The global shift in the competitive landscape is undeniable. To align with a competitive market, an organization needs to develop a tailored strategy and transition to the world of digital marketing. Networth Property is one such organization that leveraged technology to take the lead-to-lease process online. This enabled them to centralize their tenant acquisition while simultaneously reducing overhead costs. This article contains five steps to help an organization bring its lead-to-lease process online and improve its competitive standing.
Expand Your Lead Generation Methods and Sources
First, it is necessary to expand the methods of lead generation. In today’s ever-changing world, creating a cohesive lead generation strategy is a necessity. As an organization, it is crucial to improve the methods in which you are obtaining leads continually. Regarding source development, an organization should be closely evaluating its current sources and developing new ones. If the lead-to-lease process is not tied to digital marketing and social media outlets, it will be difficult for an organization to stay ahead of its competitors.
Social media have exploded in popularity in the past few years. These outlets have given organizations the ability to share and engage with their audience. Social media outlets are a perfect tool for generating leads, and they should be utilized to the fullest potential.
Furthermore, mobile applications have become an increasingly popular form of communication since their inception in 2013. Mobile applications allow an organization to reach an audience while simultaneously allowing them to market themselves on the go. They also enable individuals to connect with businesses without having to access a computer or laptop.
Improving the Tenant Application Experience
Secondly, an organization should place a significant emphasis on improving the online tenant application experience. With the frequency in which individuals are accessing their digital devices to be anywhere, anytime, an application must be able to be accessed at any time as well. To do this, an organization can implement a tenant application form that is digitally integrated. In addition, installing a digital platform capable of securely storing documents and handling payments may give an organization the competitive edge it is looking for. For example, utilizing an online application is beneficial because it provides an individual with online the ability to apply for housing from anywhere they have access to their computer or smartphone.
Streamline the Tenant Screening Process
Thirdly, an organization must streamline the tenant screening process. The purpose of this step is to vastly reduce the amount of time it takes for a prospective tenant to move into a property. With this being said, an organization can achieve this by using technology to streamline its tenant screening process. This can be achieved by using tools such as SnapScan.
With SnapScan, an organization can automate and operate its online screening process. Using this software, organizations can enter information in real-time without the need for a manual verification step. Furthermore, once applicants have been verified and brought into one system, it will be easy to continue screening from that point on, rather than manually running through each application again and again.
The Lease-Signing Experience
As previously mentioned, an organization’s tenant application process should be streamlined and fast. This holds for the lease-signing experience as well. The process that applicants go through when they are signing a lease should be as simple as possible. With the advancement in technology, an organization should be utilizing real-time messaging to streamline the sign-off procedure of a lease agreement on its website. Furthermore, using digital signatures will make it easier for tenants to apply, view, and send additional documents without going through a manual verification step after applying.
Enable Online Payment Options
Lastly, an organization should focus on enabling online payment options as well. For example, allowing users to pay their rent via cashier’s check or money order is a significant disadvantage. However, with the advancement in technology, many individuals will opt to use digital options to pay their rent. When this occurs, it becomes more important for an organization’s lease application process and tenant screening process to be digitally integrated.
Furthermore, an organization must work closely with banking institutions to allow its tenants to make payments via electronic transfer. By leveraging new payment options like these, an organization can not only stay ahead of their competitors within their market but also hold onto these tenants for as long as possible.
As previously mentioned, there are a number of ways to streamline an organization’s lead-to-lease process. By implementing these changes, an organization will be able to improve its lead generation capabilities and tenant retention while simultaneously eliminating the waste associated with a slower, less efficient process. It is difficult for organizations to survive in today’s competitive rental market without improving their lead generation and tenant screening processes.