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.