SCOTTSDALE, Ariz., Nov. 15 -- Realty DataTrust, the innovator and leading provider of online leasing solutions for the multifamily industry, today announced VaultWare Tax Credit Solution (TCS), an enhancement to VaultWare, its flagship online leasing tool. This solution enables property management companies to market their tax-credit apartments online and for the first time offer consumers specific information concerning the income eligibility requirements for particular properties and accept pre-qualified reservations both through their Internet listings and on their own company website.
The new online solution lets consumers discern which properties provide discounted tax-credit rates under the Section 42 Low Income Housing Tax Credit program while viewing availability online. VaultWare TCS ensures consumers are aware of the income eligibility requirements thereby saving shoppers' time and ensuring increased efficiencies for property management companies.
"We literally developed VaultWare Tax Credit Solution with our customers," said Mike Cornell, vice president of product and marketing for Realty DataTrust. "We had customers who wanted to use VaultWare but needed a solution that would specifically address their tax-credit inventory. It has been their ideas and feedback that make this offering something that we know will be readily adopted."
Realty DataTrust found that many property management companies want to advertise and lease their tax-credit communities online, but have a need to do it in a way that clearly communicates that the reduced rates are specific only for individuals eligible under the Tax Credit program. KSI, a property management company based in Centreville, Virginia, was one of those companies who wanted to find a way to leverage the opportunities of online leasing for the their full tax-credit properties and their properties that feature a mixed inventory of both tax-credit and market rate apartments.
"We just implemented VaultWare Tax Credit Solution on two properties so far and in just one month, we've already captured 30 online reservations!" said Karen A. Kossow, assistant, vice president of sales and marketing, KSI Management. "It's already been such a huge benefit for us. In the past, prospective residents would have come in, toured the property, spent time talking with our leasing agents and filled out a mountain of paperwork only to discover that they were not qualified. Now with VaultWare Tax Credit they can find out online without wasting their time. And, it saves our leasing agents loads of time.
"People have always told me that the Internet wouldn't work for tax-credit apartments and I have always disagreed. It has always been the top source for our leases, so naturally we wanted to take it a step further and look at what VaultWare might be able to do. The only problem was that we didn't want to generate leads from people who were over income, so that's ultimately what led to the VaultWare Tax Credit Solution. Now, we're seeing an exciting number of reservations come through. I can't help but be thrilled about the results.
According to Karen, KSI plans to roll out VaultWare TCS to all 27 of their tax-credit properties.
According to Jennifer Nevitt Casey, chief executive officer of Bravo Strategic Marketing and author of the article "How to Market Section 42 Housing," a tool such as the VaultWare Tax Credit Solution can potentially change the industry by increasing the visibility of this inventory segment. "The myth exists that you can't effectively market tax-credit properties on the Internet, but now, thanks to VaultWare, those myths are about to burst," said Jennifer. "VaultWare puts tax-credit properties on an even playing field with market-rate apartments when it comes to marketing. Tax-credit properties now have an avenue to manage and market their inventory, while offering availability status and giving shoppers the ability to reserve an apartment online just like any market-rate apartment using VaultWare. All of this means time savings and decreasing frustrations for potential residents who find out sooner rather than later whether they are qualified."
About Realty DataTrust Corporation
Realty DataTrust Corporation, located in Scottsdale, Arizona, is in the business of making property managers more successful by providing online leasing solutions that create both convenience for shoppers and operational efficiencies for property management companies. In 2002, Realty DataTrust developed and launched the central reservation system for the apartment industry called VaultWare(TM). The patent-pending technology and marketing solution facilitates online leasing by publishing real-time apartment availability, specials, amenities and rents on multiple websites. This enables prospects to pre-screen online instantly, reserve and manage online inventory and complete rental applications online. As a result of VaultWare's integration with most major property management software, resident screening services, national Internet Listing Services and official lease form software, property owners and managers can quickly and easily increase online marketing effectiveness and implement online leasing by simply continuing to use existing services and business procedures. Realty DataTrust processes thousands of requests through its reservation system each month. To learn more about VaultWare, visit the company's website: www.vaultware.com.
(C) 2005 Realty DataTrust. Product names, company names are trademarks of Realty DataTrust. All rights reserved. Some of the product names mentioned herein are for identification purposes and may be trademarks or registered trademarks of their respective companies.
CONTACT: Gina Kilker, +1-480-837-7445, ext. 102, firstname.lastname@example.org, for Realty DataTrust