Date post: | 12-Jan-2015 |
Category: |
Business |
Upload: | joshua-tree-internet-media-llc |
View: | 2,516 times |
Download: | 0 times |
Online Leasing Has Arrived
Jake Harrington, On-Site.comKristy Simonette, Camden Property Trust
Mark Van Tilburg, Archon Residential Management
What has the web changed?
Social Professional Commerce
“Online leasing” – where are we now?
Who’s renting?
78% have computers at home
66% have an internet connection from home
74% use a computer at work
80% of residents pay bills online
2nd highest renewal impact: online/automatic rent payment
56% prefer to communicate through emailMultifamily Executive, March 2008
Do we get it?
76% say the Internet is the single most effective way to generate leads
18% cited Rental Publications
60% will focus their strategies on Internet Marketing
81% say investment in business systems automation is “top priority”
50%+ say that most companies will lease apartments online within two years
93% say portals are “critical” or “somewhat important” to improving resident services and operations
Multifamily Executive, March 2008
What is “online leasing”?
Sales channel Research, neighborhoods, pricing
Transaction (point of lease) Payment, contract execution
Retention Pay rent, reserve space, work orders
What am I doing here?
Rental Address™ online leasing & services
Apply Now™ Ad Blast™ Resident services
Rental Express™ #1 point-of-lease solution
Smart screening Built-in form generation/archiving
On-Site.com goals
No IT support No consulting needed “Plug and play” at the site level – “easy path” “Implementation” should not be a four-letter word Negative recurring charge – wtf? Lease on your first day
Let’s go paperless!
Parallels in other industries
McDonalds Do you want cheese on that?
OpenTable Replaces pen-and-paper at the host stand “Real time” availability + diner database + distribution/advertising (Zagat, Expedia…)
Airlines, hotels – shop for a seat/bed
OpenTable.com
“Real time” availability Easy interface for all parties Connects marketing with functionality
Beyond a classified ad online “If your website can’t do these sorts of things, what else can’t you do?”
Hostess = Leasing agent Diner = renter
Benefits of going paperless
Save trees! But seriously…
Liability of sensitive information Data loss/theft Redundancy Accessibility Convenience “Wow”
One size doesn’t fit all
Six ways to prorate!
No single solution works for all applications Comfort level of users Leasing office layouts Renter demographics Community profiles
Even “revenue maximizing” isn’t right for everyone Value vs. cash flow Total revenue vs. total profit
Requirements of an e-form solution
Legal, defensible Must handle every shred of paper Archived resident file must be complete
Executed lease Legal notices SODA
1) ePad in the rental office
Actual signature captured, so it emulates the offline process
Signature pads are plug-and-play
Easy to defend legitimacy
2) eBarcode stores faxes
Archives all forms
Some forms will never be online (inspections)
Fax in – No scanner required
3) eSign from anywhere online
Off-site (email) or on-site (kiosk or monitor)
No hardware
Guarantors, renewals
AGREEMENT SIGNED – 20 PAGES
• Arizona Rental Agreement for Apt. #1155 for $1060.00 from 3/24/2008 to 3/23/2009 Because We Care Facts About Renter’s Insurance Prevent Moisture Problems in Your Home Garage, Parking, Storage & Vehicle Regulations Recreational Facility Regulations Crime Free Agreement Pet Agreement Community Policies Automatic Entry Gate Policies Fireplace Policies Move-in/Move-out Policies Resident Retention
SIGNED BY
Gerret Martin, Key ID ED8A569AOn 03/22/2008 at 3:32PM EST from IP Address 75.41.23.182
PGP Key Version: GnuPG v1.4.6 (GNU/Linux) iD8DBQFH9YMZr9wnsAIaoqwRAoERAJ4oYlG8aet5Dv+NoeC20wUJ2YWIgACcD/+x YeUSNSO/otm/D3saYcMdohY= =xiA/
