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CoStar is releasing a new package of features that will save property managers time and generate higher quality leads in a bid to invigorate rental listings.
The apartment portal giant unveiled its new Listing of the Future, an enhanced rental listing feature its clients can add onto listings. It includes photos of the specific unit, 3D tours, walkthrough videos, the view from the unit and more.
“For renters, the Listing of the Future answers their call for more information about prospective units, and easier access to crucial details,” a CoStar Group spokesperson said in a statement to Inman.
It has long been standard for property management companies to include written information and basic renderings about a specific dwelling.
The Listing of the Future leans on recent technology, such as the 3D tours from Matterport and the views from the apartment unit. It’s all aimed at generating high-quality leads to help renters make decisions on where to live.
“Renters care about more than just the amenities or square footage,” CoStar told Inman. “They care about the individual layout of the unit, its location within a building or complex and its view.”
So, what’s that look like? A bit more like a standard for-sale listing, for one thing.
The new listings will include photos of the unit; a floor plan/layout image; a video walkthrough of the unit; a 3D tour of the unit; the location of the unit within the property; the view from the unit; a list of amenities in the building; along with the price, date of availability and square footage.
The company also said it would help the pool of renters who are currently shopping for a new place to live in a different city. Apartments.com estimates that to be 40 percent of all apartment seekers.
A majority of renters — 70 percent, according to CoStar — will only seriously consider 1-3 properties during their search. CoStar is pitching the new features as a way to land a unit on those tenants’ short lists.
“If we can help prospective residents answer their own questions on an Apartments.com listing, this allows our customers to focus their efforts on working with the highest-quality prospects,” the company said.
The company suggests the upgrade would improve the search for units within larger buildings with over 200 units, which historically didn’t include unit-specific info. Instead, they’d often have generic renderings of floor plans.
“On the other side of the coin, the Listing of the Future benefits property owners just as much,” the company’s spokesperson said. “For our customers, getting on a prospect’s short list is very important.”
- 94 percent of renters want unit-specific floor plans
- 82 percent said the location of the unit within the building matters
- 63 percent want to see the view from the unit
— According to Apartments.com survey of 45,000 renters
