What Tenants Want When Leasing in 2021

This pandemic had a huge impact on tenant attitudes toward what they expect from rental property, it has also rapidly accelerated the digitalization of the real estate industry. And while many had to switch to remote work and study, tenants began spending more time in their homes, this affected their lifestyle. And for the majority of tenants, the pandemic had changed their housing preferences too, where they want to be closer to family, continue to work remotely, and want less populated areas.

It shows that tenants are moving and secondary markets and investors can capitalize on this opportunity and expand their reach using technologies such as virtual showings, which give tenants the ability to view properties and apply from afar.

Today most of the rent is done over the Internet, which means that renters rely mostly on these virtual tools and you want to help them make that decision faster, where they can easily apply and save time. Virtual showings are not only more convenient for both potential customers and tenants, but people will choose it more likely than a personal showing. By applying these technology pieces you can simplify the rental process for tenants and offer more flexibility and better service, and that can give you a competitive edge.

Now that renters are accustomed to using virtual technology, it is likely that they will continue to rely on a mix of both virtual and personal rentals. The ability to complete the demo process online isn't the only task renters want to do virtually, the important piece for them now is applying for a lease, and signing or renewing a lease are becoming one of the top priorities.

Follow these tips to attract more tenants, increase demand:

1.Allow self-service.
Give potential clients the ability to complete tasks on their own, such as planning their own virtual or in-person tour of a listing on your website.

2.Use the latest virtual technology.
Make sure you meet people's needs with the latest technology such as virtual shows, 3D tours, and interactive sitemaps. The more advanced services you provide, the more satisfied your prospects will be.

3.Move the whole process online.
When tenants can complete all rental tasks online, it not only increases customer satisfaction but also saves your team time in the long run. Consider bringing other aspects of the lease flow online, such as lease applications and signing leases.

4.Make artificial intelligence your friend.
If you find it difficult to keep up with requests and schedule impressions, artificial intelligence can help you with automatically schedules impressions, collects guest cards, responds to inquiries, and pre-qualifies tenants, where this system can work 24/7 to ensure that none of your customers are left unanswered.

The year 2020 has brought a lot of chance in our lives, also when it comes to tenant attitudes and expectations when looking for housing. So make sure to continue to leverage the data, ideas, and strategies listed above, so you can adapt faster, meet tenant needs better, and fill vacancies faster now and in the future.