Speed Up Lease-Up with Live Tour Software
Realync clients consistently see significant increases in lead conversion rates and a faster lease-up phase.
Virtual Leasing Definition
When it comes to the virtual leasing definition, this is any tour or contract signing that takes place in a virtual setting instead of in-person.
When prospective residents think about moving into a new apartment community or condo, they probably have images of showing up in-person, taking a tour, and then deciding whether or not they like the community. Times have changed and virtual leasing has become the new normal. Some studies even cite that half of all prospective residents prefer to tour in a virtual setting. This has given rise to a new virtual lease meaning.
When it comes to the idea of virtual leasing, this starts with the tour. There are two ways that someone might take a tour virtually. The first involves a pre-recorded video tour. With this tour, the leasing agent records a video ahead of time of that specific unit or amenity space. Then, this video is placed either on the website or is sent directly to prospective residents to gauge their interest in the community. The other type of virtual tour is a live video tour. This takes place with prospects on the other end of the camera actively watching as the tour unfolds in front of them. Both of these tours have their place in the world of multifamily communities and both can help leasing agents fill vacant units.
Freelance Virtual Leasing Agent
A new term that people in the multifamily industry might have heard a lot about lately is called a virtual leasing agent. The roles and responsibilities of a leasing agent have changed tremendously over the past few months.
As many people have been told to stay home due to the pandemic, this includes most people who work in the real estate industry. While multifamily professionals are essential employees, leasing offices were shuttered and all leasing activities switched to virtual. In addition to a prospective resident not physically being present for a tour of a vacant unit, there are some cases where the leasing agent might not be present as well. This is where the idea of a freelance leasing agent or an independent leasing agent has grown in popularity. Or simply work-from-home leasing teams.
With a freelance virtual leasing agent, he or she might not physically be at the property as the virtual tour unfolds; however, an independent virtual leasing agent still has enough knowledge of the property to guide the individuals as the tour unfolds. Of course, with this type of tour, the feel of the tour can change significantly. Therefore, it is important for everyone to consider whether they want to have a freelance or virtual leasing agent conducting the tour and what the logistics of that tour will be. Likely, these virtual leasing experiences will be reliant on pre-recorded video tours that are already created and available for a virtual leasing agent. In most cases, it would be better to have a leasing agent who is physically present while the tour unfolds even if the prospective resident cannot be there himself or herself though.
Virtual Leasing Agent Skills and Qualifications
When it comes to the idea of a virtual leasing agent, there are a lot of topics that need to be discussed such as knowing leasing agent skills and qualifications.
First, a virtual leasing agent skills and qualifications should include the right certifications. There are certain tests and background checks that have to be passed before someone can start to work as a leasing agent. In addition to these certifications, it is important to consider the experience of the leasing agent as the more experience someone has in the field, the better. Of course, during this time, it is also important for a virtual leasing agent to be familiar with the technology that is needed to effectively lease the apartment community.
It is also important to consider the salary of a leasing agent. Now, it is important to note that a virtual leasing agent salary is going to vary widely based on location. For example, in large cities where the cost of living is much higher, a leasing agent salary could exceed $100,000 on the first day that person walks through the door. On the other hand, in more rural parts of the country, the salary is going to be lower. However, a contract for a leasing agent might also have incentives built into it that could cause the salary to increase depending on how well the leasing agent performs. These are a few of the most important considerations when it comes to the job of a virtual leasing agent.
Virtual Leasing Tours
Realync virtual leasing tours can be used in multiple ways ranging from public tours to videos on your community website.
Realync’s platform has been designed in such a way that someone can simply aim a phone camera or tablet, point, and shoot. Then, the video can be edited and shared through the Realync app for virtual tours. Through the app, users can edit videos of everything from virtual tours for current resident communication to virtual apartment tours, amenity tours, neighborhood overviews, and more. Then, the videos can be shared on the property website, to social media, directly to prospects, and more.
When it comes to virtual tours real estate, this is becoming the new normal in the industry. While multifamily VR does have its place, that is better as a top of funnel solution to get people interested whereas Realync helps close those prospective residents in the bottom of the funnel. When it comes to finally getting a signature on the dotted line, a human-to-human connection is what matters most as people still want to buy from people and not just technology. That is what sets virtual leasing, including platforms such as Realync, apart from the other options in the industry.