Apartment Renting Reinvented
As a property owner looking to generate positive cash flow from multifamily buildings, there are a few crucial factors to consider in order to increase your NOI.
July 23, 2022
These include the time it takes to rent out your space and additional expenses involved in the renting process, such as realtor fees.
When it comes to operating costs, leasing commissions can be a major expense, further reducing an owner’s NOI. By reducing broker fees by more than 50%, block.a delivers savings directly to the bottom line; This year block.a managed to save nearly $1M to just one of its clients in direct savings, adding $20M in value to their portfolio.
Automated, Cost-Effective Rental Process
It seems as though residential real estate is one of the only service industries that still lacks tools that empower users to perform activities themselves at their own pace. Block.a offers the option of scheduling with an agent at time of inquiry, and the numbers speak for themselves! Block.a's statistics, based on over 30,000 tours, indicates that 98% of potential renters prefer touring apartments by themselves, on their own time, without an agent on-site. Empowering renters to tour properties on their own time results in increased tours, decreased lead times and reduced days on market compared to today’s agents.
block.a provides all of this with its complete, cost-saving solution that maximizes efficiency in today’s rental market. The leasing solution drives unparalleled savings for landlords — charging 50% of what the typical NYC broker charges, and renting units at record speeds.
No More Loss of Revenue
Owners/operators are constantly investing in their buildings and subject to constantly increasing operating costs, with little potential to reduce their expenses in any meaningful way. Block.a has opened up an opportunity where landlords can not only decrease their operating expenses, but also create an extra revenue stream, where block.a is able to share commissions back to the owner.
No Upfront Costs, No Tricky Integrations
While implementing new technology can be costly and time-intensive, using block.a to rent apartments bucks this trend completely. Block.a was created to work within the world that owners currently operate in - there are NO upfront costs and NO integrations that owners need to implement.
Block.a uses technology and sophisticated hardware to reduce costs, resulting in a better customer experience and dramatic cost savings to the landlord.
Faster rentals, cheaper fees
In addition to saving money on leasing costs, astounding time-saving results were recently recorded on the app, reducing days on market by 50% compared to the average agent.
The fastest time from a unit being listed to an active applicant thanks to block.a, is 4 hours 22 minutes. And the fastest time from inquiry to application… 11 minutes!
“Can I just say something? Block.a is a game-changer. You listed my unit last night, and by this morning I already had an application before I got to my desk.”
Block.a has recorded that 28% of the tours happen outside of broker working hours (12 PM to 7 PM) and 75% of the users toured a unit within 48 hours, way faster than the time a broker might even take to respond.
Safety and Visibility Comes First
With the ambitious goal of zero days on market, block.a is very focused on safety and security. Before touring a property, every visitor must provide the proper documentation to verify their identity. The company also conducts anomaly scanning for potential risks, like someone staying in the apartment for too long, or a renter trying to tour units outside of their search parameters.
One of the key elements that allow landlords to make adjustments on the fly and stay up-to-date with what’s really happening in their units is the qualitative data collected from customer feedback (e.g., the refrigerator is too small or there’s trash in the hallways). All alongside a dashboard that displays trends related to marketing, inquiries, visits, applications, and more, custom-tailored to the owner’s portfolio.