The onslaught of technological advancements has been a real game-changer for businesses. It is undeniably easier to streamline processes and introduce efficiency into a company’s daily operational tasks.
However, several people prefer to stick to traditional methods, including landlords. In the event of resuming processes that are familiar to them, they tend to ignore their target audience.
Millennials generally prefer to rent apartments as it costs lower than buying an entire house. They also choose to avoid burying their roots in a single location in case a better opportunity arises elsewhere.
Another noticeable millennial preference is that they try to use technology for everything, whether it involves entertainment, ordering groceries or meals, or even connecting with friends and family. Technology brings them convenience, and they prefer to utilize it to the fullest.
Individuals and companies providing leasing services should keep up with this practice and deal with leases online instead of making it difficult for customers. Here are some benefits of using rental and leasing apps that can make your life hassle-free.
1. Makes Accounting Easier
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Humans are prone to error. Acquiring the required data for financial reports can be more troublesome if employees have to record all leasing transactions manually. However, companies must keep some aspects of their financial data transparent, especially since multiple companies have previously done financial scams. The US government decided to counter this issue by introducing some new accounting guidelines that are mandatory for companies to follow.
One of these accounting rules includes ASC 842, which requires companies to mention all leases over 12 months on the balance sheet as assets and liabilities. Rental and leasing apps help with ASC 842 complianceby recording all leasing transactions and making it easier to list them on the relevant financial reports, helping to maintain transparency between companies and investors.
2. Facilitates Online Rent Transactions
Renting and leasing apps can be a blessing for rental companies and landlords. That way, you can offer them more ways to transfer their money, as such apps have features that allow multiple online payment methods. Tenants can pay through credit cards, debit cards, or eChecks.
This feature also helps them pay on time, as people don’t have to show up physically. It can provide greater security as the possibility of financial fraud occurring through cheques is likelier than online transactions. Furthermore, there is often two-factor authentication, which keeps financial data secure on both ends.
Another benefit of rental and leasing apps is that it is easier to allow flexible payments when you don’t need to manually track them. An example might be a tenant wanting to pay in installments throughout the month instead of depositing accumulated money at a time. You can easily manage such transactions and set specific dates within the app to remind you when rent collection is due.
3. Allows for Virtual Tours
It can take up a massive proportion of your time setting up meetings with individual clients who may want to take a look around the property. It can get tedious and doesn’t always prove useful, as several clients leave without agreeing to the offer. It is an obligation to let them see the potential property they might want to stay in, yet it causes a great deal of hassle.
So how can you get past this issue? The answer isvirtual tours through leasing and rental apps that allow you to post various pictures of the property. This gives people a general idea of whether or not the place is best suited to their needs.
In case they are interested, you can upload video walkthroughs that can inform them about the layout of the place and details like how many rooms there are or how well it is furnished. You can also set up a live interactive video showing, creating a more intimate feel for the tenants while also helping you streamline such daily tasks.
4. Maintains Open Communication with Tenants
Open communication between a business owner and clients is crucial. It helps resolve conflicts in the initial phase before they can grow into massive issues and keeps both parties satisfied. Without rental and leasing apps, the primary way for tenants to contact the landlord is to blow up their phones with endless calls, especially concerning maintenance problems. That may leave you more irritated and stressed out.
The easier option is to make a group on the app and allow your tenants to freely communicate regarding their issues or developments. You will have a written history of the chat so you can easily go back to the conversation and help them later in case you forget. If you need to inform all tenants regarding some new rule or change, you can also inform them collectively with one simple text.
5. Facilitates Online Applications
Once potential tenants view the property and express their interest in renting the place, they must fill out an application. Ordinarily, they would have to do this physically, and you would have to meet them to acquire the application. You can bypass all that by letting them fill it out online using the app with minimal errors.
Moreover, landlords often have to conduct screening to ensure the tenants can consistently pay rent. They also need their previous credit scores to ensure they pay on time and that no landlord has encountered financial fraud because of their inability to pay. Since it is an obligation, you can allow for such screening to occur through the app and save your time for more pressing matters regarding the business.
Conclusion
Rental and leasing apps are a massive boon for rental companies and landlords who can save plenty of time regarding payments, property tours, and applications by providing online options. You can strengthen your relations with current tenants while attracting potential new clients with relative ease. You will also have minimal issues regarding financial reports and maintaining transparency as the app keeps a record of every transaction occurred. Hence, you can spend more time growing your business and creating a notable name for your company.