in filling up a vacancy because it can save you from a lot of undue stress down the line. A thorough screening is essential because it helps you identify and approve high-quality tenants while avoiding the ones more likely to be problematic. Many landlords still find an in-depth screening cumbersome, and some even skip it altogether.
However, you can reduce the pains of evaluating each applicant with specific comprehensive tenant screening software. If you’re unfamiliar with them, they’re applications that facilitate the screening process using AI-powered systems to run background and credit checks on individuals. You can instantly verify a potential applicant’s information and even get recommendations on whether or not to approve them for a small fee.
Make payment easier with e-payment options.
Cut out the cumbersome paying with cash or cheque by introducing e-payment options. Many online bill payment platforms help tenants pay their rent instantly. Many of which also provide multiple platforms so renters can use their prepaid card, do a bank transfer, or even use PayPal. Some portals even allow tenants to set up an automated payment system that deducts their rent at the allotted time. That’s great for both parties because that’s one more minor task for them to complete and one less delay on rent for you.
Besides saving you the hassle of going to the bank to make a deposit or cash a cheque, it’s also more convenient and secure. Handling less cash makes the paperwork easier to track and makes your financial records tidier.
There you have it! Five great ways technology can streamline the rental application process. More than ever, customers expect swift communication and a quick turnaround time from services. Seeing as the real estate world can be a cutthroat market, landlords who are willing to prioritize their tenant’s need for efficiency are more likely to succeed. More so, these technologies make managing a rental property easier for you and can free you up to spend your time and energy on other pressing matters.
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