How An Offsite Team Pre-Leased a 390-unit Community to 25% with Zero In-Person Tours
“We simply couldn’t have provided the same leasing results for The Sinclair without Realync’s video leasing technology.”
—Pei Pei Mirabella // Regional Portfolio Manager // The Bozzuto Group
Overcome Pre-Leasing Challenges
Pre-leasing a multifamily community is not unfamiliar for the Bozzuto team. With over 240 communities under management and 40+ active lease-ups at any given time, they have become quite the experts in pre-leasing. However, when Fifield Development Company chose Bozzuto to manage their upcoming Chicago project, The Sinclair, it brought with it a new challenge. The Sinclair, a 390-unit luxury Class-A community in Chicago’s Gold Coast, had its leasing office offsite during construction. While an offsite leasing office is not entirely uncommon, the team also was not able to conduct hard hat tours or in-person showings until launch, posing a new challenge yet to be faced by the Bozzuto team in Chicago.
Pei Pei Mirabella, Regional Porfolio Manager for Bozzuto said this about the project, “We had lofty goals for pre-leasing The Sinclair and knew that not being able to provide tours of the building would present a challenge. Finding Realync’s video leasing platform gave us the tool to go into this project knowing we had the means and technology to begin pre-leasing.”
Streamline Pre-Leasing Efforts
Understanding the complexity of their project, the Fifield team brought Realync to Bozzuto’s attention as a platform to help streamline pre-leasing efforts. Bozzuto’s management team collectively believed that Realync’s video leasing platform would empower them to showcase the space amidst construction, build relationships and buy-in with prospective residents, and, ultimately, sign leases. Putting Realync to use, the leasing team at The Sinclair began building an online library of pre-recorded videos that ranged from unit-specific tours showcasing the views or layouts to construction updates touting the amenities or kitchen finishings as they were completed. The team then used the videos in outbound email campaigns to their lead list and by sending them directly to prospective residents as previews of the space.
The Sinclair’s leasing team also put Realync’s live video tours to use as a substitute for in-person hard hat tours. With Realync, the leasing team was able to virtually walk prospective residents through units while having a live video conversation in which they were able to answer questions and tour as if the prospective resident was physically there with them.
Initially, Bozzuto was faced with the challenge of decreased touring capabilities during pre-leasing while still being held to lofty lease-up goals. The leasing team’s use of Realync video tours during The Sinclair’s pre-leasing process not only alleviated many of the touring pain points they were facing, but accelerated their leasing velocity at the same time.
“We knew the location of the off-site preleasing center would present some challenges. But, the combination of Bozzuto’s top-notch leasing talent alongside Realync’s video leasing technology was exactly what we needed. We were tremendously excited with the results, and look forward to many more successful projects together.”
—Justin Pease // Vice President of Asset Management // Fifield
About the Bozzuto Group
Headquartered in Greenbelt, MD, Bozzuto Management is one of the nation’s premier multifamily management companies, partnering with over 50 third-party owners across the US. They elevate communities and lives through their powerful culture and unique expertise.
Realync is multifamily’s only Fair Housing compliant video leasing platform that enables do-it-yourself video and live video tours. With Realync, you can truly engage with each prospective resident to show them exactly what they need to see, when they need to see it.