For companies that manage residential properties, online leasing software is a very important strategic asset. Prospects expect the ability to research and apply for apartments online, and residents expect to manage their lease 24/7. Property management companies must provide ease of access to their communities from anywhere and at any time, instead of restricting access to the same hours as their leasing office. Companies that do not provide an online leasing option risk losing potential prospects or current residents due to the lack of connectivity and engagement with their communities.
Harbor Group Management Co., LLC, a property management company, recognized that online leasing offered significant business benefits and long-term competitive advantages for its residential managed properties. When Tim Quick joined the company as Chief Information Officer in 2015, he began the task of creating a three-year strategic plan of future investments to drive the company forward for the next five to seven years.
As part of the strategic planning process, Tim surveyed the company to find areas where Harbor Group Management was lagging behind and areas that presented significant opportunity for growth. Online leasing was quickly identified as an area with growth potential for Harbor Group Management.
“In order to enable us to manage our talent and attract and retain talent,” CIO Tim Quick says, “we felt online leasing was one of the key capabilities to add to our arsenal.”
With online leasing, the firm could explore opportunities in several areas:
- Real-time pricing and availability – Harbor Group Management found that in the residential space, this was a requirement to attract the best prospects. Their pricing syndication solution at the time was inconsistent and unreliable and led to data that could be outdated.
- Efficiencies for leasing staff – To help attract, manage and keep talent, Harbor Group Management knew that leasing staff members would expect the company to have online leasing capabilities. In addition, with the high staff turnover rates in the industry, online leasing would help keep process efficiencies consistent during transitional periods.
- Right time to implement online leasing – Looking to the future, Harbor Group Management understood that five years down the road, everyone in the residential space would have online leasing capabilities. They wanted to stay ahead of their competition instead of playing catch up to have an online presence.
With these growth opportunities in mind, Tim conducted a thorough product evaluation for an online leasing software platform. After surveying the landscape, Harbor Group Management selected the MRI Connect Suite for their online leasing solution.
Read more about why Harbor Group Management chose the MRI Connect Suite as their solution and the impact on their business: Harbor Group Management Case Study