Recently, we’ve heard how video technology is only for class A and class B properties or lease-ups and new development. Understandably, this idea came about because of the high upfront costs for implementing video technology. But, that couldn’t be further from the truth! Regardless of the status, type, or leasing stage of your building, you can see your return on the investment in video technology as quickly as…
- 22-minutes, site-unseen (listen to how this leasing agent did it).
- With the first two times ever leveraging video technology (see how this leasing agent did just that).
- Three days with prospects overseas (check out how this leasing agent accomplished it).
Technology is being adopted quicker and more often as you (a Regional Property Manager or a Marketer) are seeing success in leasing teams’ video efforts. And, prospects are craving more convenient touring options than ever before!
Regardless of your building’s status, leasing stage, or type, there are multiple ways to use video (at Realync, we don’t judge a building by its type!). And, we’ve seen it done for all! So, how can video technology work for your property’s marketing, leasing, and resident engagement strategy? Here’s how.
Class Status – How to Use Video Effectively to See Favorable Results
If your building is brand new, newer, or historic, you need to capture more eyeballs as soon as possible! For Bozzuto, they first heard about video technology (Realync!) in their Chicago market in 2017, when new development began.
In the words of Noel Carson, Senior Director of Marketing at Bozzuto, “Video has been invaluable to us, especially with our active new developments where we’ve connected with prospects with buildings that haven’t been delivered yet.”
Video has been vital for Bozzuto’s leasing strategy, but not just for leasing – it’s been vital to the entire resident journey. “Where we’ve had the most success with video is using it as part of the entire lead nurturing process because of our video library,” said Jenna Miller, Senior Director of Marketing at Bozzuto.
Realync is now active in 191 Bozzuto properties!
Class B and C
Britni Miltner, National Account Strategist at Realync and 20 years of experience in the multifamily industry, shares just how video brings value to your communities.
“Video technology gives class B and C buildings a leg up over competitors because they’re offering options — appealing to prospects’ preferences. Prospects want to be treated the same as prospects who are touring a class A property – they want convenient, touring options regardless of type,” said Britni. “Also, with these buildings being a little older, there are likely more maintenance requests. With video, maintenance can create content to share for service requests that are repetitive, cutting down on service requests, and opening maintenance teams up to focus on emergency requests.”
Listen to how this maintenance team leveraged video and cut maintenance requests to ZERO for tripping a breaker after sending a DIY video to residents.
Britni adds, “Think about questions/comments you have on a daily basis – create a video and QR code signage! Saves leasing teams so much time so they don’t have to repeat over and over again.”
Property Type – How to Use Video Effectively to See Favorable Results
Millennials and Generation Z are the bulk of renters today. Both generations grew up surrounded by advanced technology, so when it comes to buying habits, they are most likely online (so you should be too!). With video, you can market, lease, and engage current and prospective residents more easily. Leasing teams can create and share videos on social, Internet Listing Services (ILS) sites, and as a follow-up tool regardless of property type. Here are a few video ideas our clients create for their property type:
- Market Rate – Amenity videos of the pool, community dog park, the neighborhood, rooftop terrace, community garden, co-working spaces, and outdoor kitchen with grills.
- Student Housing – Pre-recorded videos for decision-makers who aren’t local and to communicate with lease guarantors (aka, mom or dad) via email to keep them updated on property happenings.
- Senior Housing – Live tours to communicate with other decision-makers who may not live nearby – or use pre-recorded videos for email communication.
- Affordable – Move-in/out videos for a smooth move-in/out process and collections after move-out.
Leasing Stages – How to Use Video Effectively to See Favorable Results
Using video during construction can be messy and might not be your first solution to meet leasing goals. But we’d argue it’s quite the opposite, so much so, we’ll back up this claim…
Think about HGTV for a moment — people love seeing home renovations or, in your case, how a home develops from the ground up. It tells a story; a real story.
The team at the Railyard at Midtown proved exactly why showcasing their property under construction is positively viewed. Prospects today want to see the real thing, get the inside scoop on the development, hear more about the deeper meaning of what makes this property so special, especially during construction. In just three short months the Railyard pre-leased 10% of their 208 units before providing a single on-site tour – s/o to Railyard’s leasing team’s storytelling skills!
Airie, managed by BH Management, began pre-leasing in April 2021 in Denver, Colorado. To showcase their beautiful new community, Airie turned to video strategizing.
“There’s so much video content that can be created to show off your beautiful, new property. We’ve created resident testimonials, and we’ve sent personalized follow-up videos to our prospects after they’ve toured. There are just so many reasons to use Realync and communicate a unique message to a unique prospect.” – Brittany Farber, Community Manager, BH Management.
During Airie’s lease-up phase, April 2021 to July 2021, the leasing team at Airie created 617 unique videos which resulted in over 1500 views. In addition, they continue to create engaging videos showcasing Airie’s amenities, beautiful lake, and other features that make Airie genuinely unique!
Since you’re killing it with your leasing strategies, we’re sure you’re doing the same with your video content strategies. But, adding an outside perspective into your leasing and marketing strategy discussions is always a great practice regardless of whether you’re just getting started with video or not, so consider creating a few of these videos while your community is occupied!
Remember that you are not always going to be highly occupied, so you’ll want to have that unit library built out for when units are about to turn, and you have interested prospects. Here are a few video ideas:
- Build out a move-in video playlist – For example, a meet the team video or where to unload for move-in video
- Create maintenance tips and trick videos – For example, a how-to reset the garbage disposal video
- Create seasonal video updates – For example, a pool policy video or parking/snow removal video.
Close the Digital Divide
To answer our question at the beginning of this article, how can video technology work for your property’s marketing and leasing strategy? It really comes down to setting your teams up for success, and investing in a centralized, multifamily-built video engagement platform, like Realync! The Client Success team at Realync will help train and empower your on-site teams with video technology – ultimately, satisfying your marketing and leasing objectives.
However, the cost-benefit of video technology (and other tools!) will always be a topic of conversation. This is part of the reason we have a team ready to assist and help you make decisions by answering those burning questions. If you’re unsure of cost, use-cases for how your teams would use video or if you need more information on ROI, we’re here to help!