As a property manager, you’re looking for quick wins and ways to streamline your on-site teams day to day. During budget season, you’re most likely vetting out tools to see what value they’ll bring to you and your teams. In many cases, video leasing may be the key to seeing those easy wins come to fruition.

Here are a few numbers and real examples of how video has brought value to multifamily teams from all over the U.S.

Nine Applications in 16 Minutes

Let’s start by taking a look at video leasing’s overall return on investment. If your team use video in your leasing practices and they rent just a single property at the current national average rates, a single rental will cover the cost of your video platform for 3.5-4 years depending on the tool you use.

This community hosted a virtual open house — one 16-minute virtual live tour — it lead to nine applications! Just think about the typical amount of time and effort it takes to get nine applications. Now, imagine if it only takes 16 minutes on a video platform that even one of those filled applications would ultimately pay for. We’ve heard the average in-person tour can take up to an hour whereas with virtual tours we hear the average live tour time is anywhere between 15-30 minutes!

Closed Two Leases After His First Two Times Leveraging Video

We often times hear how on-site teams can be slow to adopt new technology. We totally understand how it can be intimidating! Luckily, for this leasing agent, he looked at new technology as a great challenge— he closed two leases the first two times leveraging Realync! In one scenario, virtual tours saved the renters time from traveling from out of state to come to see the property in person and video saved Andrew so much time.

Closed a Deal with Prospects Overseas in Three Days

You’ve heard it before how some prospects live out of state. IT shouldn’t be customary to treat their tour experience differently than an in-person tour experience. They want to see the real space in real time, not through static imagery. And, this is why video touring is SO important to offer as a touring experience for those who live out of state or overseas. This leasing agent had that right idea and closed the deal with prospects overseas in three days through virtual tours!

Navigating Video During High Occupancy

There are many communities at full capacity right now which is something to celebrate! Yet, you may wonder how video is being used within those occupied buildings. We are seeing leasing teams use video to communicate with renters about community updates, neighborhood events, and maintenance instructional videos (see how this maintenance team took tickets down to ZERO with DIY video instructions!).

See how Porte Navigates Leasing During High Occupancy

Value in Video

There is truly incredible ROI in offering virtual options at your property. Based on these statistics alone, video can make a big difference. So, if you’re looking for easy wins in your everyday marketing and leasing routines, video can boost your conversion rates resulting in long-term value for your properties.

How Video Is Used

One way video can lead to an easy win is with your email campaigns. There are a lot of emails you and your teams are sending out to prospects and renters. How can you see a better engagement and ROI on those emails? Add video!

If a prospect reaches out with initial interest, send a video introducing yourself as their leasing agent. If they’ve signed the lease, send a move-in instructions video or send a series of videos showing move-in processes instead of PDF files. These videos can show how they’ll get their keys, where they should park a moving truck and what elevator to use. These are all going to be extremely impactful and leave a lasting impression on your renters!

Plus, they’ll improve engagement and retention of information. We are, for the most part, not text-only learners. Viewers retain 95% of a message when they watch it in a video, compared to 10% when reading it in the text according to Insivia.

It also doesn’t have to be an extensive video piece. Even adding a gif in an email can improve engagement and response rates.

Video Saves Time

Finding ways to do more things with less time should be in every property manager’s job description.

Using video, you can have 3Xs the number tours in the same amount of time as an in-person tour. As we mentioned before, a virtual video tour lasts around 15-30 minutes. An in-person tour lasts up to an hour but even more, if you factor in drive time for the prospects.

You can take 3X the number tours in the same amount of time when using virtual tours! By simply offering a video tour, you’ll be able to increase your pipeline substantially with minimal, if any, extra effort.

Incorporate Video for Quick Wins

Based on all the numbers we laid out in this article, you’ll find some easy wins by incorporating video throughout the renter lifecycle. However, don’t let that idea feel daunting or unrealistic! Keep in mind these changes don’t all have to happen at once. You and your teams can explore incorporating video into different areas like follow-up communications to prospects. If you get just 1% better each week, it’ll add up. Over a year, you and your team can be around 52% better overall!

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