Assetsoft - Blog #virtual tours

How To Improve Property Tours Using Technology?

Thu, 14 Oct 2021 10:00:00 -0500

Did you know properties with virtual tours get 87% more views when compared to listings without tours? Modern property tours have massive potential to improve real estate sales if implemented the right way.

Today, technologies such as VR and AI help create immersive property viewing experiences. Yet, most businesses struggle to create attractive virtual tours, despite the availability of technology.

Very few virtual tours meet user expectations

Though virtual property tours have been here for a long time, not every tour is designed to be user-friendly. Most virtual tours offer still images or plain videos that the users can’t interact with.

Some also don’t cover enough detail for prospects to thoroughly view the property. A few others have an inconvenient interface, while some others use poor-quality images. As a result, prospects need to contact an agent or skip the property altogether.

Nearly 63% of prospects are ready to buy a property without actually visiting it. As a property manager, you need to make sure your virtual tours meet those standards.

Virtual tours go beyond simple videos and images

Using technology, you can create virtual tours that give a realistic experience of visiting the property. Such tours don’t stop at panoramic images or 2D videos of the home but utilize virtual reality and artificial intelligence to make the tour a complete experience.

Depending on your requirements, you can use the following formats to design a virtual tour for your properties.

3D Floor plans

3D plans provide a more detailed view of the property. According to Rightmove, properties with floor plans received 30% more attention from prospects compared to those without. 3D floor plans also provide an accurate view of distance and square footage, something normal pictures cannot do.

Interactive walkthroughs

These are point-of-view tours that allow users to click on each room to view the images. These tours let the users explore the property at their own pace, from the comfort of their homes.

Users can also click on different features such as the floor or the ceiling to know more details about it. Matterport statistics say that 40% of home buyers found interactive maps highly useful.

Video call tours

Users can schedule a call with an agent who will show them the property through a video call. A study by N N Group found that users wanted expert guidance during virtual tours, something video call tours can easily fulfill. These calls are highly interactive, but might not be a feasible option for people who want to view the properties at their own convenience.

While these formats are the most popularly used, you can combine two or more of them to build your own virtual property tour.

How to design a compelling virtual tour

Virtual tours not only help home buyers view the property, but they also help you sell. The more interesting the tour, the more it will be viewed by prospects. You can design such tours by following the below-mentioned best practices.

Provide some form of interaction

A study by TIG Global found that the conversion rate of virtual tours was directly linked to the level of engagement it generated. Interactive tools let the buyers take charge of the tour and make it self-guided. Creating multi-directional tours instead of linear ones also makes it more interactive.

While video calls or guided tours are highly engaging, interactions needn’t always be with another person. You can include clickable features in a walkthrough that give images or details of the room when clicked.

You can also use an AI chatbot like RENTCafé CHAT IQ to guide the users through the tour. Such chatbots provide detailed information about the property and also clear any doubts the prospect has. Collecting the prospect’s details and finalizing the purchase is also easier with chatbots.

Include more than just the property

When prospects visit a property, they take a look at the street, the backyard, and even the neighborhood. You can recreate a similar experience through virtual tours by including the parts outside your property.

This is also an excellent opportunity to highlight any useful amenities in the area. Is your property near a school? Does the area provide a good scenic view? Include these in the property tour to attract more home buyers.

Be mindful of the image/video quality

The first impression of the property is created through virtual tours. When users take the tour, they want to see what the property exactly looks like. Images with poor lighting or bad angles can make the prospect feel negative about the property.

Choose the right time to get your property clicked. Use natural lighting and proper angles to make the images stand out. Also, declutter the property before clicking the pictures. Make sure that the apartment looks presentable and clean, as this can create a better image in the minds of the prospects.

Use suitable virtual tour software

You can create excellent virtual tours using various software. They reduce the amount of technical burden required to publish a virtual tour. Many platforms allow you to create virtual tours on the internet. However, not all platforms are the same. Some provide 360o viewings while others create full-motion videos.

Based on your requirements, choose platforms that allow you to combine more than one form of virtual tours. For example, you can use 3D floor plans along with interactive walkthroughs to create a detailed property tour. Virtual tour creation platforms need to be user-friendly, provide smooth integration, and have reliable support.

Find the ideal real estate tech solutions through Assetsoft

Want to find the right software to design your virtual tours? Assetsoft can help! Using state-of-art property management software like Yardi and MRI, we can help you build customized tools for your real estate business.

Our experts provide you with solutions that are compatible with your business goals while also being cost-effective. With Assetsoft, you can leverage the best resources in real estate technology effectively and see real-time growth in your business.

For customized software integrations, contact us at Assetsoft!

Are You Ready For Generation Z Renters?

