Maximizing revenue yield is a product of (1) optimizing occupancy and (2) minimizing loss. Landlords should look to increase efficiency in marketing, operations, leasing, and fraud detections through technology.
Digital marketing has become crucial for landlords, especially through the pandemic, tools like the LeaseLabs Flex Demand Optimizer predict changes in inventory to signal the optimal time to market vacancies. For those looking to optimize operational efficiencies, online payment systems and virtual tours are a must to save time and maintain organization. Although, some payment platforms charge processing fees, in person collections and in-person tours are time intensive and manual and can often lead to a disorganized property.
It is crucial to ensure you have a robust screening platform that can project and detect risks in applications. Many landlords today are experiencing issues with non-payment given the federally mandated hold on evictions. Your screening process should also include renter fraud, as identity theft has become an increasingly prominent issue in today’s age. There are surprisingly large amounts fraudulent lease applications that may appear to be enticing tenants at first glance, but turn out to be major headaches and potentially detrimental to your bottom line. Be on the look out and give us a shout with any questions or comments.
Source: Multifamily Executive