How to Eliminate Leasing Process Headaches With a Single Tool
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Tired of frankenstein-ing tons of tenant leasing and screening tools together? Or trudging through integrations, various APIs, and multiple costly subscriptions just to end up with scores of non-ideal potential renters? Instead of heralding daily headaches with old-school tools, run your property management systems better with a single PropTech app that helps cut time and expenses when onboarding tenants.
When you leap into the future of leasing with supportive tech software, a single dashboard and database make it easier for you to increase qualified applicants, track progress, eliminate fraud, and complete each screening and leasing step fast. And it’s simpler to attract today’s tech-forward tenants who want to cut down on paperwork, back-and-forth, and crazy-long leasing processes.
With Realtor.com reporting rental rates hit record highs by climbing 27 percent over the past two years, and the median rent ballooned to $1,876 in the 50 largest metro areas (June 2022), property managers need to capitalize on these shifts by becoming as efficient with their money and time as possible. That means swapping for a single, easy-to-use screening and leasing tool that covers more than just the basics, and grows with your expanding tenant population.
In order to help you switch with ease, here are a few ways a single tech tool can help property managers end leasing process problems for good.
One Tool = A Single Hub for Your Organization and Potential Tenants
If your property management operation is gluing outdated platforms together in a dozen different ways, it’s easy to see how your tenant screening process becomes stuffed with issues. Whether the tools fail to coordinate with each other, you are spending time every day to iron out processes, or you’re consistently rifling through unqualified tenants, managing a gaggle of tools isn’t helping your business get operational wins.
Yet if you made the switch to a single leasing and tenant screening tool, you could set applicant preferences where you’d only manage ideal tenants from application to security deposit stages. Especially when it comes to preventing fraud and removing identity theft, you don’t want mistakes slipping through the cracks by spackling several tools together. With one hub to manage the moving parts of property management, you can protect your revenue while ensuring you’re onboarding long-term tenants.
Some tenant leasing apps help you screen 10 times faster, select optimal tenants, spend less time reviewing applications, and run your business securely by receiving deeper renter background knowledge. From applications submitted via smartphone to lightning-fast robust reports delivered all in one hub, you no longer have to switch software over and over again to move proper tenants into vacant units.
One App Means Saving on Time and Operating Expenses
Creating recurring income, removing costly vacancies, and keeping your units filled with ideal tenants comes down to processes and systems that reduce overhead and lower your monthly fees. For example, specific leasing and tenant tools have applicants pay a nominal application fee while property managers can use the app for free. Not only do these apps eliminate using more than one tool, but also the subscription costs for tools including review and fraud, banking and AI data, and generating leases and collecting upfront deposits.
No longer leapfrogging from tool to tool, your potential tenants see your operation as tech-forward and easy to work with, boosting the chance they’ll stay longer. And when you make it a breeze and cost-effective for you to do your job well, that allows you to over deliver for good tenants who won’t have you chasing unpaid rent or suffering eviction costs. It’s by streamlining your leasing processes through one system that helps you end unnecessary expenses and time blackholes.
One Tenant Leasing Tool vs. Competitors
Fannie Mae’s report states rent growth and demand to be at above-average levels in 2022. And when 38 of the largest 50 metro areas show monthly costs of renting a home are cheaper than buying a starter home, now’s the time to get ahead as renting becomes the more affordable choice.
Transitioning to one smart tool that removes property management migraines allows you to capitalize on this changing rental market rather than falling behind. Here are a few things to consider between Sunroom, a tenant screening tool, and competitors when making the switch:
Leverages 5 years of screening expertise
Detects fraud 10 times faster than industry average
Full end-to-end leasing solution to support you beyond screening for ideal tenants
Leasing process automated to execute lease as fast as you accept screened tenants
Combines machine and human intelligence to catch fraud errors
Automation keeps tenant applications moving along via notifications
Takes tenants from application and tech-enabled screening, to providing you a robust renter report, to generating a lease for signature, to collecting security deposits in a single app
Integrates with your current systems and processes
Lease execution takes 24 hours
Multiple complicated steps, screening errors, and you have to use several vendors
Renter reports lack recent deep background data and credentials to help with informed leasing decisions
Easier for fraud to occur by using manual reviews
Fees for property managers as well as potential tenants
Still using paper checks and documents; no e-signatures
Making the Switch to a Single Tenant Screening and Leasing Tool
With the National Association of REALTORS (NAR) showing existing home sales are down 6 percent and pending home sales down 9 percent (June 2022), creating operational and financial efficiencies while the rental market is up is critical.
Moving into your tech-focused future with a single tool removes dodging between applications, patchworking problems, and directing potential tenants between platforms and potentially losing a soon-to-be-occupied unit. Invest in a single tenant screening tool that allows the right tenants to pass through your specific filters, then seamlessly moves them from application to verification to documents to security deposit.
With a tool like Sunroom’s, property managers can screen and detect fraud faster than ever with reimagined technology that supports your growth in recurring income and long-term renter retention.
Sunroom is a pioneering leasing-only brokerage that revolutionizes the rental experience for property managers and investors. By seamlessly combining cutting-edge technology with the expertise of our leasing professionals, we empower our clients to efficiently rent out single-family homes and maximize their investment potential.