We’ve all heard that a picture is worth a thousand words. Well, if that’s true, how much would a video be worth? According to Forrester researchers, a single minute of video is worth about 1.8 million words. And all of those minutes of video can add up big time for marketers to the tune of 49% faster revenue growth than non-video marketers. Video on a landing page can increase conversions by 80% or more as well. Want more? Email with a video in them receive a 96% higher click-through rate.
With those sorts of numbers supporting the power behind video, it seems like video marketing would be a no brainer for multifamily companies and communities. Yet, many multifamily professionals still aren’t using video as part of their marketing or leasing strategy. Those video statistics aren’t just for ‘other industries’. 40% of prospective buyers and renters find video tours to be very useful and multifamily communities have seen conversion rates at and above 60% from video tours.
With video being so valuable, why are some multifamily teams still leaving money on the table by not using it? One of the biggest reasons, and misconceptions, is that video is too expensive of a strategy. Which, if you’re hiring a full film crew to record every unit, it likely is. The good news is that it doesn’t have to be though. Video can be a very affordable way to show prospective residents your property easily, affordably, and in a trackable way.
It’s true that video production can add up to a pretty penny. Even the most basic video production set ups and teams can still cost upwards of $3,000+. And that’s the low end! Full production videos, from sound to high-tech cameras and crews and rigs and scripting and editing can cost upwards of $12,000 to $15,000. And that is for ONE point in time video. Multiple videos with multiple prospectives are key but EACH video will have that sort of price tag attached to it. From community overview videos to featuring amenities, showing the models, touting the surrounding community, or creating team introduction videos, the list of videos that communities need in this day and age goes on. And that list didn’t even dare include unit-specific videos. Why? Because at $3K to $12K a pop, that’s not even remotely feasible for even the biggest, most luxury community with a seemingly endless budget.
Not to mention, leasing teams know their communities and their audience of prospective residents best. They know what to showcase, how to feature it and sell it, and how to present things in a way that will not only capture someone’s interest, but, hopefully, convert on that interest. A big part of converting on that interest is also knowing how to address any potential questions, issues, or dealbreakers that prospective residents may have. Confronting and addressing those upfront will not only further qualify inbound leads, but increase conversion rates with those questions already addressed. For example, if a leasing agent knows that how their residents have dealt with small closet spaces and been creative with the space, that agent can address that in the video and remove that barrier upfront.
It’s time to talk affordable videography and empowering your teams to do what they do best…market and sell the communities they represent! Using mobile devices, a few add-on devices, and a smart, cloud-based video platform, leasing teams have all they need to create high quality, high caliber videos for any and all purposes. Scratch that…almost everything. Proper training and processes are a critical component of ensuring success for any video effort at the community level. Once that’s all in place though, your teams are equipped with quality videos that properly convey the messages needed to be conveyed and hosted on a platform that allows those videos to be easily shared on social media, via email or other means. Get the right platform in place and you’ll even have an integrated solution that updates guest card activities when videos are sent or viewed and provide full reporting on the success of those video efforts.
Worried about the quality of videos produced by on-site teams? Don’t be! Realness, authenticity, and transparency have become some of the most highly sought after values during the real estate search process for Millennial and Gen Z. These demographics are obsessed with the idea of honesty and transparency with the brands they interact with. More and more people, particularly those in the Gen Z and Millennial demographics, have a strong desire to see more of the real side of properties where they are searching from (online).
Beyond videos produced by on-site teams being easy to produce and share, and highly sought after by prospective residents today, they are also much less cost-prohibitive than pursuing full production crews for your video needs. Another way of phrasing that is that DIY video is extremely affordable! Take Realync for example. Realync’s video leasing solution provides all training for on-site teams, a cloud-based video creation and hosting tool, full data and analytics, and unlimited videos (both live and recorded). And all of that costs less than is less than the cost of one, maybe two, professionally produced videos.
Equipping and empowering multifamily teams to create real, transparent videos will deliver results. And that isn’t just a promise, it’s data driven fact. Having an integrated video solution that tracks all video efforts, shares, and, most importantly, the actual ROI of those video efforts, will prove the effectiveness of DIY video produced at the site level.
Not sold on the ROI? How about the fact that you can get literally as many videos as you and your team want or need when producing them yourselves! One Realync client created 96 videos in their FIRST MONTH of being on the Realync platform. Multiply that by the $3K each they would have paid with a videography team and that’s hard to even fathom.
Video is clearly a critical aspect to multifamily marketing and leasing. Its value has been proven time and again. If you feel that cost is a barrier for your communities, it may be time to re-evaluate the how behind your video desires. With a platform like Realync, you will not only find the value of a more affordable video option for your communities, but will unlock additional value with proper training, support, cloud-based tracking, and multifamily integrations. It may be about time that you take a hard look at where your video dollars are going.
Questions about the numbers supporting these on-site video efforts or want to learn what pricing may look like for your teams? Email firstname.lastname@example.org. We’re here to help!
Until next time…keep it real!