When most multifamily professionals hear video, they typically first think of marketing. It’s the known association that video is a marketing tool and makes sense why that’s where people’s minds would go first. And, by now, most communities and multifamily professionals are well versed on the power of video for those marketing efforts — especially if you’re a reader of this blog.
Video content is king these days. In fact, 85% of the US internet audience watches videos online and, by 2019, video traffic online will account for over 80% of all consumer Internet traffic. With those types of numbers, it is no wonder that 87% of online marketers already use video content in their marketing efforts. And there is no more impactful marketing tool than video as it is one of the most effective ways of communicating a message and ensuring that message sticks with your audience online. Viewers retain 95% of a message when they watch it in a video compared to just 10% when reading it in text.
While all of that is staggeringly powerful, the impact of video goes far beyond just marketing a community and should be thought of in a larger scale. Video is also a powerhouse leasing tool and a revenue generator that can make life around the community easier for both residents and staff. Check out these ways that video has been proving invaluable in ways that go far beyond just marketing:
Conversion Rates and Lease Signing
One of the many benefits of videos is, of course, the money it can quite literally bring in the door. Video conveys messages and shows people what they want to see, which, many times, is all it takes to convert a website visitor to a prospect and a prospect to a resident. Video on a landing page can increase conversions by 80% or more. And 64 percent of consumers make a purchase after watching branded social videos. For multifamily companies, that “purchase” consumers are making is a signed lease.
Even if the prospective resident hasn’t seen the community or unit in person, a video, or several, help streamline and expedite the decision-making process with them coming to the property for a visit having already seen it. Or it could be all they need to sign the lease completely sight-unseen. Take The Bozzuto Group, for example. Using Realync’s video leasing solution, the team at The Sinclair was able to pre-lease over 25% of their units in just 4 months without a single in person tour. You can read all about how they made it happen here. Its proof that using video will not just be a boost for marketing, it’s a boost to the bottom line.
Resident retention starts from day 1 and the very first interaction with a prospective resident. When it comes to ensuring that the leasing and move-in processes, and entire time as a resident are seamless and smooth, video can serve as one of the strongest resident engagement tools around. It can help on-site teams effectively communicate with new and existing residents, promote resident events, and even help reinforce policies.
A new resident can be welcomed with a true “welcome” video that not only introduces them to the property, but also to the staff that they’ll be interacting with on a weekly basis. From the leasing team, to the maintenance team, even other residents – welcome videos can help a new resident feel immediately part of the community. A quick video for current residents about a new amenity or providing information and updates about some potentially annoying “property enhancements” (read: construction) can go a long way. Building trust early and maintaining that trust and engagement is one of the best ways to ensure residents are happy…and continue recommending the property to their friends!
Effective and efficient processes and procedures are the difference between a community operating like a well oiled machine or…well…a rusty old one. But no matter how great processes are on paper, they are only effective if everyone follows them. Video is a great way to streamline repetitive processes and provides a way to simply and easily accomplish redundant tasks. For example, a video on move in policies and procedures can be a great way to improve the overall, and frequent, annoyances of move in day. A video telling new residents where to park their moving truck or what elevator to use, where to find moving carts, or that they can ask the leasing office for help with certain things – all of that can be easily communicated in a quick video.
The effectiveness doesn’t end there though. Maintenance is one of the areas at a community where redundancy and frequently dealing with the same issues time and time again most frequently pops up. Video can help streamline maintenance requests by filming quick tutorial or how-to videos outlining how to fix a tripped breaker, maintain the dryer vent, work the thermostat, and more. Reduce maintenance calls, reduce key-ins for easy fixes, and streamline processes for everyone involved simply and easily with video.
Video is truly a marketing giant. However, if that’s the only way multifamily professionals are using it, they are missing out! Think beyond marketing with your video efforts and you will reap the rewards in many, many ways.
Want to learn more about how video can be an asset beyond just marketing? Email firstname.lastname@example.org — we’re happy to talk strategy, ideas, and more!
Until next time…keep it real!