Hello BP Community! I am currently in the process of developing a fully remote/virtual leasing strategy for our rental units located in various Midwestern MSA's (e.g. Pittsburgh, Columbus, Indianapolis). With rapid advancements in prop tech and a growing trend towards digitizing our daily lives, I am convinced that in-person tours and leasing will eventually become a thing of the past. The time and money we can save by adopting a secure and efficient remote leasing strategy is substantial and will revolutionize the way real estate investors, both big and small, operate.
Over the past year, our strategy for remotely leasing a vacant unit has been as follows...
-List on Buildium (our property management software that automatically syndicates listing to all 7 of the top apartment rental advertisers)
-When renters are interested they reach out and Tenant Turner (remote leasing software) will pre-qualify them for a tour
-Once pre-qualified (IDs are collected in this process) renter can schedule a self-tour through Tenant Turner
-When renter arrives they are provided with a one time access code for our Code Box lockboxes (no WIFI required)
-Our internationally based VAs are ready to answer any calls with questions that renters may have during their tour
-Renters are automatically followed up with via Tenant Turner and application and feedback survey is sent
-Since Buildium and Tenant Turner are integrated, when renter fills out an application it loads directly into Buildium where our team can push a lease through to them (also through Buildium)
Apart from the final qualification approval and lease preparation, our team now invests very minimal time and money in leasing. This has proven to be a highly effective approach for us, as we have successfully rented out more than 50 vacant units without any complications over the past year. However, we are committed to continuously enhancing this strategy, and we would love to learn from other members of the BP community about their remote leasing frameworks.
Lastly, an area that we are constantly improving in our remote leasing strategy is with re-leasing. In this scenario, we receive notice from a current tenant that they will not be renewing their lease, and our objective is to secure a new lease before they vacate to minimize any loss of rental income. However, executing this remotely has presented some safety challenges. Allowing potential renters unaccompanied access without a member of the management team present is very tricky. We would greatly appreciate any valuable insights or suggestions from the BP community on how we can effectively and safely optimize this process.
I look forward to hearing from you all!
