Let’s discuss leasing a car as a quick scenario. Envision yourself leasing or purchasing a car. You might shop online to filter down what type of car you’re interested in purchasing while your friend or parent instantly goes to a dealership. Later down the road (no pun intended), your friend or parent might look up the car online he/she saw in person before making a purchase.
Now, let’s apply the same scenario to multifamily. Renters (current or prospective) search for their next apartment either online, in-person, or a hybrid of both. It’s important to offer touring options to ensure you, a property manager or marketer, can help your on-site teams capture leases quickly!
You get the idea–great! While you understand the benefits of providing virtual touring options, you might still have hesitations about implementing a video strategy. You’re not alone!
J Turner Research
In partnership with J Turner Research, we asked 80+ multifamily leaders their perspectives on video in multifamily: how their on-site teams leverage video tools today to provide touring options (and why they don’t leverage video), how impactful video has been for them, and how they view the future of leasing.
The statistics and insights we collected validated our hypothesis: Video has long-term value in multifamily. BUT, there are a few reservations (and limitations) about video technology today—we address some in the report linked above. However, in this article, we’ll keep it simple and only cover one of the reservations.
In this series, We See Great Video Strategy in Your Future, we’re looking into the crystal ball (and the report) to share the facts and tell the possible video fortunes for you and your properties!
Fact: Some On-Site Teams Struggle to Adopt New Technology
We understand—on-site teams are busy. Let’s say that again… they are b.u.s.y! So, it may be challenging for leasing consultants to find time to learn about video technology. It makes it even more difficult if these leasing agents have never used video technology before or never had the proper training with a previous video vendor.
Overcoming Video Hesitations
Corporate teams need to simplify current on-site responsibilities and processes to allow for the implementation and adoption of beneficial, new technologies, like video. We see this unfolding with innovations like centralized leasing models.
“We simply cannot choose to forgo new technology that would have a positive impact and ROI on our businesses and more importantly, our renters, because we are too overwhelmed. Technology of all kinds, once implemented, can help us simplify and scale our operations and help remove some of the very stressors that are creating a mass exodus that is part of The Great Resignation,” said Kristi Fickert, a 23-year veteran in multifamily marketing.
On-site teams don’t have to do it alone. By partnering with the right multifamily-specific video tool, on-site teams will have a dedicated account strategist to teach them all the ins and outs of what video has to offer them. The video partner should also have helpful resources like a step-by-step article (and pre-recorded video) on how to create a virtual tour.
Another reason on-site teams may struggle to adopt new technology: They aren’t sure where to get started with video. Here are examples of how video is used today:
- Market: Create memorable experiences and get more clicks on your community’s website by embedding videos of the neighborhood or posting the video on social! View the example here.
- Lease: Convert more prospects into renters by providing a live tour option, so leasing agents can answer prospects’ questions/ concerns in real-time. View the example here.
- Engage: Leasing teams can engage new residents by making their move-in day seamless with a video tutorial of what they can expect and instructions on how to move in. View the example here.
Still on the fence about your possible fortunes with video technology? We’ll leave you with a couple of quotes to consider.
“When we first started using Realync, our goal was to help us lease the building a lot quicker. We started leasing in May of 2018, and by August, we had 155 apartments rented which led us to 50% leased.” — Lydia Koenig // Sales and Marketing Associate // 7SEVENTY7
“There’s so much content that can be created through Realync. For example, we’ve created resident testimonials, and we’ve sent personalized follow-up videos to our prospects after they’ve toured. There are just so many reasons to use Realync and communicate a unique message to a unique prospect.” – Brittany Farber, Community Manager, BH Management.
“Where we’ve had the most success with Realync is using it as part of the entire lead nurturing process because of our video library,” said Jenna Miller, Senior Director of Marketing at Bozzuto.
Fortune: We see you considering—or enhancing—your video strategy with an all-in-one solution (we just can’t quite see who you partner with 😉).
Value in Convenient Options During a Purchasing Decision
Next time you go to purchase an item or lease a car, think about the entire experience. Experiencing firsthand the amount of options throughout a purchasing decision will help you see the value in providing an array of touring options for your community!