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Online Leasing Has Arrived

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Online leasing presentations by Jake Harrington of On-site.com and Kristy Simonette of Camden Property Trust.

Online leasing presentations by Jake Harrington of On-site.com and Kristy Simonette of Camden Property Trust.

Published in: Business, Economy & Finance

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  • 1. Online Leasing Has Arrived Jake Harrington, On-Site.com Kristy Simonette, Camden Property Trust Mark Van Tilburg, Archon Residential Management
  • 2. What has the web changed?
    • Social
    • Professional
    • Commerce
    • “Online leasing” – where are we now?
  • 3. 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 email Multifamily Executive, March 2008
  • 4. 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
  • 5. What is “online leasing”?
    • Sales channel
      • Research, neighborhoods, pricing
    • Transaction (point of lease)
      • Payment, contract execution
    • Retention
      • Pay rent, reserve space, work orders
  • 6. 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
  • 7. 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
  • 8.  
  • 9. Let’s go paperless!
  • 10. 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
  • 11. 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
  • 12.  
  • 13. Benefits of going paperless
    • Save trees!
    • But seriously…
      • Liability of sensitive information
      • Data loss/theft
      • Redundancy
      • Accessibility
      • Convenience
      • “ Wow”
  • 14. 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
  • 15. 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
  • 16. 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
  • 17.  
  • 18. 2) eBarcode stores faxes
    • Archives all forms
    • Some forms will never be online (inspections)
    • Fax in – No scanner required
  • 19. 3) eSign from anywhere online
    • Off-site (email) or on-site (kiosk or monitor)
    • No hardwar e
    • Guarantors, rene wals
    • 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 ED8A569A
    • On 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/
  • 20.  
  • 21. 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
  • 22. 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
  • 23.  
  • 24. ONLINE LEASING HAS ARRIVED…
  • 25.
    • 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!
  • 26.
    • 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 WORLD FOR THE SITE STAFF
  • 27. EVOLUTION OF THE CUSTOMER 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
  • 28.
      • 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
  • 29.
    • 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 ABOUT OUR CUSTOMERS UNTIL Q4?
  • 30.
    • Online applications
    • 12.5%
    • 1% of this is sight unseen
    CURRENT ONLINE STATS
    • Portal Payments
    • ACH only
    • 17.3%
  • 31.
    • 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-CHANNEL LEASING EXPERIENCE
  • 32.
    • Customer convenience
    • Process efficiency
    • Data accuracy
    • Secure
    • Cost reduction
    THE BENEFITS
  • 33.
    • Employee challenges
    • Must stay fresh and simple
    • Intuitive for customers
    • Learned behavior
    THE TRADE-OFFS
  • 34.
    • Integrating paper and electronic workflows
    • Integration offers efficiency!
    INTEGRATION Accounting WhiteFence Bank Renters’ Insurance ILS Data Warehouse Revenue Management CMS PMS
  • 35.
    • 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!
    WORKPLACE EFFICIENCIES
  • 36.
    • KRISTY SIMONETTE
    • Camden Property Trust
    • Houston, Texas
    • (713) 354-2625
    • [email_address]
    CONTACT INFORMATION