Leveraging Technology to Speed Up Multifamily Leasing

Leasing multifamily housing can consume valuable time. From advertising the property and responding to inquiries, to conducting the tours, and managing the applications and leases, every step adds time and costs. Today, property managers and real estate owners/managers are leveraging technology to reduce leasing time and residential vacancy.
At Acrebook, we help real estate professionals with accurate, real-time financial reporting and virtual bookkeeping services. Below are some examples of how you can use technology to make you leasing process quicker, and allow you more time to focus on portfolio growth.
The Importance of Speed in Multifamily Leasing:
Vacancies are expensive. Losing rental income while still incurring costs for maintenance, utilities, and property taxes is the owner’s downfall every day the rental unit remains vacant. Speeding the leasing process allows for reduced vacancy time, quicker engagement with a qualified tenant, and an improvement in NOI (Net Operating Income).
Technology provides property managers with the capabilities to effectively transact with speed, all while being consistent and professional every step of the way.
1. Online Listings with Built-in Syndication
Current property management software offers you the ability to create one listing, then auto push that listing to all major rental sources such as Zillow, Apartments.com, Rent.com, and Facebook Marketplace. Instead of spending time manually posting on rental platforms, you not only save time but are able to maximize exposure to those listings; and in turn, creating the opportunity to lease your property quicker, and to qualified tenants.
When researching leasing platforms, look for platforms with the auto syndication option.
2. Virtual Tours & 3D Walkthroughs
Instead of waiting for a prospective tenant to schedule an in-person showing, enable prospective tenants to view units virtually. Many platforms including Matterport or Zillow 3D Home allow property managers to create “virtual experiences” where tenants can take and experience a tour similar to what they would if they did an in person showing.
By offering virtual tours, you eliminate the time coordinating the showings, and allow for attracting both relocating renters, as well as those less interested in doing a showing.
3. Automated Scheduling Tools
Allowing prospects to choose their own time to book tours (without all of the back-and-forth emails or phone calls) can drastically reduce leasing time. There are tools, such as Calendly, Tenant Turner, and ShowMojo, that integrate with your calendar and leasing process, allowing prospects to book tours in a variety of time slots seamlessly. Some of these systems even offer self-guided tours with smart locks.
4. AI Chatbots & Instant Messenger
Prospects will typically have similar questions about availability, lease terms, pets, parking, etc. AI chatbots and instant messaging will answer these questions, in real-time, around the clock — while also reducing your response time and increasing lead conversion. These bots could also collect lead info, schedule a showing, and even prequalify applicants.
5. Digital Applications & E-Lease Signing
Digital applications eliminate the reliance on endless paperwork, and via an online form allow tenants and leasing teams the speed of transactions. Tenants typically can complete an online application, upload documents, and even e-sign a lease on platforms (Buildium, AppFolio, RentCafe) in around 30 minutes. The online process eliminates friction points from the leasing process and can significantly decrease the turnaround time from days to just hours.
6. Automated Background & Credit Checks
Instead of requesting background checks via phone calls/emails, computer software now allows you to have tenant screening services integrated directly into the leasing process. You can literally screen, receive, and make an informed decision with an applicant’s background, eviction, and credit reports in less than 10 minutes without training, accessing multiple websites, or worrying about confirming you received the most updated reports. This is the current standard in leasing technology and will allow you to keep the all-important leasing process moving along seamlessly.
7. Centralized Communication Platforms
Platforms like AppFolio and Rentvine have built-in messaging tools to centralize communication — whether email, texts or in-app messaging, it is all together, making it less likely that messages will be overlooked and speeding up communications with prospects and applicants.
8. Performance Dashboards & Reporting
Utilizing a real-time dashboard that tracks vacancy percentages, application progress, and time on market for each unit provides leasing managers with visibility on bottlenecks and workflow improvements. The more visibility obtain about your business, the quicker you are able to respond to the market.
The Financial Component: How Acrebook Allows Your Bookkeeping to Keep Pace with Your Leasing Speed
Technology has sped up leasing, but it has also accelerated the amount of financial information coming into your systems. Application fees, rental deposits, marketing expenses, and rent collections, as snapshots in time are important as well. With everything that has to get done keeping your books neat is exceedingly important.
This is where Acrebook comes into play.
As virtual bookkeeping service for property managers, real estate investors, and multifamily operators, we leverage programs like Buildium, AppFolio, QuickBooks, Rentvine, and Xero to make sure your books are precise, data is up to date, and your books are tax ready.
As you automate your leasing process, we automate and make sure your bookkeeping and accounting are optimized for it rather than cluttered from it — all so you can lease faster and be less hindered by financial clutter.
Frequently Asked Questions About Technology in Multifamily Leasing:
How do you find the best software for automating multifamily leasing?
Tools like AppFolio, Buildium, RentCafe, and Funnel are commonly utilized. Each of these tools has online applications, e-signatures, listing syndication, and communication features.
Will virtual tours eliminate the need for in-person tours?
For many renters, yes! Virtual tours assist in narrowing down serious prospects, resulting in less in-person tours, now limited only to the applicants who fall in love with the property.
How does Acrebook assist with leasing technology?
We provide financial assurance through rent roll tracking, deposit reconciliations, and applications fee accounting. This allows your leasing process to remain compliant and organized.
Are these tech tools expensive to use?
Generally speaking, most leasing platforms offer scalable pricing according to your unit count. Many of them will provide a ROI through faster lease-ups and lower vacancy rates.
Conclusion:
In multifamily leasing, time is of the essence. The right technology allows property managers to maximize time-on-market, reduce vacancy costs, and streamline the experience for tenants. The leasing experience can be sped up at each step, from listing to lease sign. Automated and AI tools allow for a streamlined and efficient process.
At Acrebook, we help your financial systems support your leasing goals. Our virtual bookkeeping service is designed for contemporary property managers using technology to build better and scale faster.
At AcreBook, we help your financial systems support your leasing goals. Our virtual bookkeeping service is designed for contemporary property managers using technology to build better and scale faster.