As the rental market evolves and changes, so do renters' expectations. Today, tenants value speed, convenience, and transparency when finding their next home. That said, one tool that’s changed the game for both renters and property managers is the virtual tour. But are they worth it for your properties? Read along as we review how virtual tours for rental properties work, why they’re valuable, and tips for rental owners exploring this option.
What Are Virtual Tours and How Do They Work?
Virtual tours are digital walkthroughs of a rental property that allow tenants to look at the space online, remotely. So, instead of scheduling an in-person tour after seeing a few photos of a property, renters can explore the unit further on their own time.
There are several types of virtual tours (photos don’t count), ranging from simple walkthrough videos to more realistic 3D interactive experiences. Some options even let tenants explore floor plans and measurement tools so they can see how their belongings will fit in the space.
You can find virtual tours of properties on listing sites or sometimes on social media, just as you would regular listing photos. Or, tenants can request them from a property manager or landlord if they’re interested in a property, and they may or may not have them available.
For landlords (and especially apartment management companies in Austin), it’s nice because once a virtual tour is created, it can be used more than once, unless there are significant changes to the property between listings.
Why Renters Prefer Virtual Tours in Today’s Market
Physically touring rental properties takes up a lot of time. Think about it–you have to first email the property manager to express interest, schedule a time that works best for both parties, travel (sometimes far) to the property to look at it, take the time to carefully walk through, and then make a decision. And then you have to do it for the next property you’re interested in.
With a virtual tour option, tenants can make many decisions right from the comfort of their own homes. Instead of visiting multiple properties in person, they can narrow down their options online and schedule in-person tours only for the ones they’re genuinely interested in. This saves time for both renters and property managers.
Benefits of Offering Virtual Tours for Rental Properties
Offering virtual tours for your rental properties can be beneficial for rental owners, property managers, and tenants. For tenants, the benefits are pretty clear–they can get a realistic idea of what a property looks like before ever visiting it in person. However, there are several benefits for owners and managers, too.
For instance, one major advantage is increased exposure. Listings with virtual tours attached usually stand out and attract more interest than listings with just photos alone. That said, with more views typically comes more inquiries.
Virtual tours also make the rental process more efficient. When tenants already have a good idea of what the property looks like, property managers spend less time scheduling tours that don’t lead to new tenants. Along with that, they can also reduce vacancy time because once a tenant has an idea of what the property is like, they may make faster decisions and get the rental process moving faster based on the virtual tour.
Types of Virtual Tours to Consider for Your Rental
Believe it or not, there are a few different types of virtual tours you can offer tenants. Each of them serves the same purpose, but is structured a little differently. Depending on the tools you have, you may offer one of the following.
Video Walkthrough of the Property- A video walkthrough of the property is probably the simplest option for virtual tours. As the name suggests, it involves recording a high-quality walkthrough of the unit to highlight key features. This is a popular option because it’s easy to make and is still of great value to renters.
360 Virtual Tour- If you want to take it a step further, you could offer a 360 virtual tour, which is an extensive panoramic image made by putting together several different photos of the property. With this option, tenants can see one whole room in one image and click and drag to explore further.
3D Virtual Tour- If you want to take it a step further, you could offer a 3D virtual tour. This option is great because it allows tenants to walk through the property as if they were actually there in person. It’s much more extensive to make and takes special software to put together, but it’s great for tenants who want a real feel of a property without physically touring it.
Tips for Creating High-Quality Content
No matter which option you choose for a virtual property tour, it’s important to make it high-quality and user-friendly. If you have a video with poor lighting, shaky video quality, or a cluttered space, you may be doing more harm than good when it comes to attracting tenants. That said, here are some tips for making your virtual tour the best it can be.
Clean and organize all areas of the rental
Make sure lights, doors, appliances, and other features are all in working order
Start by showing the best features first (the ones renters care about most)
Use natural lighting to make spaces look more open and inviting
Keep video transitions slow and smooth
Focus on important features like kitchens, storage spaces, in-unit laundry, etc.
Show every part of the rental property, including the exterior
Do Virtual Tours Help Lease Rentals Faster?
In a lot of cases, yes. Virtual tours can help rentals lease faster and reduce their time on the market. Generally, properties with virtual tours get more serious inquiries because prospective tenants already have a good idea of what the property actually looks like.
With that, renters who’ve already toured a property online will likely move faster once they know they’re interested. In turn, this shortens the gap between listing, application, and lease signing. Virtual tours are especially effective in competitive rental markets, as things tend to move quickly and people express interest right away to secure properties.
It’s important to note that virtual tours can’t replace in-person showings entirely, but they are great for streamlining the rental process and making it more efficient for tenants and property managers.
Find Your Next Rental With Stone Oak Property Management
Knowing how to use virtual tours for rental properties to your advantage can change the game for your leasing process. Not only can it attract more tenants, but it can also make the process much more efficient, all while reducing vacancies. What more could you ask for?
If you’re looking for help managing your rental properties, reach out to a qualified property management team, like Stone Oak, today. Our team of property management professionals can help you with marketing, tenant screening, rent collection, maintenance, and more. Contact us today to learn more about our comprehensive management services.
