This multifamily budget season is here! Every year, multifamily teams work on their annual budget for the next year, taking into account a variety of variables like weather, unemployment, regulations, utility bills, you name it. More than ever, multifamily teams need to ensure that their budgets are flexible and easy to adapt to the unpredictable world that we now live in.
One of the best ways to maintain that adaptability is through integrating a virtual leasing strategy into your multifamily budget.
When building an effective video leasing strategy into a multifamily budget, there are two main areas to focus on – a built-for multifamily platform and training leasing teams on how to use it.
Built for Multifamily
When thinking about a virtual leasing solution, you should start with foundational technology that works with multifamily systems and processes seamlessly. So, the first piece that should be budgeted for in a multifamily property management budget is a video leasing platform that is actually built for multifamily.
Sure, teams can create their own videos to use in virtual leasing endeavors. They can pull out their iPhones or Android mobile phones and do a quick recording on FaceTime or on their native recording app. They could also use other solutions that aren’t built for multifamily. Could that result in a nice video? Of course, it could. However, it likely won’t work within a virtual leasing strategy, integrating into multifamily systems and having the necessary compliance measures.
Those are the reasons why a built-for multifamily video leasing platform should be a key component in your leasing strategy and the multifamily operating budget. Leasing teams will reap the benefits! It will integrate with their existing leasing processes, including their lead management system, communications tools, and their websites and listing platforms – streamlining their day-to-day operations.
Last, but not least, it provides critical compliance factors such as Fair Housing compliance and compliance with WCAG. Not having those types of compliance checks and balances isn’t a gamble most properties want to make.
Capture more leases with video and see how others are doing it with our Virtual Leasing in 2022 how-to guide!
Training and Support
So, you purchase the software, now what? When deciding which platform to partner with, consider if they provide training. On-site leasing teams not only need the technology, but they also need training on how to use it. While a property may work virtual leasing and video platform into their property operating budget, they can’t just expect their leasing teams to automatically know how to use it. They aren’t trained professional videographers.
Most leasing teams have been doing their jobs in a specific way for a long time. So, it’s understandable that they might not have the time to learn how to use new technology all on their own – especially if they aren’t sure if it will streamline their processes (which it will!) Successful leasing teams have been training on how to use virtual leasing tools!
With a truly built-for multifamily platform, many of those providers will also have a robust training and onboarding program for their agents. That means, with a provider like Realync, training may not have to be an extra line item in the annual operating budget.
Upfront and ongoing training is a critical factor when making your video and virtual leasing strategy successful. For example, Realync wants to see onsite teams be successful with the platform. As such, Realync mandates upfront training for every team they work with. It also can’t be a one-and-done situation. Turnover happens. Changes and additions to the technology happen. Training needs to be an ongoing process. New agents hired should also be trained effectively on the tools, systems, and processes they’ll be using on-site. Particularly if teams want to get the most from their video leasing strategy, all agents will need training on how to pitch virtual leasing and how to be smooth, polished, and professional with those experiences. They’ll need to know what to do, what not to do, what to say, and what not to say.
We understand that this only scratches the surface of building a video leasing strategy. But, when it comes to what should be foundational in your budget for your property, these two are must-haves. Stay ahead of the competition with a built-for multifamily virtual leasing platform, who also offers training and support when you need it!
Multifamily: Get started with video leasing with this how-to playbook as it guides you through best practices!
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