The Best Way to Build Competitive Advantage in Multifamily Real Estate
Learn more from AMLI and view the full webinar here.
The competitiveness related to quality and demand that characterized the multifamily real estate subsector in 2017 has continued to be the case in 2018. The main shift that market analysts report is a slight uptick in vacancies, particularly in the luxury offerings arena, as supply has outpaced demand. New construction has slowed somewhat to provide some economic reprieve to developers. Rents have remained high, however, reflecting the continued focus on quality offerings - and that has fueled the competition to attract and retain renters.
Without the ability to compete on cost or quality, multifamily real estate owners and managers are succeeding by distinguishing their properties through valuable ancillary offerings and incentives. The effort requires first knowing their renter audience well, and for multifamily housing brands, the most valuable targets fall into two categories: millennials and the 55+ age group:
Millenials are the largest growing audience for multifamily housing. They are looking for more flexibility in leasing and apartment amenities, as well as lower cost options for the greatest value.
The 55+ demographic is likely less financially constrained. They are seeking to downsize or to find a second residence that is closer to their family.
While each audience has distinct needs and preferences when considering renting a multifamily residence, both expect a certain breadth and quality of included amenities. For example, high-speed Internet, a luxury pool, and a state-of-the-art gym are deemed ‘standard’ offerings. They are looking for what more a multifamily property can offer - like unique service-oriented amenities like dog walking or grocery services. Distinguishing the residential experience starts in the rental decision phase. Prospective residents put a lot of stock in a high-service leasing process that engages advanced technologies and integrated digital media.
Real World Impact: AMLI Residential Finds Success with Matterport
AMLI Residential, one of the leading multifamily real estate providers in the nation, has built their success on providing attentive, exemplary offerings and experiences before someone decides to sign lease with them. Visuals enable that commitment by confirming quality into every step of a realistic tour experience.
AMLI is not alone in the reliance on detailed, immersive visuals. Multifamily real estate owners and managers around the country have begun to invest in improving visuals such as 2D photography or video. Like high-speed Internet, these have become ‘table stakes’ that do little to raise the level of interest in a property. The marketing team at AMLI was one of the first in the industry to spot - and seek to remedy - the limitations of traditional visuals.
AMLI knew other market leaders were integrating Matterport 3D photography, videos, and floor plans into their marketing strategy. They opted to use the solutions to compete and because Matterport offered a low cost of entry, giving them the option to buy a couple cameras or work with Matterport to capture their communities. In both cases, the pricing was less than their current investment in marketing images. AMLI also discovered Matterport visual resources would compliment what they already had, as well as replace outdated resources.
3D Virtual Tours Raise Website Views for AMLI
Initially, the marketing team at AMLI decided to shoot a few floor plans. The effort generated a 20-30% increase in website visits, and people were spending more time on the site. Then, AMLI decided to work with Matterport to capture all of their communities. After adding Matterport’s 3D tours, AMLI experienced 50% more views on their website with prospective renters engaging with the site for longer periods of time.
It’s simple logic that when website visitors have more content to interact with on a website, they tend to stay on the site longer. 3D virtual tours provide content that is both more interactive and more meaningful. Potential renters can immerse themselves in a digital version of a unit or amenity that offers accurate dimensions and multiple views.
Matterport Supports the AMLI Sale Process
Initially, the marketing team at AMLI invested in Matterport for better digital media and website views. They did not expect for their investment to also support their in-person sales process as much as it did. At events, sales associates found that people interacted much more with the 3D floor plans than with traditional print handouts, making them better prepared to make a rental decision.
AMLI also has enjoyed more efficiencies in the leasing process. Agents are helping renters become informed of the property in 25% percent less time than before. Instead of touring 4-5 possible floor plans, leasing agents can show renters the 3D floor plans from Matterport. Renters can then narrow their search to two or three possible floor plans to examine in more depth.
At the end of an initial interaction between a prospect and agent, many renters need more time to make a decision. When a renter leaves a property, agents can send the 3D tours online. The renter leaves with a great resource to remember which spaces they preferred, helping them make an informed decision. As a bonus to AMLI, the 3D floor plan stands out from brochures and printouts that most other multifamily properties offer.
AMLI Plans to Immerse Renters with Multimedia Mattertag™ Posts
Since bringing in Matterport, AMLI shot 60 properties in under three weeks. They plan to shoot even more floor plans of their properties in 2018. This year, they want to expand their use of Mattertag Posts, which they currently use to highlight those extra special aspects of a property that might make the difference to a renter but may not be immediately apparent - like sustainability amenities. AMLI hopes to add video content, so a sales representative can add even more special features and information to different spaces that a renter could watch simply by clicking the Mattertag Post.
Matterport Elevates Multifamily Marketing
Your multifamily property can benefit from the same Matterport solutions that have brought success to AMLI. Without making huge adjustments to your marketing budget, Matterport can equip your property with solutions like:
3D Virtual Tours
High-Resolution Photography
Virtual Reality
Google Street View
Guided Tours with Shareable Gifs
Take advantage of Matterport Resources and give your property the competitive advantage. Your visuals and content can cut through the clutter and provide the most immersive and intuitive representation of your multifamily property with 3D virtual tours and floor plans.
Learn more from AMLI and view the full webinar here. AMLI offers advice for multifamily properties, information on the latest trends and ideas to get started with Matterport. Find out how Matterport can elevate multifamily property visuals.
