corelogic: the value of online leasing
TRANSCRIPT
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The Value of the Online Leasing Category
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Insights
Applicants want to complete their lease application online.
Community websites need to increasingly be designed to accommodate searches initiated on multiple devices (computers, smartphones, tablets).
Residents want to renew their leases in-person, but communities may want to encourage them to do so online so as to avoid discounts and concessions.
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Applying for A leAse
90% of applicants would prefer to complete their lease application pre-qualification forms online.
preference for Completing the pre-Qualification forms (lease Application)
Source: 2013 NMHC/ Kingsley Apartment Resident Preferences Survey. The survey can be purchased through this link: http://www.nmhc.org/Store/p-1-nmhckingsley-2013-apartment-resident-preferences-survey-national-report-only.aspx
Online
90%
10% Offline
Background:7,791 responses
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Completing A leAse Agreement
71% of applicants prefer to complete the lease agreement online.
preference for Completing the lease Agreement
Source: 2013 NMHC/ Kingsley Apartment Resident Preferences Survey. The survey can be purchased through this link: http://www.nmhc.org/Store/p-1-nmhckingsley-2013-apartment-resident-preferences-survey-national-report-only.aspx
Background:6,183 responses
Online
71%
Offline
29%
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seleCting An ApArtment Unit
70% of applicants prefer to select their apartment unit online.
preference for selecting an Apartment Unit
Source: 2013 NMHC/ Kingsley Apartment Resident Preferences Survey. The survey can be purchased through this link: http://www.nmhc.org/Store/p-1-nmhckingsley-2013-apartment-resident-preferences-survey-national-report-only.aspx
Background:6,038 responses
Online
70%
Offline
30%
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renewing the leAse – eleCtroniC vs. fACe-to-fACe
Though 53% of residents prefer to renew their lease in person, there may be a reason to encourage them to do so online.
preference for how to renew lease
Source: 2013 NMHC/ Kingsley Apartment Resident Preferences Survey. The survey can be purchased through this link: http://www.nmhc.org/Store/p-1-nmhckingsley-2013-apartment-resident-preferences-survey-national-report-only.aspx
reason whyResidents feel they can negotiate a discount with a leasing agent; less likely if it's an online transaction.
insightIf the above analysis applies in your community, then even a small percentage of renewals that migrate online would yield higher net rent rates.
Background8,719 responses
Face- to-Face
53%
No Preference
28%
Online Only
19%
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pAying rent – online vs. At the front offiCe
Nearly 8 out of 10 residents prefer to pay their rent online.
preference for paying rent
Source: 2013 NMHC/ Kingsley Apartment Resident Preferences Survey. The survey can be purchased through this link: http://www.nmhc.org/Store/p-1-nmhckingsley-2013-apartment-resident-preferences-survey-national-report-only.aspx
Online
78%
Front Office
22%
Background:8,750 responses
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0%
20%
40%
60%
80%
25-34 65+Class A Class B
Class C
Extensively A Little Not at All
role of online reseArCh in the seArCh for An ApArtment CommUnity
While 68% of applicants extensively search for an apartment community online, another 26% do so a little, making an online presence a necessity.
searching for an Apartment Community online
Source: 2013 NMHC/ Kingsley Apartment Resident Preferences Survey. The survey can be purchased through this link: http://www.nmhc.org/Store/p-1-nmhckingsley-2013-apartment-resident-preferences-survey-national-report-only.aspx
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teChnology Used to seArCh for An ApArtment CommUnity
While 85% of applicants used a computer as their primary device to search for an apartment, another 46% used a smartphone for some of their search.
searching for an Apartment Community – by device
Source: 2013 NMHC/ Kingsley Apartment Resident Preferences Survey. The survey can be purchased through this link: http://www.nmhc.org/Store/p-1-nmhckingsley-2013-apartment-resident-preferences-survey-national-report-only.aspx
0%
20%
40%
60%
80%
100%
ComputerSmartphone
Tablet
Primary Used Some Did Not Use
insightProperty owners must build online leasing solutions with responsive designs (work across device platforms).
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pet poliCy AvAilABle online
Among pet owners, 81% want to view the community’s pet policy online.
view policy online
Source: 2013 NMHC/ Kingsley Apartment Resident Preferences Survey. The survey can be purchased through this link: http://www.nmhc.org/Store/p-1-nmhckingsley-2013-apartment-resident-preferences-survey-national-report-only.aspx
0%
20%
40%
60%
80%
100%
Pet ownersAll owners
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The Takeaway
Residents have spoken: whether applying for a lease, completing a lease agreement or selecting an apartment unit, the majority want to do so on the community’s website.
Make it easy to collect rent online because that’s how residents prefer to pay.
With only the most minor of exceptions, residents’ preferences are consistent across all demographics: ages, genders, income levels, community class types, etc.
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For full access to the underlying data, please contact National Multifamily Housing Council (NMHC):
1850 m st. n.w., suite 540 washington, dC 20036
phone: 202.974.2300 fax: 202.775.0112
email: [email protected]
To purchase the report online, click here:
http://www.nmhc.org/store/p-1-nmhckingsley-2013-apartment-resident-preferences-survey-national-report-only.aspx
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workflow
Leasing Manager from CoreLogic
When your future residents apply for a lease with cloud-based Leasing Manager from CoreLogic, agents spend more time on customer service. And since an applicant’s personal data is shielded, property owners reduce the risk of data theft.
► Stand-alone or integrated with popular property management software
► Automated or manual screening ► Online payment acceptance ► Customize to showcase your brand, policies, screening process, more
► Works on computers, smartphones and tablets
Notification
Move In
Screening
Update Inventory
Payment Acknowledge Rules & Policies
“Apply Now” Button Shop Create
Account Apply
for more information or to request a demo of leasing manager from Corelogic, call 844.880.9667 or visit corelogic.com/leasingmanager corelogic.com
©2014 CoreLogic, Inc. CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries.
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