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Online Leasing Has Arrived


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Online leasing presentations by Jake Harrington of and Kristy Simonette of Camden Property Trust.

Published in: Business, Economy & Finance
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Online Leasing Has Arrived

  1. 1. Online Leasing Has Arrived Jake Harrington, Kristy Simonette, Camden Property Trust Mark Van Tilburg, Archon Residential Management
  2. 2. What has the web changed? <ul><li>Social </li></ul><ul><li>Professional </li></ul><ul><li>Commerce </li></ul><ul><li>“Online leasing” – where are we now? </li></ul>
  3. 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. 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. 5. What is “online leasing”? <ul><li>Sales channel </li></ul><ul><ul><li>Research, neighborhoods, pricing </li></ul></ul><ul><li>Transaction (point of lease) </li></ul><ul><ul><li>Payment, contract execution </li></ul></ul><ul><li>Retention </li></ul><ul><ul><li>Pay rent, reserve space, work orders </li></ul></ul>
  6. 6. What am I doing here? <ul><li>Rental Address™ online leasing & services </li></ul><ul><li>Apply Now™ </li></ul><ul><li>Ad Blast™ </li></ul><ul><li>Resident services </li></ul><ul><li>Rental Express™ #1 point-of-lease solution </li></ul><ul><li>Smart screening </li></ul><ul><li>Built-in form generation/archiving </li></ul>
  7. 7. goals <ul><li>No IT support </li></ul><ul><li>No consulting needed </li></ul><ul><li>“ Plug and play” at the site level – “easy path” </li></ul><ul><li>“ Implementation” should not be a four-letter word </li></ul><ul><li>Negative recurring charge – wtf? </li></ul><ul><li>Lease on your first day </li></ul>
  8. 9. Let’s go paperless!
  9. 10. Parallels in other industries <ul><li>McDonalds </li></ul><ul><ul><li>Do you want cheese on that? </li></ul></ul><ul><li>OpenTable </li></ul><ul><ul><li>Replaces pen-and-paper at the host stand </li></ul></ul><ul><ul><li>“ Real time” availability + diner database + distribution/advertising (Zagat, Expedia…) </li></ul></ul><ul><li>Airlines, hotels – shop for a seat/bed </li></ul>
  10. 11. <ul><li>“Real time” availability </li></ul><ul><li>Easy interface for all parties </li></ul><ul><li>Connects marketing with functionality </li></ul><ul><ul><li>Beyond a classified ad online </li></ul></ul><ul><ul><li>“ If your website can’t do these sorts of things, what else can’t you do?” </li></ul></ul><ul><li>Hostess = Leasing agent </li></ul><ul><li>Diner = renter </li></ul>
  11. 13. Benefits of going paperless <ul><li>Save trees! </li></ul><ul><li>But seriously… </li></ul><ul><ul><li>Liability of sensitive information </li></ul></ul><ul><ul><li>Data loss/theft </li></ul></ul><ul><ul><li>Redundancy </li></ul></ul><ul><ul><li>Accessibility </li></ul></ul><ul><ul><li>Convenience </li></ul></ul><ul><ul><li>“ Wow” </li></ul></ul>
  12. 14. One size doesn’t fit all <ul><li>Six ways to prorate! </li></ul><ul><li>No single solution works for all applications </li></ul><ul><ul><li>Comfort level of users </li></ul></ul><ul><ul><li>Leasing office layouts </li></ul></ul><ul><ul><li>Renter demographics </li></ul></ul><ul><ul><li>Community profiles </li></ul></ul><ul><li>Even “revenue maximizing” isn’t right for everyone </li></ul><ul><ul><li>Value vs. cash flow </li></ul></ul><ul><ul><li>Total revenue vs. total profit </li></ul></ul>
