Real estate agencies need to have an efficient process to change the rental rates based on industry standards to successfully manage property. Several factors such as market conditions, property improvements, location, etc. impact the rental rates. Therefore, the approval process is highly necessary to allow the decision-makers to approve the right changes and afloat in the market. This approval process includes different stages such as evaluating financial impact, ensuring compliance, and communicating the changes made to the tenants. 

Manual evaluation and management of the rental rate change approval process is a challenging task considering the multiple properties, stakeholders, and competitor-set standards. So, how can real estate businesses fight against the inefficiencies of the manual rental rate change approval process? 

Automating the rental rate change approval process workflow is a powerful and efficient way to free your workforce from the clutches of inefficiency. The complete process is streamlined, easing change requests evaluation and decision-making process. Using preset conditions for evaluation, property managers can effectively filter out based on important approval factors before the implementation of rate change.  Moreover, this aids in acquiring better financial outcomes and improved tenant relationships.