Today, when it comes to securing leases, it is important to leverage the latest technological tools on the market. This includes taking advantage of virtual touring and virtual leasing software opportunities. When multifamily living communities broaden their target audience and reach more prospective and potential residents, they are able to increase and maintain occupancy rates. In the past, prospects would almost always ask to take a physical tour of the community before they signed a lease; however, given the rapid pace of technological advancement, it is now possible to take a virtual tour of a multifamily community and make a decision — sight unseen. With this shift, 360 virtual tour software has become increasingly popular.
A 360 tour creator is a software program that is able to provide a virtual representation of what life might be like to live in a certain community. A 360 virtual tour usually leverages a model unit, leveraged by the software program, allowing prospective residents to see what a vacant unit might look like. When it comes to the utilization of 360 virtual tours, this software program is great for producing pillar videos to leverage on a website, raising interest for the multifamily living community. After raising top-of-the-funnel awareness, these videos are also often quite successful in convincing potential residents to inquire further about the community.
On the other hand, 360 virtual tours rarely convince a prospective resident alone to sign a lease. While helpful for top-of-the funnel, 360 virtual tour doesn’t provide a prospect with what the actual unit looks like. Therefore, most prospective residents are going to be hesitant to sign a lease without seeing the actual unit for which they are signing. For converting leases, it is better to leverage a live virtual tour program instead of a 360 virtual tour. While a 360 virtual tour can move people down the sales funnel, it is most successful at the top of the sales funnel.