“It’s been tremendously [important],” says Sellers. “Now, in 30 seconds you know whether you’re approved or not. And for our best customers, we tell them we don’t even require a security deposit from them; because their credit is strong, the scoring mechanism will produce a recommendation that says this individual’s credit is so good, you don’t need to require a security deposit.”
In addition, Archstone offers a program in which all residents are able to get their security deposit back on the day they move out.
“Our customers told us ‘the one thing we hate about apartments is you always have to wait so long to get your deposit back,'” says Sellers. So, the manger will walk the apartment with the resident to check for any damages and then write the check that day.
“It’s so much better to do it that way, because when you see it together ? there is no dispute on whether there was a stain in the carpet,” he says.
To further serve residents, Archstone has signed an agreement with BroadbandNOW to provide high-speed Internet access to as many units as possible. The goal of the company was to find a provider that did a good job and that had the capability to provide the service through multiple infrastructure options – cable, cable modems, DSL or wireless.
By recognizing that Internet access is important to its residents, Archstone also realized that online leasing options are important. The company has been developing an online leasing model for the last 18 months.
Now, they offer rental information online, but no apartment company has inventory available online yet. The goal is to enable the customer to see available units and price and to be able to be able to make a deposit, agree to a lease form and reserve that apartment – all online.
But, what Archstone believes will be a key component to its growth will be the implementation of its revenue management software. The company started working on the program more than two years ago.
“We believed that it was possible that some of the innovative concepts that were being utilized in the hospitality, rental car and airline industries might apply to our business,” says Sellers.
By teaming up with Talus Solutions Inc., Archstone has developed such software, and they are now testing and debugging it.