Online Property Management
COVID-19 has impacted all types of business operations. Landlords have stepped up to meet the challenges in providing safe and sanitary housing while protecting the health and safety of their tenants, employees, and vendor partners by adapting many of their rental processes . One of the biggest changes in the adaptation of rental practices is the moving away from traditional person-to-person contact in filling a vacancy to online practices that can manage the entire rental process from advertising a vacancy to tenant move-out.
Transitioning traditional rental practices to an online property management practice can provide a more productive, efficient workflow, streamline receipt of rents, enable quicker response to maintenance and repair requests, and improve accessibility for customer service issues and inquiries.
When searching for a new rental home, the majority of renters prefer to start their search online. Therefore it makes good business sense to have an online presence through websites and social media to attract and engage rental prospects.
Online Rental Listings
Online rental listings provide a great opportunity to advertise a vacancy. Rental listings should be accurate in details yet descriptive and informative enough to encourage potential renters to make contact. Must-have listing details include property location, unit features, community amenities, monthly rent, deposits and fees, move-in availability, and important rental policies such as pet policies. Posting photos or a video tour to a rental listing is helpful to show potential renters exactly what the property/unit looks like in real life. It may be possible to syndicate the rental listing to other rental listing sites which can help generate more leads.
There are additional benefits if the rental listing has the ability to direct interested prospects to apply for the rental vacancy by clicking through to a link for application processing.
Online Rental Applications
An online rental application is easier and faster for potential renters to submit the required information to begin tenant screening and verifications. The online application requests the same information as found on the standard printed application. Unlike incomplete applications submitted in person, an online application is not submitted for processing until all required fields have been completed. Applications can be digitally signed for submission. Documents required for verification purposes can be submitted electronically as an attachment to the application.
Video Interview
A landlord can choose to conduct a phone or video interview with the applicant to review application information, ask for additional information, or clarify information that has been submitted. A video interview follows the same guidelines as a person-to-person interview including fair housing protections from discrimination.
Online Tenant Screening
Landlords should ensure they have legally compliant procedures in place regarding the applicant’s acknowledgement and authorization to conduct tenant screenings. Most landlords already have procedures in place to submit online requests for applicable tenant screening reports. Verifications that are customarily conducted by the landlord such as employment, income and references, could continue to be done by the landlord or may be included in a tenant screening package provided by a tenant screening vendor.
Onboarding New Tenants
A tenant onboarding program welcomes a new tenant with a practical guide to the property features, amenities, and services; details specific obligations and duties of landlord and tenant; and reviews important rental policies and practices. There are many ways to provide guidance and instructions to new tenants, such as videos, supplemented by phone calls, email messages, and referrals to the rental website for information on resources, services and how to conduct the required move-in unit inspection checklist.
Lease Agreement E-signing
Incoming new tenants will need to complete the rental processes by signing the lease agreement and supporting rental documents. Documents that need to be executed can be sent for e-signature and returned electronically streamlining the process and moving the tenant forward to move-in.
There are several online programs/apps that can provide e-signature capability for tenant signature on lease documents Landlords should make sure tenants are aware that a digital signature is legally binding on all parties to the contract.
Property Management Tools
Tenant Portal
A Tenant Portal, accessed online by smartphone or computer, is a personalized account for tenants to manage their rental obligations. With 24/7 availability, the tenant portal makes it easy for a tenant to log into their account to pay rent, submit maintenance requests, and receive notification of property-related news, work schedules, and events at a time of their convenience.
Through the portal, a tenant can review account balances, rent payment history, schedule and pay rents on a one-time or automatic payment date using various payment options, such as an e-check, credit card, debit card, or ACH electronic funds transfer.
While a tenant portal offers tenants convenience in making online rent payments, the portal also provides a landlord with an effective method to automatically record and track rent payments and post rent data into bookkeeping/accounting systems.
By using the tenant portal to submit maintenance requests, a tenant can easily report problems before they become major issues and items need repair or replacement. In some portals, tenants can upload photos of the maintenance issue or property damage which allows the landlord to more easily determine how best to solve the issue. This can eliminate the tenant waiting to hear back from the landlord or waiting for a maintenance worker to inspect the unit before proceeding with maintenance or repair. Tenants can receive feedback regarding how the request will be handled, set an appointment date, and receive progress reports if vendor scheduling is needed.
Property Notices
In keeping with online rental services, tenants can access their portal account to edit their profile and communication preference. E-mail addresses and contact information can be updated as necessary without having to leave messages with the rental office. The tenant portal is a communication channel for landlord and tenant to direct information to each other, receive messages, and provide feedback. Keeping the line of communication open between landlord and tenant can help maintain a good landlord-tenant relationship.
Communication is also important for the landlord to notify tenants of important property updates, health and safety updates, alerts for severe weather or other emergency conditions, as well as send routine reminders of important rental rules and regulations.
Shared Access to Important Documents
A tenant portal may include tenant access to a virtual file that includes a copy of their lease agreement, landlord rules and regulations, supplemental documents, such as the completed move-in inspection checklist, or other information provided during tenant orientation.
Using online tools to manage rental properties is an efficient, time-saving, and cost-effective business practice in view of the health and safety guidances and directives to help protect all individuals from community spread of Covid-19.