  13. 15. Requirements of an e-form solution <ul><li>Legal, defensible </li></ul><ul><li>Must handle every shred of paper </li></ul><ul><li>Archived resident file must be complete </li></ul><ul><ul><li>Executed lease </li></ul></ul><ul><ul><li>Legal notices </li></ul></ul><ul><ul><li>SODA </li></ul></ul>
  14. 16. 1) ePad in the rental office <ul><li>Actual signature captured, so it emulates the offline process </li></ul><ul><li>Signature pads are plug-and-play </li></ul><ul><li>Easy to defend legitimacy </li></ul>
  15. 18. 2) eBarcode stores faxes <ul><li>Archives all forms </li></ul><ul><li>Some forms will never be online (inspections) </li></ul><ul><li>Fax in – No scanner required </li></ul>
  16. 19. 3) eSign from anywhere online <ul><li>Off-site (email) or on-site (kiosk or monitor) </li></ul><ul><li>No hardwar e </li></ul><ul><li>Guarantors, rene wals </li></ul><ul><li>AGREEMENT SIGNED – 20 PAGES </li></ul><ul><li>Arizona Rental Agreement for Apt. #1155 for $1060.00 from 3/24/2008 to 3/23/2009 </li></ul><ul><li>Because We Care </li></ul><ul><li>Facts About Renter’s Insurance </li></ul><ul><li>Prevent Moisture Problems in Your Home </li></ul><ul><li>Garage, Parking, Storage & Vehicle Regulations </li></ul><ul><li>Recreational Facility Regulations </li></ul><ul><li>Crime Free Agreement </li></ul><ul><li>Pet Agreement </li></ul><ul><li>Community Policies </li></ul><ul><li>Automatic Entry Gate Policies </li></ul><ul><li>Fireplace Policies </li></ul><ul><li>Move-in/Move-out Policies </li></ul><ul><li>Resident Retention </li></ul><ul><li>SIGNED BY </li></ul><ul><li>Gerret Martin, Key ID ED8A569A </li></ul><ul><li>On 03/22/2008 at 3:32PM EST from IP Address </li></ul><ul><li>PGP Key Version: GnuPG v1.4.6 (GNU/Linux) iD8DBQFH9YMZr9wnsAIaoqwRAoERAJ4oYlG8aet5Dv+NoeC20wUJ2YWIgACcD/+x YeUSNSO/otm/D3saYcMdohY= =xiA/ </li></ul>
  17. 21. Reality check: “e-signatures” <ul><li>Nat’l Conference of Commissioners on Uniform State Laws (famous for UCC) drafted Uniform Electronic Transactions Act covering validity of electronic signing </li></ul><ul><li>46 states plus D.C. have since adopted the uniform law (no IL, GA, NY, WA) </li></ul><ul><li>“ In a proceeding, evidence of a record or signature may not be excluded solely because it is in electronic form.” </li></ul><ul><li>Identify , intent, control of document </li></ul><ul><li>Consider: Judges have latitude </li></ul>
  18. 22. Reality check: paperless office <ul><li>Line at the computer </li></ul><ul><li>It’s hard to get more convenient than a file cabinet </li></ul><ul><li>Many forms are offline </li></ul><ul><ul><li>Letters from residents </li></ul></ul><ul><ul><li>Move-in/move-out inspections </li></ul></ul>
  20. 25. <ul><li>The Timeline </li></ul><ul><li>Birth of (February 2002) </li></ul><ul><ul><ul><li>frames and flash </li></ul></ul></ul><ul><li>PMS implementation (October 2004 – June 2005) </li></ul><ul><li>YieldStar (Q4 2005) </li></ul><ul><li>2005 began talking about website revamp </li></ul><ul><li>PMS plug-ins </li></ul><ul><ul><ul><li>screening </li></ul></ul></ul><ul><ul><ul><li>work orders and make-ready board </li></ul></ul></ul><ul><ul><ul><li>online application </li></ul></ul></ul><ul><ul><ul><li>online pricing </li></ul></ul></ul><ul><ul><ul><li>resident portal </li></ul></ul></ul><ul><ul><ul><li>payments platform </li></ul></ul></ul>… AT CAMDEN!
