How to use tech to gain a competitive advantage in multifamily real estate

Knowing your audience can be one of the most challenging parts of owning and managing multifamily real estate. All kinds of people all over the world are looking to become renters for one reason or another, but the most valuable crowds in the multifamily real estate business are millennials and the 55+ age group.

Demand in both sectors is high, and yet both expect a high standard of quality. Millennials who have not yet purchased homes are looking to rent spaces where they get the most out of their hard-earned cash. Seniors may be a bit freer with money, but they expect to find locations that provide certain amenities and services while meeting a standard that matches their established lifestyles.

The next challenge is figuring out how to attract these blocks of renters. Even if they don’t sign a lease on the first place they see, you want them to stick with you and trust that you’ll find them something that works. How can you capture and keep their attention?

Tech has the answer. Most of this work is already done online these days, and even the 55+ age group generally won’t expect to be shown dozens of units in person. More likely than not, they’ll find your website and explore the available units there. The key is to make your website and the offerings on it stand out, and the best way to do that is virtual tours.

Sound futuristic? If it is, then welcome to the future. Virtual tours are becoming an ever-more commonly used piece of technology and nowhere is it having greater impact than in real estate. The best way to stand out and maintain the attention of the most important audiences in multifamily real estate is to feature virtual tours of available units on your website.

Beyond looking impressive and establishing a persona as a professional, cutting-edge real estate brand, virtual tours provide several practical advantages that help you remain competitive in a competitive market.

  • Virtual tours viewers are more likely to stay on your website for longer. Virtual tours is a highly engaging technology – much more so than 2D photos, no matter how professional they are – and encourage viewers to look closely at a property. An entire gallery of virtual tours will keep viewers looking through your units instead of going elsewhere.
  • Virtual tours save you time and money. You have to show less units in person and when you do still show in person, renters are more prepared to sign a lease, having already taken an in-depth look through virtual tours.
  • Virtual tours result in more satisfied customers. Renters get to see a wider array of units in greater detail from the comfort of their own homes. They get to make more informed decisions and their own search is shortened dramatically.

Research is even showing that a growing number of renters expect to view units with some form of virtual tours or another. Not only is virtual tours breaking in the industry, it’s becoming the norm. Time to get ahead of the curve before the curve gets ahead of you.

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