RENT Magazine Q4 '21

flexible touring solutions for renters, you are missing out on valuable prospects and losing leases. CHALLENGE #2 Management coordinating leasing coverage after hours, weekends, holidays Coordinating leasing coverage after hours and on weekends and holidays is tough enough. Now add in post-pandemic issues and it becomes a huge management challenge. Plus, these times are exactly when people want to tour apartments! If an agent is busy or the office is closed, it results in lost leads… and leases! TIP #2: Increase the Number of Tours Without Increasing Leasing Agent Headcount The use of technology solutions makes it possible to always have leasing coverage (after-hours, weekends, holidays) without trying to coordinate schedules. Using self-guided tours provides operators the tools to manage more effectively by increasing the number of tours without adding headcount. It also improves efficiencies for busy agents during the day who can now be freed up to focus on other priorities. Tour24 research found that

31 percent of future renters on self-guided tours commit to leasing immediately after touring. These renters credit their decision to having an opportunity to tour how they want. The high conversion ratios on self-guided tours lead to better ROI. Communities are now considering self-guided tours an operating expense and not a marketing expense. CHALLENGE #3 High Leasing Team Turnover and High Costs There is a high turnover rate for leasing agents. Going forward, it will be harder to attract agents and it will cost more. Communities are having to increase hourly wages and payroll budgets. Plus, with so much turnover and limited time for training, the quality and consistency of tour information is unknown, which could also be a potential risk for fair housing violations. TIP #3: Change the Leasing Process for Improved Efficiencies Let self-guided tours give the tours. Let leasing agents do what they do best. They can focus on other high priorities such as renewals, follow-ups, residents, and marketing. This saves

money by increasing the number of tours without increasing headcount. A self-guided tour provides high- quality, consistent information to every renter, which showcases the community optimally as well as helping with Fair Housing Act compliance. There is no training needed to start offering tours, and a community can even use the self-guided tour as a training tool to onboard the team about the community. You put your best foot forward every time. The tour itself may be contactless, but the renter still wants to feel connected. Provide curated tour content that guides the renter as if your finest leasing agent is by their side. Make it easy for renters to ask a question at any time and capture feedback along the way. Tour24’s data shows that whereas 31% are ready to lease right away, 60% are thinking about leasing. Real- time data collected during the tour helps the agent tailor the communication to the renter’s preferences and focus on a successful follow-up. Engagement with the renter throughout their leasing journey will maximize opportunities to close the lease.

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