Moving quickly is necessary in today’s real estate environment and leasing agents are always looking for multifamily leasing tips to close leases faster. The good news is there are a few property tools, specifically property technology resources, that can help leasing teams move from lead to lease faster.
What’s a property tool that’s effective? Virtual leasing. Gen Z and Millenials, the two most active generations in multifamily real estate, are almost exclusively making their purchasing decisions through digital experiences. But, specifically, they are looking for authentic and real digital and virtual experiences. And their number one preferred way to learn about a product? Video.
Below are a few leasing tips for apartments that multifamily professionals should consider. These two key multifamily leasing tips can help leasing teams close leases faster.
Virtual Leasing and Video Touring
The number one multifamily leasing tip? Don’t rely on in-person tours as the only way a prospect can tour the property. The first thing leasing agents should do to decrease the overall leasing sales cycle is to enhance the touring process by providing a video touring option.
Virtual touring experiences should be more than 3D or 360 virtual tours. To be efficient, they should be personalized. For example, include personalized floor plan videos, or video tours of the exact unit someone may be interested in living in. Include video tours personalized to the amenities a prospect is interested in. Call the prospect by name or refer to a question they had in a voice introduction. That should be in every leasing agent checklist.
Even qualifying new leads can be faster with video or live virtual touring. The first interaction between a leasing agent and prospect can include the agent sending a playlist of available one-bedroom units that may fit that prospect’s needs, for example. The prospect can then click through that playlist on their own and come into the conversation having already ruled out some of those floor plans. That’s all before stepping foot on the property. They’ve reviewed their options, they are honing in on their search, and they are likely having their questions already answered.
Many leasing agents may see prospects from out of town looking at their communities. Video touring allows agents to connect with them via live virtual tours immediately. That moves the process along rather than waiting weeks for them to be in town for an in-person tour. Moving things along smoother and more efficiently in the leasing process is definitely among the best practices for leasing apartments.
Occasionally a prospect could even be willing to complete the leasing process completely virtually without ever setting foot on the property. However, that’s only going to happen if they are able to see what they want to see. That’s the power of a live virtual tour.
Layering a built for multifamily virtual leasing solution along with adding video into the process can streamline operations significantly. That doesn’t mean a property should totally get rid of them. It just means allowing virtual tours to be part of the leasing agent tools list, a part of the process to benefit when necessary. In-person tours are still enormously valuable. They can and should be used as the closing, final meeting for someone to be able to come in with an idea of what they are going to get – an idea they have because they’ve seen the property virtually. Then that prospect will be able to walk down the leasing office to either give a firm yes or no.
Including video touring is by far the biggest multifamily leasing tip for closing leases faster. However, there is one more thing that’s more super important – communication.
Clear, concise communication and follow-up cannot be undersold. That means clear documentation of what the next steps are throughout the process and outlining those next steps and the timeframe for that. By simply defining next steps by a certain date with a prospect, you are setting the expectations. That’s a clear sign that you understand how to be organized as a leasing agent. You know where the process with a certain prospect is going to go and by when.
Obviously prospects ghosting leasing teams is a problem. One way to combat that is to layer video into the communication process, both as a follow-up and to recap what you’ve talked about, viewed, walked, or toured together. Use the video to outline those next steps, when you’re going to reach out, and what you’re pushing towards collectively with that prospect.
Among the three most important responsibilities of a leasing consultant – listening, responding, and following up – follow up is consistently listed as to where the process tends to fall off. Video can be a major help with that.
In the end, video gets more engagement, and it is the most real and authentic way to communicate something with that prospect. It humanizes the leasing process better than just text or an email ever could. Whether that’s before a prospect sets foot on the property or throughout the leasing process, it’s the best multifamily leasing tip for a faster lead-to-lease cycle.
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