The view from the rooftop lounge at Steel Works, Harrison, N.J.
Advance Realty Investors
The arrival of COVID-19 quarantines was ideally timed to put new proptech developments to the test. From video conferencing to virtual touring, tech-enabled advancements in real estate have experienced a workout, many coming through big-time in the clutch. Property managers and developers have grown to rely on virtual capabilities to stay up and running, as social distancing and other pandemic-related restrictions have remained in force. Tech tools that might have endured slow adoptions in other epochs have swiftly proven their mettle, helping sheltering renters gain a virtual sense of their potential future homes.
“There are a variety of ways for technology to improve the leasing process and, while these tech platforms have steadily gained traction over the past few years, social distancing protocols have accelerated this trend,” said John Helm, partner of rent tech-focused venture capital firm RET Ventures.
“In additional to what we call ‘self-touring’ – technologies like smart locks and other enabling technologies that allow individuals to tour an apartment without the physical accompaniment of a leasing agent – there’s also been a significant uptick in interest in virtual touring options that let people explore an apartment without leaving their existing home. Both of these approaches can be supported by technology that allows people to communicate with offsite leasing teams, increasingly supported by AI-driven tools to apply for and execute a lease online, creating an end-to-end leasing option despite social distancing.”
New Jersey leasing teams and renting prospects have been among the cohorts providing virtual touring especially warm receptions. From Bayonne to North Bergen, Garden State property managers have not only embraced the technology but in many cases displayed a creative side in imbuing the virtual experience with their own individual flair.
Like being there
For instance, at Roseland, a subsidiary of Mack-Cali, virtual leasing is being employed across the entire portfolio. Those interested in such rental properties as Port Imperial’s 55 Riverwalk Place or Jersey City’s Monaco can opt for FaceTime tours with brokers or Matterport 3D virtual tours. Once in their new apartment homes, Roseland renters can savor a new microsite called Roseland Events, offering everything from meditation sessions to virtual cooking classes, to relieve residents’ sense of isolation. “We know this is a stressful time for everyone, and we wanted to streamline the rental process to make it completely virtual across our entire portfolio and limit the need for physical contact,” said Deidre Crockett, chief administrative officer for Mack-Cali and Roseland. “We want our residents to know we are here for them during this unprecedented time.”
Post Brothers has implemented virtual leasing offices and microsites for each of their apartment communities. Prospects wanting to know more about North Bergen’s The Duchess can tour the property virtually or set up FaceTime sessions with leasing agents.
Meantime, Woodmont Properties is pursuing its leasing efforts via RoOmy and Matterport tours at its properties in both New Jersey and Pennsylvania. Among its communities that can can be toured and leased in entirely virtual fashion are Woodmont Metro in Metuchen and Woodmont Hills in Ramapo. Property managers are slating “virtual visits” with would-be renters, and in addition crafting community-specific guides to highlight key features.
Touring by video
Virtual touring has proven indispensable to the success of Lantree’s new Lofts Two22 in Bayonee. Having recently launched leasing, it is now more than 30 percent leased.
Tours conducted via YouTube videos illustrate apartment home layouts and common-area amenities. LanTree’s leasing team has been instructed to work 100% remotely in an effort to reduce the amount of foot traffic entering and leaving Lofts Two22.
Advance Realty Investors is offering virtual tours and leasing at The Harlow in northern Hoboke, as well as at its two Harrison, N.J. Buildings, Cobalt Lofts and Steel Works, which are part of the Riverbend District.