In this modern age, technology plays a vital role in almost everything. It has revolutionized almost every industry, including the real estate industry. One significant way technology has impacted the real estate industry is through the leasing process. With the advent of technology, the entire leasing process has become automated and streamlined, making it easier for both landlords and tenants. In this blog post, we’ll discuss how technology drives the leasing process in rental markets and how you, as a real estate investor, can use it to your advantage.
Generating Qualified Leads with Tech-Driven Property Listings
One of the more significant benefits of technology when we’re talking about renting homes in Philadelphia is the ease with which landlords and property managers can now generate leads.
Not only is it easier to generate leads; those leads that do come in are more qualified. You’re able to share a lot of specific information about your property, including the standards and criteria you have in place that an applicant will have to meet in order to be approved.
Thanks to marketing tools and digital technology, landlords can advertise a vacant property on a vast array of online rental platforms that tenants searching for homes are constantly checking. There’s enough bandwidth that you can include dozens of pictures, a detailed description, and all of the information that a prospective tenant needs in order to decide whether they want to see the property. By the time they schedule a showing, they’re very close to deciding that they’d likely be interested in the home.
Most rental platforms are also using algorithms to match properties with ideal tenants, based on what they’re looking for in terms of neighborhood, size, and price range. This can significantly increase the likelihood of securing a well-qualified tenant for your property.
Virtual Property Tours in Online Listings
One of the most significant advancements in technology that has impacted the leasing process is virtual property tours. With virtual tours, tenants can view and inspect a property from anywhere in the world at any time, making the process of finding a rental property more convenient than ever before.
Photos are always important in a rental listing. Video, however, can provide a showing before the tenants even go to the property. A virtual tour allows them to decide how likely they are to want to apply for and move into the home.
Self-Showings and Technology
Gone are the days of relying solely on in-person showings to find the perfect tenant for your rental property. Thanks to technology, there is now a much more efficient way to show vacant units and get tenants through the leasing process without exhausting hours fielding in-person inquiries and appointments.
Self-showing technology has gained a lot of traction over the last few years, and it’s especially valuable for owners who dread having to show the same rental home multiple times with no guarantee of an application or a lease. With online self-showings, landlords can save time and move the leasing process along a little faster and more efficiently. Their units and homes will remain accessible on the days and at the times that tenants are most available.
Showing a property can be tedious and time consuming. However, technology has made it possible to conduct self-showings of your rental units easily and securely. You can install a digital keypad that opens doors with a code, or you can ask prospective tenants to download an app and open the door remotely.
The benefits of self-showings include:
- Saving your time. There’s nothing more frustrating than showing up for a scheduled tour and not having your prospect show up, without calling or messaging to cancel. Protect your time and let those tenants see the property on their own time.
- Faster leasing process. People are more likely to fill out an application right away after seeing the property on their own.
- Security. You maintain total control over who gets access to your property.
- Tenant satisfaction. Most potential renters prefer the privacy of seeing the home on their own, without a leasing agent following them around.
Whether you’re renting out just one property or a full portfolio, investing in self-showing technology is a good idea. You’ll have a more efficient leasing process, and a larger pool of tenants seeing your property.
Online Applications and Instant Screening Reports
Paper applications are difficult to find these days when we’re talking about rental applications. As property managers in Philadelphia, we’re set up to provide online applications right on our website. You can provide a digital version of a rental application too, even as an independent landlord. Get a comprehensive, legally compliant application from a reliable source and send your interested applicants instructions on how to complete it, send it in with supporting documents, and pay the application fee.
Not only does this save time, but it also makes it easier for landlords to track and manage applicants. Online applications have also made it much easier to screen potential tenants, ensuring that only qualified and reliable tenants occupy your property.
With the help of digital applications, it’s easier to conduct a national eviction check, review credit reports, verify income, and check criminal and rental histories.
Digital Lease Signatures
Another significant benefit of technology during the leasing process is electronic signatures. This has made signing lease agreements simple and quick. Instead of waiting for tenants to print, sign, and scan lease agreements, landlords can send contracts electronically, allowing tenants to sign on their devices from anywhere. This eliminates the need for hand-delivered documents and speeds up the leasing process.
Technology has significantly impacted the listing and the leasing process in rental markets.
With the advancements in technology, landlords and property managers can now generate leads more efficiently, manage applicants, sign leases electronically, provide virtual tours, and manage every part of the leasing process. This sets everyone up for a pleasant and professional tenancy.
As a real estate investor, you’ll benefit from embracing technology and using it to your advantage. By doing so, you can streamline your leasing process, save time, money, and energy, and ultimately attract and retain more reliable tenants.
We invite landlords, owners, and real estate investors to leverage the technology tools we have been using for years. Please contact us at TCS Management.
TCS Management is a full-service property management company headquartered in Philadelphia, Pennsylvania, also serving Cherry Hill, NJ, Wilmington, Delaware, Nashville, Tennessee and the surrounding areas. We focus on single-family and multifamily residential property management of homes, condos, townhomes, and apartment buildings.