We’ve all seen it and many of us have lived through it first hand. The property management industry is constantly evolving and so too are the ways in which teams engage with their prospective renters. With each new generation, be it millennial, Z, or Alpha, come a new set of obstacles to overcome. None so important as the current expectation that leaves the next generation of residents hyper-focused on things like efficiency, flexibility, and immediacy.
This demand has led to an insurgence of proptech tools and solutions along the way. While we should definitely note the ongoing COVID-19 pandemic has certainly sped up the digitization process for many management companies, property managers long existed in and around an industry that was already headed this direction well before the “age of COVID”.
For example, the idea of self-showings and digital access technology first made headway among our cousins in single-family property management.With the value proposition layered into incorporating self-showings, it’s no wonder why the pandemic has put this particular conversation front and center for multifamily property managers. The numerous benefits to unaccompanied tours include the reduction of market time for vacancies by allowing for a more flexible leasing process, a more rigorous pre-qualification of prospects with the typical identity verification process that is often incorporated, and most importantly, the time saved for both leasing agents and prospects who don’t have to wait until they can each find time to tour the vacancy you’ve got available.
But there’s been a lot more brewing in the single family world beyond self-showings. Much of it falls under a relatively new term: leasing automation. At its most basic, leasing automation is the removal of manual effort, and the costs associated with that effort, from the majority or all of the rental process. It’s time now to talk about how these methods can help enhance the experience for both multifamily prospects and property managers alike.
With the right leasing automation platform in place, you can seamlessly incorporate and combine any sort of showing (individual, group, unaccompanied, third-party agent and even occupant-based showings) into your current showing options and process. The most powerful solutions in the market:
- Provide real-time scheduling and pre-qualification
- Navigate digital access code distribution to prospects or showing agents without team intervention
- Carry the prospect through the leasing lifecycle by continuing to nurture them post-tour by capturing feedback.
- Weave the application process directly into all relevant prospect messaging.
- Automatically communicate with prospects on the important changes to your vacancy such as rent decreases and off-market updates.
Even better still, the right platform should get the heavy lifting done while still allowing your team to reach in and touch the prospect at points in the conversation that are important to you and your management company. Each prospect should be left feeling excited about their leasing experience.
The best proptech for leasing should pair effortlessly with the business practices you already have in place while creating a prospect-driven experience that enhances what the leasing team is already capable of doing on their own. Proptech solutions, specifically leasing automation, are right there and the top suppliers are ready to help you navigate best practice while incorporating the best value add for your team.
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About the Author:
Abi Wasserman, Sales Manager, ShowMojo
My entire professional career has revolved around the property management industry. Starting in the advertising side of the business and working my way up through the ranks, I even gained the unforgettable experience working of in a property management office. After more than a decade, I’m back on the vendor side of an industry I love, as an advocate for property management professionals. I’ve been there and I know that with each new day in property management, there’s a chance the game changes. I have a passion for working to help property managers identify areas for process improvement in their business while helping them implement new solutions for growth strategies, all the while helping them strengthen their business. Since joining the team at ShowMojo, I’ve been working with PM businesses to help them focus on automating the residential leasing process, delivering significant cost and time efficiencies for everyone involved.