AGREEMENT SIGNED – 20 PAGES
• Arizona Rental Agreement for Apt. #1155 for $1060.00 from 3/24/2008 to 3/23/2009 Because We Care Facts About Renter’s Insurance Prevent Moisture Problems in Your Home Garage, Parking, Storage & Vehicle Regulations Recreational Facility Regulations Crime Free Agreement Pet Agreement Community Policies Automatic Entry Gate Policies Fireplace Policies Move-in/Move-out Policies Resident Retention
SIGNED BY
Gerret Martin, Key ID ED8A569AOn 03/22/2008 at 3:32PM EST from IP Address 75.41.23.182
PGP Key Version: GnuPG v1.4.6 (GNU/Linux) iD8DBQFH9YMZr9wnsAIaoqwRAoERAJ4oYlG8aet5Dv+NoeC20wUJ2YWIgACcD/+x YeUSNSO/otm/D3saYcMdohY= =xiA/
Reality check: “e-signatures”
Nat’l Conference of Commissioners on Uniform State Laws (famous for UCC) drafted Uniform Electronic Transactions Act covering validity of electronic signing 46 states plus D.C. have since adopted the uniform law (no IL, GA, NY, WA) “In a proceeding, evidence of a record or signature may not be excluded solely because it is in electronic form.” Identify, intent, control of document Consider: Judges have latitude
Reality check: paperless office
Line at the computer It’s hard to get more convenient than a file cabinet Many forms are offline
Letters from residents Move-in/move-out inspections
ONLINE LEASING HAS ARRIVED…
The Timeline
Birth of camdenliving.com (February 2002) frames and flash
PMS implementation (October 2004 – June 2005)
YieldStar (Q4 2005)
2005 began talking about website revamp
PMS plug-ins screening work orders and make-ready board online application online pricing resident portal payments platform
… AT CAMDEN!
Automation of processes – change management
Physical offices
Process efficiencies
Hiring considerations
New challenges with the digital age meshing with age old practices
training security fair housing
THE NEW WORLDFOR THE SITE STAFF
EVOLUTION OF THECUSTOMER EXPERIENCE
HOW DO WE KNOW WHAT OUR CUSTOMERS WANT?We ask them!
Prospect surveys
Resident surveys
“Contact Us” via the website
Feedback cards
Organized focus groups
All business units have a stake
Defined requirements
Sent out RFP
In process of selecting vendor
New launch scheduled for Q4
WE NEED TO REDESIGN OUR WEB SITE!
2006 FINDINGS
Website redesign cannot impede progress!
Figuring out how to provide the right customer interaction even though our website redesign seems eons away…
Our target market (Echo Boomers, Gen X and Gen Y) is demanding the ability to conduct all business online. AND – it must be seamless/multi-channel
BUT… WHAT ABOUTOUR CUSTOMERS UNTIL Q4?
Online applications 12.5% 1% of this is sight unseen
CURRENTONLINE STATS
Portal Payments ACH only 17.3%
Community leasing office Focus on sales and marketing
Camden Contact Center (launching summer 2008) Capture the phone calls Better qualified prospects
True Online Leasing (currently in pilot as of 3-26-08)
Electronic Signature Authentication Document Management
THE NEW MULTI-CHANNELLEASING EXPERIENCE
Customer convenience
Process efficiency
Data accuracy
Secure
Cost reduction
THE BENEFITS
Employee challenges
Must stay fresh and simple
Intuitive for customers
Learned behavior
THE TRADE-OFFS
Integrating paper and electronic workflows
Integration offers efficiency!
INTEGRATION
Accounting
WhiteFence
Bank
Renters’Insurance
ILS
DataWarehouse
RevenueManagement
CMS
PMS
Consolidated weekly occupancy trend reporting(from 2 days to less than 1 hour)
Reduced check processing time(from 3 minutes per check to 1 minute per check)
Daily pricing decisions(8 hours per week now takes 10 minutes per day)
No more manual changes for daily pricing updates to ILSs
INTEGRATION OFFERS EFFICIENCY!
WORKPLACEEFFICIENCIES
KRISTY SIMONETTECamden Property Trust
Houston, Texas(713) 354-2625
CONTACTINFORMATION