When COVID-19 hit, there was an undeniable rush for apartments to offer more virtual tour options on their websites. There seemed to be an initial fear that if you didn’t have comprehensive videos and organized virtual tours, you’d be left behind and lose out on new leads.

This is understandable with lockdowns quickly taking effect and whole cities coming to a screeching halt. However, was this a knee-jerk reaction from our multifamily community? Did we start changing our systems and strategies before taking stock of resident behavior? 

While being proactive is essential to staying afloat in our industry, especially when the world completely shifts, my inclination is that we jumped the gun. We dove in before assessing the tide.

For example, I had a surprising number of clients reach out to inform me that the locals in their respective areas were adamant about continuing in-person tours. Based on this, I continued to market in-person tours when quarantine was not in effect. 

Personally, I feel like within days of the outbreak I saw on an onslaught of blogs covering the topic of how to lease a site unseen. I think this was helpful for a range of small properties that might not have known where to even begin with virtual tours. However, it wasn’t until about three months into the pandemic that I saw a shift in article topics due to data and information concerning resident behavior. 

To recap a significant trend: retention rates rose. In the month of April, the industry saw a 60 percent retention rate with residents. 

Partially due to renters’ apprehension of moving during a pandemic and concern over any extra costs, the trend of renters staying with their current communities makes complete sense. So why did the industry push so hard for buffing up virtual tours? Why wasn’t there a focus on increasing current renter satisfaction and preparing for improved in-person tours for when people were ready to move again?

I think these are important questions we should ask, especially as we settle into the new normal and move into the second half of 2020. 

Apartment Marketing in 2020

The world is not going back to the way it was and virus transmission will be a significant concern for a long time. 

So what does this mean for apartment marketing, specifically when it comes to tours, in 2020?

I think think it means a shift in strategy from a focus on new leases to a focus on residents. With resident retention increasing, this is a prime opportunity to increase resident satisfaction, and subsequently retention, at your property. In other words, maximize on the fact that your residents already don’t want to move during this climate.

As well, the unprecedented job loss among other stressors has caused leasing traffic and new leases to continue to trend downwards. This means that you will likely not replace residents as quickly as before. 

That being said, it’s definitely still important to devote time to improving your tour system — because a downward trend or not, renters will still move. In a recent study, more than 60 percent of renters indicated that a 3D interactive tour would be most helpful in choosing their next apartment. Based on this, if you have the resources, establishing a solid virtual tour system would be a solid marketing move. Then, once it’s in place, focus on improving the quality of life for your current residents. 

My top recommendation to my clients has been to use social media to market to your current residents and consistently remind them that your property management team is here for them and working to improve the community. As well, market any community amenities that you have successfully kept open and safe for your residents. One of the top resident complaints I’ve seen is that many of their amenities are still closed. 

Here are a few marketing ideas I’ve implemented for my multifamily clients: 

• A hashtag campaign where residents post their funniest, most creative or unique at-home activities
• Virtual monthly events (virtual games, parties, happy hours, etc,.) 
• Weekly amenity posts with pictures of residents safely engaging
• Updates on safety measures taken for amenities

What are your thoughts? Do you think the industry moved too swiftly into focusing on virtual tours? How has your apartment marketing changed?