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The multifamily industry has finally taken its place within the online community.
Landlords and management firms, realizing the need to join the digital age, are embracing new technology that promises to transform the rental industry and benefit both owners and renters.
Eager to reap the benefits of Web-based services, the multifamily industry is taking advantage of innovations that have already transformed other industries in the Internet age.
At On-Site.com, we utilize the Web-based model to connect geographically dispersed real estate offices in ways that traditional software programs cannot. The efficient Web-based model does not rely on high-powered computers or installed software at each location--just a connection to the Internet.
Smart Web-based applications designed for the multifamily industry not only provide a company with better control over its staff, systems, transactions and policies, but also can offer a valuable perspective on performance through enterprise reporting. This enhanced level of business intelligence is often what separates forward-thinking multifamily firms from their peers.
In the world of Internet technology, ease of use trumps high design. Many popular web sites can thank simplicity for their success. Google, for example, is a leading search engine with a minimalist site that uses a mostly white interface, which sets it apart from some of its muddled competitors. Companies creating Web technology are increasingly mindful of the "less is more" credo, and work to make their software simple and user-friendly.
Likewise, software that is easy to learn and understand is crucial for our industry, with its 50 percent turnover rate and hurried employees juggling many tasks.
The latest multifamily technology does not only benefit landlords. Following the lead of hotels and airlines, new innovations in property management programs are making it possible for renters to shop for apartments online. The travel and hospitality sectors realized years ago that online transactions are both cheaper for the company and more convenient for the consumer. Imagine if you needed to trek to the airport just to buy a plane ticket, or were forced to call each hotel in town to check for vacancies. Renters are coming to expect the same level of convenience in apartment searching.
Most renters prefer to search and apply for a new apartment from the convenience of a home computer. In addition, studies show that most people--particularly those in their 20`s and 30`s, who constitute a large segment of the rental market--prefer to conduct business online.
Property executives now see the need for a useful web site to streamline the rental process.
The first apartment-community web sites were glorified classified advertisements--providing only photos and phone numbers. Today, consumers can go online to apply for apartments, pay their rent, sign up for utilities, submit work orders and communicate with fellow residents.
Smart technology saves money, and smartly-run companies recognize the importance of efficient operations. It is vital to reduce the "friction costs" involved in the day-to-day business of managing apartments. On-Site.com embraces this philosophy: our technology streamlines the application process--marketing units, qualifying applicants, preparing documents and tracking traffic--and integrates related services like allowing tenants to sign up for renter`s insurance and pay rent online.
With the new Web-based model, a central office can control the forms available at each property to ensure professionalism and consistency, and the on-site manager always has the latest disclosures and language at his fingertips. What`s more, software can make writing forms more "dummy-proof" by making it a cinch to calculate prorates and concessions, by double-checking teat the rent is $t,000 not "$10.00," and by ensuring that the lease does not end on February 30.
The banking industry has paved the way for landlords to move toward a more "paperless" office, When it comes to evaluating prospective renters, landlords are borrowing techniques from the banking industry.
For years, banks have evaluated clients using risk models such as FICO scores and debt ratios to predict loan defaults and assign mortgage rates. Screening companies apply factors specific to renters in the same way. These factors range from traditional standards to sophisticated scoring models that attempt to predict the risk level of an applicant. New tools allow property managers to rely less on instinct and uncertain reference checks, and more on concrete financial methodology.
Credit reports show a consumer`s history of paying credit card bills and loans, any bankruptcies or collection accounts, as well as names, addresses and other identifying information. But a credit report only tells part of the story.
In recent years, landlords have begun to check criminal records in screening residents. Concern for resident safety and community security has motivated this movement, but other factors contributed as well. For one, fast access to criminal data is now widely available. in addition, the recent trend in multifamily case law shows that landlords may be sued for not exercising reasonable care has led to increased scrutiny of tenants. Properly utilized, reliable criminal screen-ins can help landlords get out of the line of liability.
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