Automated Leasing vs. Traditional Leasing 2023: Which is Better For You?
Is there a software solution that specifically simplifies the leasing process? Luckily for you, there are automated leasing.
The management of leases is one of the most crucial aspects of your job as a property manager. However, it’s also one of the hardest. A ton of paperwork, rules, and almost too many details to keep track of make lease management difficult. You may already know that property management software providers are redefining building management.
But is there a software program that streamlines the leasing procedure specifically? For your benefit, there is automated leasing.
We’ll define automated leasing in this article.
Automated leasing – what is it?
Automated leasing is an approach that uses automation to cut down on the time and work involved in the leasing process.
There are several procedures between successfully attracting a potential tenant to your property and signing the lease. You have to provide prospect tours, ensure they get and complete all of their documentation, and perform other activities. Additionally, you’ll need to follow all accounting and financial rules.
The entire procedure may take weeks.
Furthermore, if your multifamily property has many units, you will simultaneously need to manage various tenant communications, deadlines, and paperwork. Remember that each renter will be at a different point in the lease process.
It takes work to manually monitor dozens or even hundreds of different leasing agreements. You can make things simpler by automating a sizable piece of the lease operation.
Simple auto-filling of a form is all it takes for some automated leasing applications. Doing this prevents you from manually entering a renter’s details. Instead of you having to construct a new lease agreement from the beginning, more advanced leasing automation software can automatically generate an entire lease agreement for you to evaluate.
Traditional Leasing versus Automated Leasing
A leasing agent must manually update documents and keep track of their deadlines during a traditional leasing procedure. Automation in leasing, in contrast, has a lot of benefits.
The similarity between leasing automation software and a database is one of the major benefits of leasing automation. This program establishes a single, central leasing hub. Even if you don’t utilize any automated tools, you can still get access to all the information you require to make the best lease selections.
When handling a leasing agreement, you must keep track of information like:
- Information on renter’s insurance
- Contact details for the tenant
- Start and end dates of the lease
- Communicating with both existing and potential tenants
- Dates for lease renewal
Automated leasing manages all of this information for you and applies it where required.
Automated leasing will benefit you in comparison to traditional leasing because:
Saving time. Bid adieu to many hours wasted reviewing and re-examining forms. All of this is handled at lightning-fast speeds using leasing automation.
Lower the likelihood of error. In other businesses, computers have long streamlined data entry and gathering. When compared to the previous pen-and-paper technique, leasing software is superior. It eliminates mistakes that come up while copying or emailing something again.
Keep in touch with potential clients. You can benefit from leasing automation in several ways. Depending on how much control you desire over your conversations, you can make a choice. For instance, certain automation tools allow for direct email or text communication with tenants. However, some software instantly notifies a leasing agent, who can add a more personalized touch.
Observe records. Automated leasing is effective since it completely does away with the necessity for paper filing. Your whole record collection is now kept online or in the cloud. Your records are now easily accessible as a result. You also gain the additional advantage of greater sustainability since you are not dependent on paper anymore!
Advantages of Automatic Leasing
Now that you know the advantages of automated leasing over conventional leasing. Here are some further arguments in favor of automated leasing for your property.
Having the ability to integrate with other property management services Integrations with other real estate automation tools are a logical fit for leasing software. It can, for instance, be integrated with CRM applications that assist you in managing tenant relationships.
To dedicate more time to the resident experience. Agents are relieved of the monotony of repetitious paperwork thanks to automated leasing. They can spend less time on administrative activities as a result. Instead, agents can devote more time to the most crucial aspect of managing a property: providing for the needs of the tenants and enhancing their experience with a human touch.
Increased satisfaction of residents. Your residents are more likely to have positive opinions of your property if the lease process is simple and easy. With the aid of leasing automation, it is already simple for a resident to sign a lease. Use the same technology to assist a resident in renewing their lease. Everyone will be content as a result, which will boost resident retention rates.
Leasing automation is the newest big thing in real estate leasing. Automated leasing will undoubtedly streamline the lease process and ensure no possibility is overlooked. Automated leasing is the perfect choice if you want to spend more time communicating with prospects and residents personally, even though it is software-based. The level of resident satisfaction can be raised. By using automated leasing software to steer your property into the future, you’ll also lessen your odds of making a mistake and combine with other Proptech solutions.
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