As the multifamily industry continues to evolve, so too do the challenges that property managers face. Turnover costs for property managers have skyrocketed 94% in recent years due to rising labor and materials costs, making it tougher to maintain occupancy. Virtual leasing, ADA-compliant 3D tours, and virtual staging are key technologies that can reduce these costs and vacancy rates.
There are a number of ways to reduce turnover costs, and one of the most effective is to embrace virtual leasing, ADA compliance 3D tours, and virtual staging. These technologies can help property managers streamline the leasing process, make it easier for prospective residents to view units, and create a more positive leasing experience overall.
Save Time with Virtual Leasing
Virtual leasing enables the entire leasing process – from tour to application to lease signing – to happen digitally via online portals, video chat, or text. This eliminates lengthy in-person meetings and saves managers over 15 hours per vacant unit based on a survey by 3DAPARTMENT.com. Virtual leasing also provides 24/7 leasing accessibility for prospective residents.
Avoid Lawsuits with ADA Tours
Nearly 70% of discrimination lawsuits against property managers relate to disability discrimination. ADA compliant 3D tours help avoid these lawsuits by making your units accessible to all. These tours include audio descriptions, transcripts, and captions specifically for visually and hearing impaired prospects.
Increase Appeal with Virtual Staging
Virtual staging uses 3D technology to stage units with digital furnishings and decor. According to RentCafe, virtually staged apartments leased 31% faster. This tech makes vacant units far more attractive and speeds up leasing.
“Our client reduced their turnover costs by 25% in just a few months after implementing virtual tours and staging.” Kate Montalbano, who is the Head of Staging and Rendering at 3DAPARTMENT.com, highlights that these systems have the potential to generate enough rental income to cover their own costs by reducing vacancies.
Benefits of Virtual Leasing, ADA Compliance 3D Tours, and Virtual Staging
There are a number of benefits to using virtual leasing, ADA compliance 3D tours, and virtual staging. These technologies can help property managers to:
- Reduce turnover costs
- Increase occupancy levels
- Attract a wider range of prospective residents
- Create a more positive leasing experience
- Reduce the risk of discrimination lawsuits
How to Get Started
If you’re interested in using virtual leasing, ADA compliance 3D tours, or virtual staging, there are a few things you need to do to get started. Please reach out to us via email or call or book a demo here.
Conclusion:
Virtual leasing, ADA compliance 3D tours, and virtual staging are all effective ways to reduce turnover costs and attract prospective residents. If you’re looking for ways to improve your leasing process, these technologies are a great place to start.
Book a demo:
To learn more about how virtual leasing, ADA compliance 3D tours, and virtual staging can help you reduce turnover costs, contact us today. We’ll be happy to answer any questions you have and help you get started.
The Bottom Line
As turnover costs continue rising in the multifamily industry, virtual leasing, ADA tours, and staging are key technologies proven to reduce vacancy rates, avoid lawsuits, and maximize NOI. Their ability to deliver an on-demand leasing experience provides convenience for prospects while capturing more revenue for property managers. The result is reduced costs and maximized net operating income.
Take control of turnovers and occupancy – contact our leasing productivity experts today to implement these virtual solutions.
