Online Applications: 9 Reasons Landlords Need to Make the Switch
Feb 6, 2023
Technology can make our lives easier, healthier, and more enjoyable. It has the same capacity for improving how we conduct our work by making things easier, better organized, and more efficient. Investing in the right tools can help you cut costs while increasing revenue allowing you to better situate your business for growth.
Technology can be a huge advantage for landlords and property managers. You can be sure that your competitors will be attempting to capitalize on new technologies to gain an advantage. Ignoring available tools can cause a business to fall behind and in a competitive world that is a dangerous place to be.
With the right tools a simple change can make a big difference. Exploring the benefits of online rental applications makes a strong case for going digital. Keep reading for our top nine reasons to make the switch.
1. Reduce the Risk of Identity Theft
Taking the application process online may seem counterintuitive to protecting identities but it can actually be the more secure option. Rental applications contain sensitive personal information. Confidential paperwork can easily fall into the wrong hands and you wouldn’t even know if copies of your files were being made.
The most secure way to collect rental applications is directly through your property management software. Limiting the number of third parties that you deal with decreases the odds of a data breach. However this is only true if your property management software includes state of the art security features and is reputable like Property Matrix.
2. Always Complete And Legible
Paper rental application forms are susceptible to sloppy handwriting and blank fields. Going online means you’ll never have to guess what an applicant has written. Most forms give you the option to set required fields which must be filled out before the software will accept the application. You will be better able to make informed decisions when all of your data is correct and complete.
3. Easy And Convenient
Inconvenience deters applicants. Filling out and submitting an application online is far easier than dealing with pen and paper forms. Removing inconveniences will result in a larger pool of applicants to choose from which means a better chance of finding a great tenant. Renting to quality tenants is one of the best ways to improve your business outcomes and reach target objectives.
4. Time Efficient
Paper application forms need to be received, printed, filled out, scanned, and sent back to you and each of these steps leaves room for delays. Switching to online applications consolidates all of these steps into one which means you’ll get your applications back faster. Digital applications will be easier for you to process too, making them even more time efficient.
5. Collect Application Fees
Online rental applications go hand in hand with online payments. Instead of accepting paper applications and processing application fees separately you can have applicants do both at the same time. Property Matrix allows you to set your application fees and collect credit card payments right there in the dashboard. No more struggles to match up the application with the right payment.
6. Reduce Paper Usage
Online applications reduce the amount of paper your office has to use. The cost reduction really adds up when you consider the purchase of the paper and everything that goes with it such as ink, staples, paperclips, and other office supplies. There is also the cost of storage as well as the manpower to process, sort, file, and retrieve all that paperwork.
Taking your rental applications online eliminates piles of paper from your office. Digital signatures and secure cloud storage make it completely unnecessary to print your applications but why stop there? With the right software you can move your entire filing system online. Save time, money, and the environment.
7. Reduce Bias
The Fair Housing Act prevents landlords from discriminating against a person due to race, religion, family status, or ability. You must ensure that your business and your employees comply with these rules. Moving to an online rental application process means that each applicant will be asked the same questions while removing external factors from the selection process.
8. Pull Credit Reports Instantly
Once you narrow down the list of applicants to potential tenants, you will want to conduct a background and credit check. The right software can make this instantly available to you based on the information provided in the rental application. Property Matrix is connected to Transunion making it possible to pull credit reports, background checks, and even eviction histories right there in the software.
9. Accessible From Anywhere
To view paper rental applications you must have them. That’s fine if you’re in the office all day but if you prefer to work on the go you’ll have to bring your paperwork with you or get your documents scanned and sent to you. With online applications all you need is an internet connection and your phone or laptop and you can access your applications from wherever you might roam.
Taking your rental applications online doesn’t have to be complicated or expensive. Investing in smart and scalable technologies is a small investment with the ability to provide big returns. But not all technologies are created equal.
Selecting the right software is an important part of the process making it important to do your due diligence when selecting the right tools for the job. The best place to look for online applications is within your property management software. Having all your business needs consolidated in one place is more economical while allowing you greater control and integration of data.
Property Matrix offers a suite of property management solutions including online applications, accounting, document management, communication, and much more. This software is designed specifically for property managers so no workarounds or additional programs are required. It’s packed with features to streamline your operations and position your business more competitively in the market.