Why virtual tours convert: New case study data from LCP Media 

Prospective renters have increasingly high expectations when it comes to searching for a new home. This is not surprising, as online shopping experiences have become more sophisticated across the board.

But in the rental space, if everyone has a pretty website and active social media channels, how do you stand out?

One of the most important things to remember is that finding a new home comes down to one essential question: Can you see yourself living there?

That’s where immersive media comes into play. Specifically virtual tours. While traditional photos and video tours can be informative, virtual tours provide renters with an interactive experience that translates to real results.

In fact, virtual tours have been proven to drive 40% more leads and 72% more net leases.

Recently, we spoke with Israel “Izzy” Carunungan, CMO at LCP Media, a company specializing in visual media technology for the real estate industry. Their mission? To create unforgettable virtual experiences with cutting-edge technology and exceptional customer service.

Izzy shared some compelling insights on virtual tours, including the data above that came from a recent case study with a major property management brand. Keep reading to find out why virtual tours convert and how they benefit your team as much as they do your renters.

Making a case for unit-level virtual tours

LCP Media conducted a comparative analysis of two similar apartment communities in Austin, Texas. The study focused on key performance indicators (KPIs) related to leads, applications, leases and conversion rates.

For one property, LCP Media created virtual tours for every single unit. The other property relied solely on a traditional virtual tour showcasing only the amenities.

The property with unit-level virtual tours experienced a significant boost in all areas of the leasing funnel.

Over a 12-month period, the community with unit-level tours saw:

• 40% more leads
• 80% more applications
• 72% more net leases
• 38% higher lead-to-lease conversion rate

Unit-level virtual tours go beyond floor plan virtual tours to showcase the actual home a renters will be moving into. Most floor plan types have multiple units spread out across different floors, and they will have different views or, in some cases, different finishes. A unit-level virtual tour tells the full story of the actual unit.

Data from the study shows that prospects actively engaged with the tours, viewing them an average of 453 times per month. This high level of interaction translates to qualified leads who are already invested in the property before a physical visit.

According to Izzy, “Virtual tours aren’t just a passive viewing experience. They allow prospects to explore the unit layout, get a feel for the space and imagine themselves living there. This deeper engagement with the property makes them much more likely to be serious about renting by the time they contact the leasing office.”

Benefits beyond engagement

Renters love unit-level virtual tours, and there’s more than one set of data that proves it. A separate RentCafe.com study of more than 10,000 renters found that 45% of respondents said a virtual tour of an individual floor plan is “very important” and an additional 38% said it was “important.”

By comparison, only 31% said a virtual tour of communities is “very important.”

The advantages of unit-level virtual tours extend beyond captivating renters.

• Higher conversion rates: Qualified leads translate to a better return on your technology investment.
• Holistic experience: Virtual tours complement traditional community tours, giving prospects a complete picture of the property.
• Convenience for renters: Self-directed tours allow renters to explore at their own pace, increasing their comfort level.

Virtual tours cater to renters who might not be able to visit the property in person. Perhaps they’re relocating from another city or working hours that don’t allow them to easily visit. Virtual tours let them explore the property remotely, saving time, effort and frustration.

Virtual vs. video tours: Understanding the difference

You might be asking yourself, “If we have video tours of the units, is that enough?” Yes and no. Video tours offer great visuals and create reusable content for your social platforms, but they don’t have the same “stickiness” that virtual tours do.

While video tours offer a glimpse into a property, virtual tours require engagement. The user clicks through the space, staying active for an average of 3-5 minutes, compared to a video’s fleeting average view time of 12 seconds or less.

“Video and virtual tours should complement each other because they provide different levels of engagement. Videos offer a quick glimpse of the community amenities or the units, but virtual tours, by default, require the prospect to engage in a walkthrough environment where they are personally driving their own immersive experience,” says Izzy. “The result is more time spent, and that makes the prospect more educated about the living spaces they like, or in some cases, don’t like.”

The interactive element of virtual tours also unlocks valuable data. Virtual tours reveal which rooms and features attract the most attention, helping you tailor your marketing efforts and prioritize renovations.

Getting your team onboard

Virtual tours empower both leasing agents and renters. When prospects arrive pre-qualified and confident, the leasing process becomes smoother.

Virtual tours lighten the workload of leasing teams, who most likely do not have the capacity to conduct hundreds of tours per month.

If you’re worried about implementing unit-level tours at your community, here’s a success story from Izzy: “One property we worked with trained their maintenance teams to capture virtual tours during the final make-ready process. They included the unit capture as the last step in the punch list because it ensured the units looked their best before they turned the unit for leasing. As a result, they were capturing tours online faster than any other team we worked with.”

Curious about the next step?

Unit-level virtual tours demonstrably boost lead generation, applications and conversions. If you’re looking for a strategic way to enhance your leasing strategy, consider prioritizing virtual tours.

We’ve partnered with LCP Media to bring this powerful technology to our clients in a way that is easy and efficient to implement. Our innovative process can automatically deliver virtual tours at the property, floor plan and individual unit level. This unprecedented integration makes it easier than ever for your teams to deliver media everywhere it needs to go, resulting in better customer engagement and higher conversion rates on both your RentCafe websites and RentCafe.com listings.

Reach out to your rep or contact us to learn more about how virtual tours will transform your leasing experience. We’ll be happy to provide a free consultation!