Being successful in the chaotic industry of property management is all about finding a way to maximize efficiency and get the most out of each day. One of the greatest ways you can accomplish this is by using online rental applications. There are plenty of benefits to eliminating paper apps and shifting to electronic versions. Let’s take a look at just a few of those advantages here.
They’ll save you time
And as we all know in our industry, time is money. The less time you spend printing, packing, gathering and sorting through paper applications, the more time you’ll have to focus on growing your business and increasing profits. Online applications are quick and efficient. You just wait for them to come in, organize them at the click of a button and you’ll instantly have a database of potential renters.
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They can generate more applicants
With the millennial generation beginning to branch out and live on their own, it’s critical that businesses in every field adapt to meet the unique needs of this younger generation. One such way is catering to their tech-savvy ways. Allowing interested parties to fill out their rental applications online makes their lives easier while also making yours easier at the same time. It’s a win-win!
They can increase your prospect list
By offering online applications, you can open the door to an increased number of interested parties, giving you a larger pool of prospects to choose from. As a property manager, you’ve probably been in the position where your options for renting a property were slim. This can result in lost income and costly turnover. By increasing the number of applicants, you’ll have a better chance of finding the perfect, long-term fit.
They help you stay in compliance
There are a ton of different rules, regulations and laws that govern the property management business. Keeping up with all of these can be exhausting. Online applications are simple to manage and can easily be modified whenever necessary to ensure that you always stay one step ahead in terms of compliance. This can give you peace of mind and allow you to shift your focus to other critical areas of your business.
They can easily be shared
In our line of work, word of mouth is gold. Being able to generate referrals is something that all property management professionals strive to do. By offering the option of online applications, you can make it much easier for your existing tenants, colleagues, family and friends and anyone else who may know somebody to share the news about your available property. Be sure to ask everyone you know to share the link to your applications on their social networks and anywhere else they may be able to generate some interest.
In this electronic age, paper applications are quickly becoming a thing of the past. Not only will making the transition to online applications help with all the things above, but it will also help you reduce your carbon footprint on our precious environment. With all of these benefits, making the switch seems like the obvious choice for preparing your business for the future.
Find out what more you can do to boost the productivity of your property management business. Download a free copy of The Property Manager’s Guide to Maximizing Productivity.