What’s new in the tenant screening process? A lot.
Almost everything you need to rent or rent to tenants is right at you fingertips via technology, platforms, and apps. If you can buy a car from your smartphone or laptop, why shouldn’t you be able to rent an apartment from the same device?
According to Apartment Journal “93% of consumers do research online before buying a car, 61% of adults now use online banking, and 72% of Americans turn to the Internet first when searching for an apartment.”
There are many benefits for renters, including:
- Instant price comparison
- Ability to read online reviews to make the best decision
- Quicker access to information for an easier overall process to save time
- Ability to find a roommate
- Easier access to information once they become a resident
The benefits for landlords include:
- Better tenant screening analysis of resident applications
- Less overhead costs for marketing and leasing staff
- Lower evictions
- Faster payment processing
- Faster renewals and placement into units/homes
- Less paperwork (Eco friendly)
These benefits all lead to more time and more money for busy landlords. If landlords can lease properties faster and more efficiently with improved technology, their overall tenant screening processes will become more efficient.
Here are some key tips for landlords to remember about these technologies
- Make sure you have to right technology platform for your needs
- Optimize your advertising for mobile, as the majority of searches happen on mobile devices
- Re-assess your marketing budgets to account for these trends