In 2020, multifamily saw exponential growth for virtual leasing. Since in-person experiences were stopped due to the pandemic, multifamily had to get creative. A lot of communities turned to virtual leasing.

However, while virtual leasing grew in 2020, it had actually been around for years – multifamily just didn’t necessarily see the benefits quite yet. Fast forward to 2022, and that’s not changed.

Virtual leasing isn’t just some trend in multifamily real estate. It’s an effective and efficient leasing method that’s here to stay now that prospective residents’ preferences are changing. In fact, 40% of renters said that post-pandemic they want both virtual and in-person options for viewing units. Here’s why.

Preferences Are Evolving

When prospects look for a new apartment, they want options. Convenience is a major reason why. Prospects don’t want to travel across town, across the state, or even across the country to find an apartment. That takes a lot of time! But, they still want a transparent experience that most in-person tours provide.

Over the last two years, it’s evident leasing teams learned how to give personalized, authentic video experiences that left memorable impressions on prospects. See how these leasing agents…

• Closed a deal with prospects overseas in three days
• Closed two leases after his first two times ever leveraging video tours

When leasing offices weren’t fully open, the multifamily industry shifted to 100% virtual leasing. It opened the eyes to those who hadn’t seen the benefits of virtual leasing and reaffirmed to those who had, just how easy, impactful, and necessary video can be. It showed that leasing teams can actually give virtual experiences with the same or higher conversion rates as in-person touring. That’s not something people on the leasing team or prospective resident side want to give up.

Prospects Need Options

One of the main benefits of virtual leasing is that leasing teams are providing a multifaceted leasing experience, rather than a one-dimensional version. Leasing teams and prospects are fully settling into this multifaceted approach as the new normal for leasing.

Leasing is no longer one-dimensional and reliant only on foot traffic. There are prospects who will want a virtual first, or a virtual only, leasing experience. By not offering a virtual leasing option, you risk losing that prospect to the competition.

Along those lines, consumers are getting louder and smarter when it comes to their desired experiences. This is where multifaceted and multidimensional leasing comes into play. Leasing teams must be even more service-oriented, focused on listening to leads and prospects. This also means understanding their needs and catering the leasing experience accordingly.

The leasing experience is now an all encompassing offering. You must offer pre-recorded and live virtual video tours, self-guided tours, and, still, in-person tour options. You’re going to have prospects asking for any range and combination of these options.

Virtual leasing apartments is going to be a critical aspect of leasing in 2022 and beyond. It’s only going to see more growth and development as leasing teams and prospects grow increasingly comfortable with it and realize all the ways it can make the leasing process easier without sacrificing transparency.

A new world of opportunities opens up with virtual leasing when it comes to how to streamline and enhance the leasing process, making it as effective and highly converting as possible.

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