This blog explores how technology has revolutionized the leasing landscape by making this process more efficient and user-friendly. From real estate management to electronic equipment leasing – certain tech trends are reshaping the way leasing agreements take place between businesses and individuals.
Understanding the effects of technology on the leasing process will help you provide a more transparent service to your clients. So, let’s uncover which tech trends are dominating this industry in 2023.
- Centralized communication
Effective communication is the foundation of a successful leasing agreement between businesses and potential customers. Since lessors and lessees communicate over different channels, using a software program to centralize their conversation streamlines the leasing process and makes it a lot easier to follow. It also enables both parties to remember crucial pieces of information.
Consolidating multi-channel communication into a single feed is a time-saving idea.
- Lease accounting compliance
Regulatory compliance is an important factor to consider when dealing with leasing procedures. It’s mandatory to stay up to date with the latest lease accounting standards to avoid financial penalties and safeguard your business’s reputation. However, instead of guaranteeing compliance manually, you can purchase lease accounting software solutions to streamline financial reporting.
Invest in EZLease’s lease accounting services to stay compliant with IFRS 16, GASB 96, and ASC 842. EZLease presents the best lease accounting software available online for efficient compliance. It will promise easy, simple compliance for lessors and lessees for efficient lease management.
So, stay compliant by leveraging tech and reduce the risk of errors in the leasing process.
- Offer online lease agreements
Another game-changer in this industry is the online lease signing system. The entire idea of signing a lease agreement has undergone a digital makeover, facilitating tenants from all over the world. Now, instead of dealing with an annoying series of paper-based documents and in-person meetings, your clients can just sign the agreement electronically, letting you run your business totally online.
Many software solutions allow property managers to create customized, branded lease agreements with the client’s information so they can e-sign the thing and get it over with. It brings transparency into the leasing business and empowers your clients to sign a lease by using their smartphones.
- Better customer relationship
Using quality customer relationship management (CRM) software can help you identify and nurture potential leads to improve the leasing process. Automated customer management helps you sell the units faster by responding to thousands of prospects in real time. After switching to this software, you’ll soon notice a significant boost in occupancy rates by attracting more potential lessees.
AI-powered leasing assistants are revolutionizing the whole leasing industry and saving your time by responding to customers’ oft-repeated questions, such as your pet policy or return policy.
Similarly, you should let tenants submit maintenance requests online to address their concerns with zero delays and ensure client satisfaction. Set up a resident portal from where the tenants can easily communicate with you, control smart home appliances, and make rent payments online.
- Offers customers a virtual tour
During COVID-19, many clients found virtual tours and walkthrough videos an amazing feature when looking for rental properties, software, and equipment online. Data showed that over 70% of tenants leased an apartment without even seeing it thanks to 3D virtual tours.
These tools serve as ideal promotional tools for lessors who can effectively market the rental product online via photos and videos. Different software solutions allow you to showcase your property from different angles. Combining AR and VR with these tools will even allow tenants to walk around your property virtually, decreasing the decision time and limiting the need for in-person meetings. You can accelerate the leasing process and win over renters in a jiffy.
- Optimize your rent smartly
Many landlords continuously look for different ways to increase their rental income without angering their clientele. Overcharging allegations aren’t good for business and even lead to legal action being taken against dishonest landlords for ripping off honest tenants. However, using rent optimization software can help you maximize your income without setting up excessively high charges.
These software solutions keep an eye on the latest trends transforming the leasing landscape and offer updated market analyses every day. That’s how they adjust your rent properly without turning potential customers away or charging them way lower than the acceptable price range.
- Automated credit evaluation
Property managers can easily verify the credibility of prospective tenants by using tenant screening systems. However, conducting background checks on applicants is a tedious process that takes two to three days on average. You don’t wish to spend so much time checking a guy’s financial viability just to turn a potential customer away. However, the same process takes a few hours with an online system. A fully integrated screening platform can check for the following features:
- Credit checks
- Eviction history
- Payment history
- Criminal background
- Verifying their income
- Collecting payment digitally
It’s nothing less than a nightmare when lessees are always behind on payment and virtually leasing your property/equipment for free. Data will show that 1 in 5 U.S. renters are behind on their rent. However, lessors can now use technology to optimize rent collection and prevent delayed payments.
Instead of writing checks or visiting a bank, lessees can pay their rent digitally by using mobile apps. You may ask them to set up automatic rent payments so you keep getting paid for providing a service automatically. Some payment systems will remind your clients when they’re behind on their rent.
- Marketing and advertising tools
You can tap into relevant marketing insights by leveraging tech-driven solutions. Optimize your rental strategies by understanding the current market trends and get your property listed on a trustworthy platform. Landlords today use an omnichannel marketing strategy by placing their properties on a lot of popular websites, such as Zillow, Facebook, Apartments, Craigslist, and others.
Use tech tools to upload marketing content on these sites consistently to improve your brand image and increase the likelihood of attracting ideal tenants to your marketplace.
Embracing technology has become vital for a modern and thriving leasing ecosystem. Not only does the tech make the leasing process more convenient but guarantees a delightful experience for both lessors and lessees as well. Tenant screening, rent collection, marketing efforts, and credit evaluation become far more efficient thanks to the successful incorporation of technology in the leasing process.
Also, you can easily ensure proper compliance with the latest lease accounting standards.