The Best Multifamily Technology Tools to Lease Up Your Property
Multifamily technology is heavily involved in how renters browse for potential places to live. Apartment complexes and buildings are leveraging technology creatively to help their vacant units stand out.
The internet is extremely saturated with noise within the real estate rental space. The multifamily owners that can leverage technology to their advantage when attempting to lease up their property are the ones saving more money by limiting vacancies.
As multifamily owners, property managers, and real estate professionals, it’s vital that we change and adapt to multifamily technology within the industry.
Here are several creative uses of multifamily technology that you can implement to help lease up your property and avoid vacancy costs.
1. 3D Virtual Tours
Consumers browse and shop online for goods and services more than ever. The same applies to the multifamily industry. When renters browse for potential places to move into, most search online. How can you better reach potential renters looking for apartments online?
Consider creating a 3D virtual tour of the unit that is coming available to rent. 3D tours are becoming more popular because of how immersive they are. A potential resident can fully experience what it’s like to walk through a unit via a virtual tour. If your community offers this and others don’t, yours will surely stand out from the crowd.
It can be challenging to motivate a prospective resident to physically visit your property and view the available units. 3D virtual tours enable renters to view a space entirely and get a very good idea of their true interest in living there. 3D virtual tours will generate more interest from renters looking online for a place to live and ultimately will help you fill the unit faster.
2. Aerial Drone Footage
Does your multifamily building offer outdoor amenities, parking, and green areas to walk around? If there are any features of your property worth highlighting from the sky, do it. Property managers are utilizing drones to capture aerial footage of properties and buildings they are trying to get leased. For example, if the property has a pool and outdoor yard space on the grounds, capturing that through a drone video can help showcase these features to potential residents browsing online.
People love videos because it allows them to experience something through a different lens and perspective. By highlighting the outdoor features of a property, you will naturally generate more interest from prospects. The drone videos that you capture are also considered evergreen content. You can continue to reuse them as long as the video doesn’t appear outdated. It’s worth the one-time investment to leverage drone footage to help show off your property and get it leased up.
3. QR Code Advertising
When browsing for a place to live, renters want information quickly. The more easily accessible your apartment details are, the more web traffic you can receive. Consider using QR codes to creatively advertise your community and increase occupancy rate.
QR codes can be placed anywhere. For example, if you have a mailing list, you can place QR codes on a postcard that you mail out that links to an available floorplan, the drone video, or a 3D virtual tour. The options for what you want the QR code to link back to are endless.
QR codes are an inexpensive way to generate more interest in your property. These codes are free to create online, depending on how unique and customized you want them to be. It’s not uncommon to now see QR codes on physical signs or billboards throughout your travels. Wherever you think it could be relevant to place one, do it.
Another good example of how you can leverage QR codes is through a resident referral program. Referring someone can take work. The easier that you make that possible for someone, the more likely they are to refer to you. If you have a leasing office or common area at your property, consider hanging up a poster with a QR code that links to a webpage describing your resident referral program.
Certain property managers will offer an incentive or gift if they receive a referral. The QR code can go directly to a webpage containing the referral program information and a submission form where people can enter their referrals. These codes leverage technology by allowing people to give you referrals to lease your units within a few seconds, right from their smartphones.
Jenn is an experienced writer for the real estate industry and a house flipper for We Buy Houses in Denver. If she’s not swinging a hammer, she’s either writing about different real estate topics or reviewing investment property opportunities.