Virtual Leasing is the process in which all aspects of the traditional leasing experience are moved into a digital format. Property managers can reach new tenants and the remote format allows for maximum flexibility. It has also been a saving grace for landlords during the COVID-19 pandemic. 68% of property managers believe that virtual leasing is here to stay, so this spike in popularity is likely just the beginning of a new standard in the real estate industry.
The process can be difficult to begin, especially if you’re unfamiliar with the technology and tools used to transfer the leasing process online. To make it easier, we have broken down the process into 5 different aspects that can be approached separately. We’ve also provided 4 tips on how to get started on virtual leasing today.
So, What Exactly Comprises Virtual Leasing?
Virtual leasing is the digitalization of the leasing process, in which every aspect is completed entirely online. This includes everything an agent would do in person, from touring apartment units to signing an electronic lease with e-signature tools.
1. Find Potential Tenants
There are specific clients that are looking for virtual leasing services exclusively. By advertising your services online, as well as your catalogue of properties, you’ll have the best chances of being matched with the perfect renters. In a recent survey, 70% of respondents say they would rent an apartment without ever seeing it in person if there was a 3D tour. This sends a clear message to real estate professionals: virtual leasing is effective and sought-after.
2. Meetings & Calls
Video conference software like Google Meet and Zoom have made this part of the virtual leasing process so much easier. Meetings can now be easily scheduled using one of these platforms so you can conveniently get together with any potential tenants who contact you from your digital advertisements.
3. 3D Virtual Tours
With 3DApartment, the virtual touring process has never been easier or more accurate. Properties can be quickly captured using Matterport technology and uploaded onto the 3DApartment database. All listings include a high-quality 3D tour and landlord/ agent information. These listings can also be quickly shared or posted to social media as well.
4. Application Process
There are lots of free and easy ways to do paperwork online. Once a tenant is ready to commit to the property and sign the necessary documents, paperwork can be sent and signed digitally. This allows the tenant to take their time to read through the agreement carefully, alleviating some of the stress that comes with this step in the process.
5. Final Execution
When all documents are received and the security deposit is sent digitally, the virtual leasing process is complete! To have an effective virtual leasing program, make sure that every aspect can be done remotely.
How Do I Get Started on Virtual Leasing?
In just 4 simple steps, you can be on your way to running a highly effective virtual leasing program. By focusing on each aspect of the leasing experience, you’ll ensure a seamless tenant experience.
1. Join 3DApartment
3DApartment is the easiest way to get started on the virtual leasing process. It tackles the most daunting aspect of the virtual transition: the 3D tour. 3DApartment’s collaboration with Matterport has made it easier than ever before to capture your properties with 3D cameras. 3DApartment hosts tours and is a landlord and agent-focused platform. Landlord information is always displayed clearly and accurately on every 3DApartment listing. If you are interested in offering virtual leasing services but have no clue where to begin, 3DApartment is the place for you. It’s an excellent resource for beginners and experts alike.
2. Create 3D Tours
Digitizing one’s inventory can be time-consuming, but is extremely rewarding in the long-term. Use 3DApartment (or other 3D technology) to capture your units and convert them into 3D models that can be easily toured online. You can reuse the same 3D tours if a unit is up for rent again, saving you time and money down the line.
3. Advertise Using Virtual Tours
Share your virtual tours on your website, social media, and anywhere you advertise your units. Virtual tours are extremely engaging and are a great way to generate interest in your rental units. Additionally, by sharing your tours, you’ll be advertising your virtual leasing services at the same time.
4. Provide Landlord Tours
If there are any interested tenants who were intrigued by the 3D tour but still feel like they need another look, provide them with a landlord-led video tour. Using any video conference software, you can slowly guide the potential tenants through the property, answer any questions they might have, and pause in any areas wanting further inspection.
3DApartment is the world’s first exclusively-VR apartment search platform. This is the future of apartment hunting: a centralized and digitized database of over 10,000 3D property listings. Convert your units into 3D models that can be easily shared and toured by anyone. Property manager or agent contact information is clearly displayed on every listing. 3DApartment is a landlord and agent-oriented platform, seeking to connect the tech-oriented real estate professionals of the future.
