Virtual tours are the future
COVID-19 has drastically changed one of the fundamentals of property management – the open inspection. Recently, property managers have had to resort to digital methods in order to fill vacancies, because open inspections have been temporarily prohibited due to social distancing.
The remote option we’ve been using with great success is Virtual Tours, which provides a walk-through experience for potential tenants. And while this option existed pre-COVID, it wasn’t used as extensively as it is now.
Some change is here for good
It only took a global pandemic for people to reconsider rental applications. We’re quickly learning during this crisis that we can change our deeply ingrained thinking about all facets of life.
When the world comes out the other side of COVID-19, remote open inspections using tools like Virtual Tours won’t automatically be the default method for leasing a property, but it will become much more prominent.
The benefits of Virtual Tours
Virtual Tours is a great alternative to the traditional carousel of photos found online. They provide a 3D perspective of the space, allowing a potential tenant to get a more authentic feel to the space. This is a better experience and has a higher success rate of getting the user to hit the apply button.
Even though we are using a digital method, it doesn’t mean we are taking out the human factor. Candidates are provided with agent contact details on the platform so they can ask questions after they take a ‘virtual stroll’. In fact, the questions we have received recently have been a lot more specific and it has allowed tenants to make a quick, informed decision about whether they want to apply.
Streamlining the application process
What this new process does is cut out the need for tenants to inquire about a property and then attend an open inspection before applying. Now, they can simply view the property virtually and then fill out an application form.
This is a much better system and we have anecdotal evidence to support this claim. In the recent months, we’ve seen a significant reduction in the time between when properties are listed to when they are filled. What previously took weeks, can now take just a few days.
This is great for our landlords, because it means properties are leased quickly, which means a better return. But it’s also beneficial to people looking for accommodation, because it provides a much quicker response to their application. It’s a system where everyone wins.
Platforms like Virtual Tours are the way forward for the rental industry. Technology has advanced to such a point that some of the traditional processes are becoming redundant and we at DT Property look forward to providing a better, more cost-effective service to our clients now and into the future.