When multifamily budget season rolls around, corporate teams everywhere take a close look at where they can add, enhance, or drop certain budget line items.
When it comes to multifamily technologies, there are so many on the market, that it can be difficult to determine which will really benefit your team and property in the long run. That’s where we can help!
Here are our top three property technologies to include this multifamily budget season.
Our first recommendation to make sure and consider in your multifamily budgeting? Video.
Video is a must-have for your tech stack, not only because it allows for quicker and more genuine connection with prospects, but it also allows you to easily pivot operations no matter what is thrown your way. From a pandemic to a weather event to being short-staffed, video technology means you can quickly pivot with little, if any, pause. You can use video to start or continue conversations through virtual leasing whenever you need.
Incorporating video also equips your team to better cater to those who want the convenience factor that comes with video tours. Maybe they can’t come to your property because they are renting remotely. Or maybe they just don’t want to make the drive. Regardless of the reason, virtual touring brings a bigger convenience factor – and convenience wins every time with today’s customers. Prospective renters will always take the path of least resistance.
In addition, video will facilitate and improve conversion rates. It will help you get through the lead-to-tour-to-lease funnel faster and easier. Video can also help convert if you’re using it in your email marketing efforts. If you’re struggling to get responses from prospects, video is a great way to stand out in the inbox. It’s the key to getting better open and response rates.
If you still aren’t convinced about the value of video, consider this new statistic. One in four renters found their new home without setting foot in the apartment building. That’s one out of every four prospects you’ll miss out on if you don’t offer a video touring and leasing option.
You can even drive virtual touring traffic by adding a pop-up to your website and asking if they’d like to request a personalized video tour. They can opt into that with a name and email, at which point the leasing team would customize a video, likely one already in the library, and send it over. That’s a great way to capture leads and layer video in the early, top-of-funnel phase of the renter journey.
Technology to Connect
While video does quite a bit, it doesn’t do everything. That’s why it’s also important to consider a tool that will easily connect prospects to existing residents. During multifamily budgeting, consider a resident referral tool like Rentgrata. Rentgrata offers prospective renters the opportunity to message current renters of apartment buildings when considering a new place.
This tool is extremely valuable because people trust the opinions of their friends, community, and even online ratings and reviews more than any marketing message. They want real, first-hand experiences when buying anything from a vacuum cleaner to which resort to book their next vacation. The same is true for apartments. We love to read and hear about people who have already had an experience with the property – which is why connecting prospects to current renters are so effective.
Today, most prospects are only touring on average two properties. You have to stand out and put resources directly into the hands of prospects quickly. Again, it goes back to convenience. If you wait for them to connect dots or figure things out, you’ll lose them. The more you can put a product in front of them that removes friction to make things seamless, and also builds your authority – confirming you’re the right choice – the more likely you’ll get the rental.
Tech for Tour Scheduling
Another piece of technology to include in a property management budget is an automated tour scheduler. While this type of technology has been around for a while, not all properties have embraced it.
And it’s really important to have. Why? Well, renters who schedule their own tours are four times more likely to show up. Now, we’re talking about any type of tour where they schedule an appointment to take the tour, whether that’s in person, remote or self-guided.
If renters are only touring an average of two properties, you want to be one of them. Making the tour scheduling process easy and quick is critical. If you’re not offering self-scheduling, you’re asking the prospect to reach out and connect with your team, then schedule the appointment with the team. By the time all of that happens, they’ve moved on to a competitor that made it easier for them. The ease of self-schedule takes extra steps out and gets the prospect in the door quicker.
The best technologies to include in your multifamily budget have one thing in common – convenience. Across all these tools, the main benefit you’re offering prospects is convenience and that wins every time.
78% of Leaders Agree Video is a Must-Have Tool
Enhancing your video leasing strategy with 1:1, DIY, or pre-recorded videos will help leasing teams WIN more leases! Don’t just take our word for it, reference our recently released report (in partnership with J Turner)!