LCP Media's case study reveals that unit-level virtual significantly boosts leasing results. Conducted over a year with a major property management company, the study showed a 40% increase in leads, 80% more applications, and a 72% rise in net leases compared to traditional virtual tours. The tours, using TourBuilder Go mobile technology, provide a detailed and interactive view of individual units, enhancing renter engagement and leading to higher conversion rates. The case study underscores the effectiveness of immersive media in meeting modern renters' expectations and improving leasing outcomes.
Meeting Renter Expectations
Prospective renters today have high expectations when it comes to searching for a new home. This shift is driven by advancements in online shopping experiences across all sectors. With every rental property offering sleek websites and active social media channels, standing out becomes challenging.
At the heart of a renter's decision lies one critical question: Can you see yourself living here? This is where immersive media, particularly virtual tours, significantly impact. Traditional photos and videos are helpful, but virtual tours provide an interactive experience that resonates deeply with prospective renters.
Proven Success with Unit-Level Virtual Tours
TourBuilder Go unit-level virtual tours have been shown to drive 40% more leads and 72% more net leases. Israel “Izzy” Carunungan, Chief Marketing Officer at LCP Media, spearheaded a year-long study with a leading property management company, yielding compelling insights into the effectiveness of unit-level virtual tours.
LCP Media conducted a comparative analysis of two similar apartment communities in Austin, Texas, focusing on key performance indicators (KPIs) such as leads, applications, leases, and conversion rates. One community implemented TourBuilder Go, creating virtual tours for each unit using a Ricoh 360 camera, while the other used traditional virtual tours showcasing only amenities.
The community with unit-level virtual tours saw impressive results over a 12-month period:
40% more leads
80% more applications
72% more net leases
38% higher lead-to-lease conversion rate
These tours offer potential renters a comprehensive view of the exact unit they are considering, including variations in views and finishes, providing a complete and authentic representation of their future home.
Enhanced Engagement and Qualified Leads
Data from the study revealed high engagement levels, with prospects viewing the virtual tours an average of 453 times per month, according to Engrain interactive site map data. This interaction translates to qualified leads who are more likely to be serious about renting before they even visit the property in person.
“Virtual tours allow prospects to explore the unit layout, get a feel for the space, and imagine themselves living there. This deeper engagement makes them more likely to be serious about renting when they contact the leasing office," says Tom Chomiak, Chief Technology Officer at LCP Media and creator of the TourBuilder technology.
Beyond Engagement: Real Benefits
The advantages of unit-level virtual tours extend beyond engagement. A separate RentCafe.com study of over 10,000 renters found that 45% of respondents considered a virtual tour of an individual floor plan “very important,” with an additional 38% rating it as “important.” In comparison, only 31% felt the same about community tours.
Higher Conversion Rates: Qualified leads provide a better return on technology investment.
Holistic Experience: Virtual tours complement traditional community tours, offering a complete property picture.
Convenience for Renters: Self-directed tours allow renters to explore at their own pace, which is crucial for those relocating or with tight schedules.
“Data proves that renters want to see unit-level virtual tours. It just makes sense to want to see the actual home you will live in,” agrees Esther Bonardi, Vice President of REACH by RentCafe and RentCafe.com. “We’re excited to partner with LCP Media to make it easy to offer unit-level tours, creating a frictionless experience for renters and property management professionals.”
Virtual vs. Video Tours
While video tours offer great visuals, they lack the interactive engagement of virtual tours. Videos provide a quick overview, but virtual tours engage users, keeping them active for 3-5 minutes compared to a video’s 12-second average view time. As Izzy notes, “Video and virtual tours should complement each other. Videos offer a glimpse, but virtual tours engage prospects in an immersive experience, making them more educated about the spaces they’re interested in.”
Streamlining the Leasing Process
Virtual tours make the leasing process smoother for both renters and leasing agents. Pre-qualified prospects who have explored the units online arrive ready to move forward, reducing the workload on leasing teams. One success story involved a property that trained maintenance teams to capture virtual tours during the final make-ready process, speeding up the availability of online tours.
Take the Next Step
Unit-level virtual tours significantly boost lead generation, applications, and conversions. With partners such as Yardi and RentCafe.com, we make it easy to implement our powerful TourBuilder technology, delivering virtual tours at the property, floor plans, and individual unit levels. This integration enhances customer engagement and conversion rates.
Reach your representative or contact us for a free consultation on how virtual tours can transform your leasing experience. We’re here to help you elevate your strategy and achieve better results.