Thu, 07 Oct 2021 08:00:00 -0500

For the past few years, the global real estate industry focused on marketing to one target audience: millennials. But as technology develops, we have an entire generation having a different set of requirements. Gen Z renters are digital natives who haven’t lived without the internet. As the oldest ones turn 24 this year, now is the perfect time to prepare your business for the new generation.

There are around 68 million people belonging to Gen Z in the US alone. This demographic is the reason why most property managers want to cater to their needs. To give you a head start, we have compiled the best ways you can use technology to attract Gen Z renters.

Finding properties online

Gen Z uses social media for almost everything, even finding properties. Instagram and Youtube are some of their favorite online platforms. Even though Google search is still a popular method to market properties, you need to look beyond that to reach Gen Z renters.

Modify your marketing strategy to include social media platforms. In addition to Gen Z renters, these platforms also contain a large audience of all age groups. By creating the right ads, you can target the Gen Z renters while still marketing to other groups. Well-performing social media posts also show up as search results which drive organic traffic.

Improve your SEO strategy and create engaging social media posts to build a clientele of Gen Z renters. They also value personalization right from their playlists to their apartments. Create a brand strategy that speaks to them and personalizes their tenant experience.

Affordability over amenities

Even the oldest Gen Z members are still just out of college and looking for a place to live. They look for financial stability and believe in “saving” more than “spending.” A survey by BHG Real estate reveals that Gen Z tenants are ready to give up luxuries to achieve homeownership.

While they value tech and connectivity in their living spaces, affordability is still their topmost priority. Rental prices that allow them to save for their future home are most appealing to this generation.

They also prefer long-term leases that are longer than a year. This helps them achieve stability while they work for their future. According to a survey by Tenant Cloud, 55% of Gen Z renters plan to rent for a few more years, till they can buy their own properties.

Reviews matter

Gen Z do the most research online with 30% of them checking ratings and reviews before touring a property. So apart from listing your property on social media platforms, you also need to build a positive reputation around your property management business.

The best way to get reviews is to ask your current or previous residents. However, tenant experience plays an important role in what kind of review you will get. People rarely need a push to write about a negative experience. But if you ensure quality service to tenants, you can easily get positive reviews from them.

Consider collecting tenant feedback to improve your services accordingly. Tenant portals such as MRI Tenant Connect are an excellent way to maintain tenant communication and collect feedback.

More tour options

For Gen Z renters, property tours need not be on-site with an agent. A survey by RentCafe revealed that 52% of Gen Z renters chose non-traditional property touring methods including virtual and self-guided tours.

Virtual tours use a collection of images and videos that allow a tenant to view a property through phones and computers. You can also conduct virtual tours through video calls with an agent showing them through the property. Virtual tours save time as prospects can view the properties at their own convenience.

Self-guided tours, on the other hand, are conducted on-site. But, these tours lack an agent and the prospects view the properties on their own. Tools such as RentCafe Self-Guided Tours help create a seamless property touring experience. The software includes features such as tour scheduling and ID verification. You can also use AI chatbots to assist prospects throughout their property viewings.

High-speed internet connection

Since this generation is tech-dependent, it is no surprise that high-speed internet connection is the number one priority for them. Ensuring excellent connectivity through WiFi makes your property stand out. As the remote working trend is also catching up, building co-working spaces with a reliable internet connection are also helpful for all your tenants.

You can implement WiFi-as-a-Service (WaaS) to accommodate a high number of devices. WaaS allows your tenants to access the internet directly from your WiFi network. Tenants can choose their own bandwidth speeds through different monthly packages. A WiFi connection also unlocks a whole bunch of advanced amenities that can attract Gen Z tenants.

Smart home tech is a must

Smart home amenities provide favorable housing conditions that appeal to Gen Z. Around 62% of Gen Z renters believe that technology is very important when renting a property. Apart from the convenience and cost savings, these amenities also help in environmental conservation.

Smart home technologies include a host of amenities such as:

Digital locks: Locks that use QR codes or biometric scanners instead of keys.
Smart Lights: Lights that work through voice or motion activation.
Smart thermostats: Adjusting temperature by gauging the number of people in the room, external temperature, and more.

Using AI, machine learning, and the IoT, you can implement smart amenities that are fit for the Gen Z renters.

Prepare for Gen Z together with Assetsoft

Gen Z thrives on digital advancement in rental properties. Assetsoft can help you implement suitable technology through RPA, artificial intelligence, and the IoT. Our team works with the clients to build a custom strategy for each business.

Whether it is property management software or smart home amenities, we can help you with all your real estate technology requirements. Our experts are with you even after implementation by providing the required support and training. By working with Assetsoft, you can leverage the best technology and resources to boost your business effectively.

Talk to us at Assetsoft to make your business Gen Z ready!

The Long-Term Impacts Of COVID-19 On The Multifamily Industry

Thu, 09 Sep 2021 13:50:05 -0500

The Covid-19 pandemic disrupted multifamily fundamentals in unprecedented ways. While the industry made several short-term changes, the impact of the pandemic isn’t limited to a certain time. According to The Business Research Company, the global real estate market is expected to grow to $4.6 trillion in 2022.

