As we approach the first anniversary of Texas’s first lockdown order, we cannot help but reflect on the long-term changes that resulted from experiencing our first (and hopefully last) global pandemic. A majority of industries had no choice but to adapt to survive, and the multifamily industry was no different. Even though the move toward digital processes and services had already begun, the need for physical distancing only increased the urgency to implement these practices on a larger scale. While we were all forced to quickly accept these changes, industry leaders suggest they may not disappear once the pandemic comes to an end.
The Normalization of Digital Processes
Over the last year, multifamily leasing professionals had to come up with creative solutions to continue sales and ongoing marketing efforts while still following safe social distancing practices. This task isn’t simple when we’re speaking of not just individuals’ homes, but their communities as well.
Digital-first products provide a strong path to success. Popular systems include virtual tours, on-demand delivery and concierge services, virtual communities, online contract and payment portals, and contactless access options. Many more are available depending on your specific needs.
As individuals adopt and accept these digital approaches, the result will be stronger customer loyalty. At the same time, communities streamline their ability to meet the needs of their residents.
Benefits of Virtual Leasing
Studies suggest that over 50% of new leases signed in 2020 were done completely virtually, giving companies the ability to understand more clearly some of the benefits to digital processes. These processes not only impact long-term tenant relations, but they improve leasing operations as well.
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Quicker Rental Processes
A number of programs have become standardized throughout the industry. They eliminate the time-consuming process of emailing, printing, signing, scanning, and emailing back.
With the ability to create, send, receive, and save documents, you save valuable time and can focus on more pressing tasks.
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Streamlined Marketing
Between 3D Virtual Tours and interactive site maps, prospects quickly learn if a community is the right fit. Combine that with auto-generated email marketing software, and you can instantly send available rentals to potential residents with ease.
This has proven successful for leasing teams. Surveys also suggest that tenants prefer these methods over traditional marketing and in-person approaches.
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Automated Organization
Online services, such as automated assistance, have also streamlined internal processes. Leasing professionals can now automatically schedule showings, answer common inquiries, prequalify applicants, and collect or organize information.
Automation ensures you don’t miss a beat in your leasing operations.
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Reflecting Professional Appearances
In the multifamily industry, first impressions are everything. You are not just selling an apartment home, you are selling a community.
Online processes and experiences provide residents with safe interactions, professional communications, and easy-to-use portals. These tools enhance not only their leasing process but also their living experience as a whole.
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Good for the Environment
The pandemic demonstrated how even the smallest changes can create big environmental impacts. “Going green” with your leasing and management processes will highlight your brand in a positive light, showing a “we care” attitude.
It also saves money in the long run. Cutting down on paper, stamps, ink, and envelopes may seem minor, but businesses that made the switch have found significant reductions in long-term operating costs.
The “New Normal”
The “new normal” doesn’t have to be daunting. Leasing professionals across the country have adapted, proving that not all changes from 2020 are negative.
By utilizing and incorporating digital processes in your day-to-day operations, you can save time, increase revenue, and build stronger relationships between residents and staff. These steps lead the way toward the better future we are all looking for.
Hire Priority is here to help you on this journey. As one of Texas’s leading multifamily staffing agencies, we stay up-to-date on current multifamily trends. This allows us to effectively match the right candidates with the right positions.
Please visit our website to learn how we can assist you along the next stage of your journey.