How Virtual Leasing Apartments Can Generate Results in 22-Minutes
Leasing teams need technology solutions that actually make their day-to-day operations smoother, more efficient, and have real results like a signed lease in 22 minutes – site-unseen (this is a true story!).
Continue reading below to learn more about how virtual leasing can improve your leasing efforts. If you found this information helpful, subscribe to the Realync newsletter to learn more!
The real estate industry has changed significantly during the past few years. In the past, potential residents journeyed to the physical community, scheduled a tour, and then saw in person what the potential property had to offer. Times have changed and virtual leasing has grown exponentially. Virtual leasing simply involves taking a tour of a property virtually via video, not just static images or renderings.
There are lots of virtual leasing ideas for property managers and leasing agents to increase occupancy rates. First, it is important to note that, in many ways, virtual leasing is now the only way to reach out to potential or prospective residents to sign leases. In the era of social distancing, it is increasingly difficult to have any sort of in-person tour or in-person leasing. Therefore, virtual leasing has grown by leaps and bounds.
There are also a lot of factors to consider when it comes to virtual leasing, as not all options are created equal. When people hear the term “virtual leasing,” they often think about 3D or 360 tours. While this technology is impressive and has taken the video game industry to new heights, when it comes to getting leases signed, 3D and 360 tours are much better at the top of the leasing funnel. These technologies inhibit any human-to-human connection which is required to convert leases. This is where virtual leasing sets itself apart from the other options — it allows the prospective resident to interact with the leasing agent live and see the actual space. With virtual leasing playing a bigger role in this industry than ever before, it is important to take the time to explore this concept a bit further.
What Is Virtual Leasing?
For those wondering, “What is virtual leasing?”, there are a few points to keep in mind. First, virtual leasing involves showing a prospective resident the actual building they are considering through a technology. For a multifamily community, this means touring the specific unit that prospective residents might be leasing in addition to showing him or her the common areas such as the lobby, gym, and other amenities. There are lots of reasons why a prospect may move and are unable to tour in-person. Whether it’s social distancing, work conflicts, or inability to travel across the country, virtual leasing allows any and every prospect to have an accurate representation of the community. In concept and in practice, the virtual lease meaning makes sense for multifamily communities.
While the virtual leasing definition can vary slightly from place to place, there are two broad types of tours that can be led with virtual leasing. The first is the live tour, where a leasing agent is physically walking the property and showing their path to the person on the other side of the screen. The second is a virtual leasing tour that is pre-recorded and shown live by a leasing agent in order to answer any questions and provide extra context. Often, these tours are also beneficial to post on websites as it provides further insight into the community. Regardless of your preference, it is important for leasing agents to know how to conduct both types of tours.
Virtual Apartment Leasing
The world of virtual apartment leasing is growing quickly. Virtual leasing apartments have become a critical part of every multifamily community’s strategy. First, when it comes to virtual leasing, it is important to first find the right equipment. When people hear the term virtual leasing, they often envision having to hire trained professionals to help them manage the equipment and use it properly. However, the good news is that technology has come a long way and the methods of virtual leasing have changed significantly. Today, it is possible for leasing agents and property managers to lead a professional tour using nothing but their phones.
Multifamily professionals have to choose the right virtual apartment leasing software. The right virtual leasing software should provide everyone with the ability to simply point and shoot a camera phone, allowing them to capture what they need. Then, this software should allow them to edit the video on their phone. Some software options even provide the ability to add captions. Finally, it should be possible to upload the video to social media or converse with prospective residents on the other end of the phone in a streamlined manner.
Virtual Leasing Tours
Once the leasing professional understands the equipment and software, it is time to enter into the world of virtual leasing tours. As mentioned above, there are two types of tours that a leasing agent or property manager might lead. The first is a live tour, designed for the leasing agent to walk around and show prospective residents a specific unit that they might call home. It might be tempting to show a model unit with a bunch of staged furniture; however, it is important to remember that prospective residents want to see the actual unit in which they will be living. Therefore, take the time to get this unit cleaned up and ensure to showcase the unique features that might set that property apart from the others. Remember to give the prospective residents on the other end of the phone an opportunity to answer questions.