As the industry is recovering, it is time to understand the long-term effects of the pandemic. For property managers in the multifamily industry, understanding the below trends can help you better accommodate our tenants’ requirements.

Properties adapting to remote working tenants

Remote working is on the rise ever since the pandemic. By 2025, an estimated 70% of the population in the US will work remotely at least five days per month. As such, many multifamily properties have introduced new amenities to accommodate tenants working from home. The right technology can help remote working tenants work at ease from the comfort of their homes.

One such amenity is a reliable internet connection. According to an NMHC report, more than 91% of residents want high-speed internet and more than 74% want pre-installed WiFi in their properties. This matters, especially to the multifamily sectors as more tenants, rely on a single connection for their work.

The demand for co-working spaces is also on the rise. Shared workspaces can provide a professional atmosphere for tenants looking to work away from home. Co-working spaces are also better than corporate offices as they have a relaxing yet professional ambiance. Property managers can charge a small monthly fee to give access to shared cubicles with all the required amenities.

Virtual property management

The increase in virtual meetings has only facilitated technological development in property management. Even after the pandemic, tenants prefer virtual interactions not only for their safety but also for convenience. Right from screening to lease renewals, almost every real estate task can be done without physical interaction.

More tenants want companies to implement contactless technology even after the pandemic. A survey by Seekbeak revealed that 67% of prospects want more businesses to implement virtual tours. It also showed that such tours doubled the interest in the property listings.

This is for virtual tours alone. If we consider other real estate tasks, 89% of tenants want online rent payments as an option. And they prefer communications through email, phone calls, or online.

Trends show that tasks requiring the physical presence of agents and managers will be done through technology. Upgrading to virtual property management is an excellent way to capture the attention of tech-savvy Gen Z prospects.

For companies that want to move to virtual property management, well-known software like Yardi and MRI are extremely useful. Features such as contactless tours, tenant portals, and online payments help property managers seamlessly transition to virtual property management.

Changing clauses in lease agreements

The pandemic saw many regulations that differed from the clauses in the lease agreements. Limited access to common areas, deferred payments, and a temporary ban on evictions have made property managers rethink leases.

Future leases will include clauses that specifically address challenging times. Rent deferrals and rent reductions in the leases could help tenants during an unforeseen financial challenge. Similarly, mentioning terms governing common area access can keep property managers legally secure.

Transparency is the key to lease agreements post-pandemic. Tenants need to be aware of the new clauses when signing the lease. This helps avoid any legal disputes in the future.

Need for larger space

The pandemic has made people value an active outdoor life. As most outdoor amenities were closed due to Covid-19, tenants are looking for innovative ways to access the same amenities indoors.

According to Assurant, 70% of tenants want more outdoor space and 68% want a larger indoor space with more amenities. People are looking for spacious properties that can accommodate their office, workout area, and much more.

Property managers can accommodate such needs by creating lower-density areas. Duplicating amenities such as gyms and play areas can help tenants follow pandemic norms while enjoying the facilities. Allowing a limited number of people at a time can also help manage them better.

Efficiently planned common areas can also decrease the tenants’ need to have everything indoors. For example, property managers can dedicate a certain area for remote workers. This eliminates the need of having office space within the tenants’ apartment.

Cleanliness and sanitation a priority

Even as the pandemic norms ease, cleanliness and sanitation are still essential for safety. Common areas like hallways, playgrounds, and parking lots need to be regularly sanitized. Apart from that, leased properties also need to be sanitized as a part of maintenance.

Such tasks can be easily managed through property management software like Yardi RentCafe. Tenants can submit maintenance requests within the software. Property managers can access these requests through mobile devices and assign them to the right vendor or technician. It is also easier to keep track of the sanitization of each apartment, so you don’t miss any.

Formation of digital communities

To make up for the limited physical interactions due to the pandemic, residents have created their own digital communities. These communities include other tenants from their multifamily buildings who communicate through online platforms. Such communities increase social interactions while being within the restrictions of the pandemic.

Property managers can facilitate such digital communities through tenant portals like MRI Tenant Connect. These portals not only help you manage tenants but also give them a chance to interact with each other.

Implement the Right Property Management Solutions Through Assetsoft

Assetsoft can provide you the right tech strategy to deal with the impacts of the pandemic. Our team of industry experts can guide you by choosing tools according to your requirements. We can integrate multiple property management software like Yardi and Procore into a single platform. This enables you to leverage the features of multiple software within your budget.

We provide you complete support right from planning to implementation. Apart from software integration, we also provide services like data conversion, training, and report writing. Together with Assetsoft, you can meet your business goals by leveraging the right technology for your company.

To know more about our services, book a 1-hour free consultation with Assetsoft!