In today’s competitive rental market, speed and efficiency are important, but ultimately taking the pressure off leasing agents in reducing their manual workload is paramount. Building Stack’s Instant Leases feature is designed to give leasing agents and property managers the ability to secure prospects quickly and seamlessly.
What is 'Instant Leases'?
Instant Leases is an optional but powerful feature within the Building Stack Leasing Tool, which streamlines the entire leasing process for property teams. This option allows potential residents to apply, make deposits, set up rent payments, and sign their lease within one smooth, online workflow. This integrated approach reduces qualified prospect loss and eliminates back-and-forth communication, to qualify applicants and close leases faster than ever before.
How “Instant” is this feature?
The Instant Leases feature isn’t an ‘instant’ process from the property management or leasing point of view. For the new resident, it will feel like a faster process, as they complete all application and leasing steps upfront, eliminating the traditional lengthy back-and-forth process.
After the initial application and lease steps have been completed by the prospect, leasing personnel can proceed with their standard qualification process. By having all the necessary information and payment details readily available, once the application is approved, the internal team will sign the lease and secure an ‘instant’ resident.
How Does Instant Leases Work?
The process fits easily into your current leasing workflow by allowing a reorder and choice of the steps to align with your preferences. This provides flexibility while retaining the efficiency of an all-in-one leasing solution.
A typical flow includes all of the following steps, completed within one sitting:
- The prospect requests an online application, receives the link and fills out the form.
- They add their bank information and authorize a fully paid security deposit, as well as set up pre-authorized payments for future rent.
- The prospect reviews and signs the lease document. At this stage, the lease is not yet legally binding.
- Once the application, credit checks/screening and bank information are verified and accepted, the leasing agent (or approved signee) signs the lease, making it a legally binding document.
As mentioned, while this is a typical flow, each account can customize Instant Leases to fit their needs. For example, requesting bank details and payment setup is optional and only applies if the account uses Building Stack for collecting payments. Should an application be denied, deposits can be refunded and the partially signed lease can be considered null and void.
Activating Instant Leases is simple. For those with an active subscription and access to the Building Stack Leases Tool, Instant Leases can be quickly enabled in the account settings at no additional cost.
How Instant Leases Gives You an Edge
The real power of Instant Leases lies in its ability to secure commitment early in the process. By collecting essential information like banking details, rent deposits, and credit checks upfront, rental prospects are far less likely to continue shopping around once they’ve started the process. This decreases the chances of losing potential renters to other properties while waiting for application approvals.
Reduce the Risk of Losing Prospects: Instant Leases minimizes the time and effort spent on rental prospects who may be shopping around at other properties. With prospects sending out more inquiries than ever and submitting an average of 3 to 4 applications during their search, it's crucial to create a sense of commitment early on. By securing deposits, bank information, and lease agreements upfront, you minimize the risk of losing qualified prospects to competing properties.
Take the Pressure Off Your Leasing Team: Managing multiple prospects at once can be overwhelming for leasing agents, especially when manually coordinating every step of the application process. Instant Leases automates key steps—like collecting deposits, verifying bank information, and finalizing lease documents—so your team can focus on delivering excellent service without worrying about bottlenecks or missed follow-ups. It ensures prospects move smoothly through the pipeline, even during busy periods, helping your team stay efficient and responsive.
Flexibility to Fit Your Process: With customizable steps, Instant Leases adapts to your existing leasing workflow, allowing you to set up a process that aligns perfectly with your style. This flexibility means you can integrate Instant Leases without overhauling your current operations.
Boost Leasing Efficiency: Faster application processing with fewer manual steps enables you to focus on resident satisfaction and property management.
Customizable & Secure: Beyond the flexible process, Instant Leases also ensures secure online transactions and document signing, giving you confidence in both the process and the outcome.
Instant Leases combines flexibility, security, and speed, making it a powerful tool for improving occupancy rates and gaining a competitive edge.
Interested in Instant Leases? Inquire today to find out how you can access this powerful renter acquisition feature.
