More Residents ‘Seeing Right Through’ a Community’s Lack of Transparency During the Renting Process

Grumblings among resident prospects about transparency within the leasing process continue to pick up volume – both in number and sound.
It’s an issue the apartment industry is aware of and is working to address. Operators are finding that greater transparency – especially in regard to cost – can lead to a greater number of signed leases and higher resident satisfaction – something that also will show up in online reviews and reputation management.
Surveys and studies continue to show “authenticity” to be among the most desirable features for consumer activity, especially among younger people.
Virginia Love is a long-time property management professional who now works for Entrata, a provider of property management software.
“We are hearing from clients that they want to include more transparency in the leasing process, from top of the funnel down,” she says.
“Our clients are interested in making sure there are no ‘hidden fees’ or processes for the renter, so prospects aren’t feeling like bait-and-switch victims once they start the application process. This also eliminates uncomfortable conversations with leasing team members who really haven’t had the opportunity to first build relationships with prospects. It also reduces the emails and calls between the property and the prospect about what is required to apply and questions about fees, utilities, etc.
“When you think about the popularity of self-guided tours – where the renter prospect does not meet first, in-person, with the leasing agent – the first true ‘visit’ to the community is the property website and ratings and reviews.”
Based on an informa……