Creating a Frictionless Leasing Experience
Signing new residents is not just about offering the right apartment home at the right price.
Granted, that’s obviously a huge part of the equation, but operators also need to provide prospective residents with a seamless shopping and leasing experience. If potential renters encounter any friction or hardships during this time, they are likely to take their home search elsewhere.
Today’s prospective renters want to be able to tour and gather information about apartments on their own time, and they want a quick “yes” or “no” after completing their lease application.
With that in mind, here are some tools and solutions today’s operators should consider implementing if they haven’t already done so:
Virtual tours can allow a prospect to experience and learn about a community remotely and — post-pandemic — that’s how many of them want to shop for their next apartment. The popularity of these tours will likely continue to increase as they become table stakes and shoppers come to expect this perk.- Chatbots — Having these on a community website enables an operator to provide 24/7 customer service. Prospects can instantly get the information they’re seeking, regardless of the time of day. By answering basic questions, chatbots can lighten the workload of leasing associates, giving them more time and energy to focus on other aspects of the leasing process.
- Online lease applications with automated form-fill — If someone still needs to come to your leasing office to fill out an application, it can be a major source of friction. Many of today’s prospects love being able to navigate the entire leasing process from the comfort of their own homes. So, make sure online applications are available if possible.
Furthermore, incorporating automated form-fill technology into your online applications can further streamline the apartment shopping experience. By using basic identifying information (such as first name, last name, postal code, and the last four digits of a Social Security number), this technology uses information from credit files to automatically fill other data fields required in a lease application. This tool reduces the friction to complete the leasing process, resulting in a better overall user experience. - Automated verification of identity, income, assets, and employment — For leasing managers, this technology eliminates the need to manually collect the documents required to verify a prospect’s self-reported information, which can be a tremendously time-consuming task that extends the overall leasing timeline and increases the exposure due to unoccupied units. Automated verification also reduces the opportunity for bad-faith applicants to submit fraudulent documents related to their financials or employment history.
The best part about verification is the variety of options available; leasing managers can pick and choose verification options that meet their needs without breaking the tenant screening budget. Experian has multiple verification solutions and use cases to compare which one may work best for your community.
Building a thriving apartment community comes down to providing your customers with best-in-class experiences. This includes both the apartment shopping and the application processes. With the tools described above, owners and operators can pave the way for the kinds of frictionless and convenient experiences that impress prospects and build customer loyalty.
Having a full toolbox doesn’t mean you have to use every option at your disposal. Which one of these are you most interested in trying out and how do you think that will enhance your prospective resident’s experience and your business? Share your thoughts on your social channels to get feedback from your network.
Source: Multifamily Insiders
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