The second type of tour is a pre-recorded tour to allow for flexibility for the agent and also double as content for the multifamily community’s website. Get creative! Include footage of resident events in the tour to showcase your property. Furthermore, don’t be afraid to branch out to the local community. Showcase some of the local shops, bars, and restaurants. With this type of video, the leasing agent is trying to sell a lifestyle in addition to a building.
Virtual Leasing Tips
When it comes to virtual leasing, there are a few tips that everyone should note. First, it is important to follow the virtual leasing best practices. While it can be tempting to invest in technology such as 3D or 360 tours, multifamily VR is simply not the best option when it comes to virtual leasing. Invest in the technology that shows actual video footage to the person on the other end of the screen. Prospective residents do not want to see a virtual representation of their potential home. They want to see the actual space.
In addition, one of the most important best practices is to remember the person on the other end of the screen. If there is a live tour going on, give the other person time to ask questions. Pause between statements and let the prospective resident in. Remember, the goal of any virtual leasing tour is to develop a human-to-human connection. This connection is going to be what convinces the person to sign a lease. As a general rule, interact with the prospect as you would if you were giving an in-person tour. This will make sure that the prospect feels a part of the tour as well.
Virtual Leasing Agent
In addition to the virtual leasing tips above, it is also important to think about the virtual leasing agent. The role of the leasing agent is still important. First, the leasing agent should take the time to look at the property before the tour begins. Go through the unit and ensure it looks clean. Make sure to display the unit in the best light possible. Then, take a look at some of the unique features of the living area. This might include new or upgraded appliances, hardwood floors, custom cabinets, and brand-new countertops. Make sure to highlight these features during the tour.
In addition, try to shoot a few seconds of video as a dry run. How the unit looks on camera might not be how the unit looks to the naked eye. Therefore, take a look at the lighting. If the lighting has to be adjusted, open a few windows or turn on a few of the lights. Then, take a look at the camera again and see if the unit looks bright and inviting. Finally, think about turning the ceiling fans on low. This can create the illusion of a bit of motion in the room, helping the area feel larger. These are a few of the most important points that any virtual leasing agent should remember.
Virtual Leasing Systems
Finally, it is important for everyone to remember the virtual leasing systems themselves. The reality is that there are lots of options from which to choose; however, they aren’t all the same. That’s why we’ve created Realync. There are a few features of Realync that set it apart from the other options available. First, Realync is one of the easiest platforms to use — on one platform across multiple devices or just on your iOS device. Users simply have to point and record. Then, Realync provides users with the ability to conduct either live or pre-recorded tours, adding to its level of versatility. Users can even edit the video, add music, add captions, and post to social media. This is one of the reasons why Realync has become one of the leading virtual leasing systems.
It is critical for everyone to take the time to think carefully about the software they are going to use. It is critical to showcase every open unit in the best light possible and virtual leasing is the most important tool in the modern era of multifamily living.
Ready to Get Real?
Speed Up Lease Up
by providing construction updates and showcase your space without having to do hard hat tours.
PRE-LEASE OCCUPIED UNITS
by ‘showing’ them without having to physically tour the space by sending pre-recorded videos.
CONVERT A HIGHER PERCENTAGE OF YOUR LEADS INTO LEASES
when you receive notifications when prospects are viewing videos to cater your follow up.
SPEND LESS TIME TO CLOSE EACH LEASE
by removing roadblocks and barriers in the leasing process.
INCREASE SIGHT-UNSEEN LEASING
by making it a breeze for out-of-market leads to choose your community.
Improve Community Engagement
PROMOTE YOUR PROGRAMS BETTER
via pre-recorded videos by linking via social media or internal apps.
DECREASE MAINTENANCE REQUESTS
by creating maintenance videos.
REINFORCE COMMUNITY RULES
by receiving notifications when residents are viewing videos to know who has seen a message and who hasn’t.
REDUCE REPETITIVE QUESTIONS
because consumers retain 10% of a message when reading it via text, but 90% of a message when viewed in a video.
More Than Software
is available for every property utilizing Realync.
Make your video efforts consistent
with one set, standardized process and platform.
TRACK ENGAGEMENT And Usage
across your entire portfolio.
Partner with the Realync Team
to create a personalized training program to be rolled out across all properties.
Are you Ready to Get Real?
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