September 5th, 2007
Paperless property leasing becoming a reality
Paperwork has traditionally been a fundamental component of property management.
But over the past few years, online services have changed that reality by enabling managers and owners to procure and produce a wide range of documents and services on the Internet, including leases, personalized riders, state and federal forms and legal notices.
Online documents may be printed as needed, with back-up “copies” securely maintained online.
Within this context, me concept or paperless property management takes on an almost futuristic quality, but the movement into online management is a natural progression.
The fact is, it’s more efficient to automate paperwork preparation, essentially eliminating the valuable time that real estate personnel spend on typing and re-typing using word-processing software and typewriters. In addition, managing forms by using an online platform ensures consistency and quality control. But perhaps most importantly, storing records on a secure website is far safer than conventional filing cabinets. Important documents deserve better security than a locked office.
Last year, one of our On-Site.com clients, an 82-unit rental complex in northern California, had a nearly disastrous fire in the records room of the management office. Fortunately, no one was hurt, but the office computer and many leases and tenant records were lost. Because the client’s On-Site.com account is accessible from any computer with an Internet connection, the manager had immediate access to the complex’s apartment and tenant data. Only web-based management can provide such a safety net.
Six years ago, On-Site.com was developed to serve as an online credit-checking service that could gather information from multiple data sources instantly. We quickly found value in processing paperwork for leases and ancillary paperwork, as well as providing managers and owners of residential rental properties with a full complement of tenant data and forms, plus the means to store and access them 24 hours a day. What began with comprehensive background screening was integrated into a full-service property leasing tool that currently has a patent pending.
Our earliest operations were in California’s Silicon Valley, where my family owns residential properties. The area, already known as a center for computer innovations, wasn’t a tough sell in terms of introducing online screening to managers and developers that were relying on hard-to-read faxed reports. Since then, we have opened offices in New York, San Francisco, Los Angeles, Portland, Phoenix, San Diego and Seattle. Over the summer we will introduce our services in Chicago, Houston, Florida and Washington D.C. In addition, we have expanded our service to include tools for smarter property marketing, as well as integrating a department to handle debt collections on behalf of landlords.
On-Site.com’s business, however, still focuses heavily on providing vital background information on prospective tenants to protect landlords. Our system is able to retrieve in-depth credit, eviction, litigation, and criminal information in seconds. Our service is quickly replacing faxed credit scores that are neither thorough nor easy to understand. The company also offers an investigation of each applicant’s employment history, housing references and banking relationships for landlords that are interested in a full-service background check.
With a local customer base that includes Rose Associates, Prudential Douglas Elliman and some national REITs, On-Site.com has a mandate to provide a very high standard of service. Our system was developed to serve both small owners and large apartment complexes, such as Avalon Christie Place on the Lower East Side.
In many respects, property management remains an old-fashioned business in many markets, with family-owned companies and smaller landlords. For these professionals, finding the time to learn new software is difficult because they’re focused on the nuts-and-bolts of running buildings. But having grown up in the real estate industry has given me insight into the day-to-day dynamics of property management. As a result, OnSite.com was designed to be as simple to use as possible.
The technology we utilize helps managers make well-informed decisions. Until recently, property managers and owners relied upon occupancy reports and other data that were weeks old. By the time it was received, it was too late to cure certain issues. Our systems provide quick access to what is happening in the present, so managers can plan using up-to-the-instant information.
The days of faxed credit scores and boilerplate forms are coming to an end, and will soon be replaced by integrated, online platforms. On-Site.com tailors forms to meet the criteria of each market and customizes each document set in accordance to a particular landlord’s policies. Ultimately, our business is to protect real estate owners–by providing the ability to lease to the best possible tenants by way of critical background information and then providing the right documents quickly to secure their tenancies.