  21. 26. <ul><li>Automation of processes – change management </li></ul><ul><li>Physical offices </li></ul><ul><li>Process efficiencies </li></ul><ul><li>Hiring considerations </li></ul><ul><li>New challenges with the digital age meshing with age old practices </li></ul><ul><ul><ul><li>training </li></ul></ul></ul><ul><ul><ul><li>security </li></ul></ul></ul><ul><ul><ul><li>fair housing </li></ul></ul></ul>THE NEW WORLD FOR THE SITE STAFF
  22. 27. EVOLUTION OF THE CUSTOMER EXPERIENCE HOW DO WE KNOW WHAT OUR CUSTOMERS WANT? We ask them! <ul><li>Prospect surveys </li></ul><ul><li>Resident surveys </li></ul><ul><li>“ Contact Us” via the website </li></ul><ul><li>Feedback cards </li></ul><ul><li>Organized focus groups </li></ul>
  23. 28. <ul><ul><li>All business units have a stake </li></ul></ul><ul><ul><li>Defined requirements </li></ul></ul><ul><ul><li>Sent out RFP </li></ul></ul><ul><ul><li>In process of selecting vendor </li></ul></ul><ul><ul><li>New launch scheduled for Q4 </li></ul></ul>WE NEED TO REDESIGN OUR WEB SITE! 2006 FINDINGS
  24. 29. <ul><li>Website redesign cannot impede progress! </li></ul><ul><li>Figuring out how to provide the right customer interaction even though our website redesign seems eons away… </li></ul><ul><li>Our target market (Echo Boomers, Gen X and Gen Y) is demanding the ability to conduct all business online. </li></ul><ul><ul><li>AND – it must be seamless/multi-channel </li></ul></ul>BUT… WHAT ABOUT OUR CUSTOMERS UNTIL Q4?
  25. 30. <ul><li>Online applications </li></ul><ul><li>12.5% </li></ul><ul><li>1% of this is sight unseen </li></ul>CURRENT ONLINE STATS <ul><li>Portal Payments </li></ul><ul><li>ACH only </li></ul><ul><li>17.3% </li></ul>
  26. 31. <ul><li>Community leasing office </li></ul><ul><ul><ul><li>Focus on sales and marketing </li></ul></ul></ul><ul><li>Camden Contact Center (launching summer 2008) </li></ul><ul><ul><ul><li>Capture the phone calls </li></ul></ul></ul><ul><ul><ul><li>Better qualified prospects </li></ul></ul></ul><ul><li>True Online Leasing (currently in pilot as of 3-26-08) </li></ul><ul><ul><ul><li>Electronic Signature Authentication </li></ul></ul></ul><ul><ul><ul><li>Document Management </li></ul></ul></ul>THE NEW MULTI-CHANNEL LEASING EXPERIENCE
  27. 32. <ul><li>Customer convenience </li></ul><ul><li>Process efficiency </li></ul><ul><li>Data accuracy </li></ul><ul><li>Secure </li></ul><ul><li>Cost reduction </li></ul>THE BENEFITS
  28. 33. <ul><li>Employee challenges </li></ul><ul><li>Must stay fresh and simple </li></ul><ul><li>Intuitive for customers </li></ul><ul><li>Learned behavior </li></ul>THE TRADE-OFFS
  29. 34. <ul><li>Integrating paper and electronic workflows </li></ul><ul><li>Integration offers efficiency! </li></ul>INTEGRATION Accounting WhiteFence Bank Renters’ Insurance ILS Data Warehouse Revenue Management CMS PMS
  30. 35. <ul><li>Consolidated weekly occupancy trend reporting </li></ul><ul><ul><ul><li>(from 2 days to less than 1 hour) </li></ul></ul></ul><ul><li>Reduced check processing time </li></ul><ul><ul><ul><li>(from 3 minutes per check to 1 minute per check) </li></ul></ul></ul><ul><li>Daily pricing decisions </li></ul><ul><ul><ul><li>(8 hours per week now takes 10 minutes per day) </li></ul></ul></ul><ul><li>No more manual changes for daily pricing updates to ILSs </li></ul><ul><li>INTEGRATION OFFERS EFFICIENCY! </li></ul>WORKPLACE EFFICIENCIES
  31. 36. <ul><li>KRISTY SIMONETTE </li></ul><ul><li>Camden Property Trust </li></ul><ul><li>Houston, Texas </li></ul><ul><li>(713) 354-2625 </li></ul><ul><li>[email_address] </li></ul>CONTACT INFORMATION