Some of the top goals for many property management organizations are growth, efficiency, and of course, profitability. Once a property management organization has grown to a certain point, completing tasks manually becomes a headache and inefficient. Things like gathering applications, storing contact information, and sending follow-up messages are all things that can, and should be streamlined. Completing these tasks manually can create a hectic process and can even cause some applications to go missing or have questions go unanswered.
This scenario is best explained by an example. Let’s say that Property Management Company ABC does not have a streamlined rental application process. Right now, when they receive applications, the applications get sent to employees in their office who respond in a set number of business days. As you can imagine, this manual work can take a lot of effort and time if they receive many applications.
Instead of completing this process manually, a streamlined process will reduce communication friction while also reducing manual tasks. Let’s go over the four steps to creating a streamlined rental application management process.
1. Rental Application
The first step to the property rental application is to obtain applications from interested people. Creating a digital form can easily be done in an online form builder. Your forms should have all necessary information, such as contact information, personal details, and any other information you may need. If your form is cluttered with unnecessary fields, it may overwhelm the user and you will lose a potential applicant.
The application form can be embedded onto your website or landing page. The form is connected automatically to a CRM, so all application information is stored in one place.
2. Thank You Message
After potential renters submit their application, they will be sent a thank you or confirmation message. Since you will now have each applicant’s information, each message will be personalized with their name and any other relevant information. Some applicants will use this message as a reference and to keep track of where they have applied, so it is important to include any relevant information about the property. The message may include:
- Confirmation of application submission
- Address/details of the property
- An estimate of when they can expect a follow-up
A personalized thank you message can leave a good impression on the applicant and it encourages future business. It is important to ensure all your clients know you appreciate them.
3. Application Review
The next step is to review the applications. Since all application information is stored in the CRM, it makes the process easy for staff to check if an applicant is eligible and run any assessments needed. Having all this information in one spot makes this process a lot easier, compared to having done the tasks manually and switching back and forth between platforms or applications. Applicants who are deemed eligible are marked for a follow-up and move on to the next step of the process. For those who are not selected for a follow-up, they are moved to a different group in the CRM.
After reviewing the applications, applicants that are considered eligible will receive a follow-up. The follow-up message will usually prompt them to book a viewing or sign paperwork. Once again, like the thank you message, it is important to include any relevant details in this follow-up message. This includes:
- Appointment details
- Links to any documents that need to be signed
- Staff contact information, in case they run into any trouble or have any questions
Sometimes you may need more information from certain applicants. If there is a lot more additional information needed, you can include a link to another digital form in the follow-up email.
All in all, a streamlined rental application management process is something that any property management organization should be using. Whether the organization rents out many properties or only a few, having this process automated can make a huge difference in efficiency. If you don’t have to worry about manually following up with each applicant, you can spend more time improving other divisions of your business.
The streamlined process makes it easier for organizations to receive applications and then engage with potential tenants, while still communicating at a personal level. This makes the process easier for everyone because applicants will not be waiting days to hear if their application submission was confirmed. It’s a win-win situation for everybody involved.
SimplyCast has developed an automated property rental application management solution using our all-in-one platform that can be easily adopted and customized by any property management organization. Click the button below to request a one-on-one demo of the solution and discover the many benefits of automating the rental application management process!