gy to collect property data, investors can take a step back and focus on what they do best. Investors should consider obtain- ing an electronic property condi- tion report prepared by an experi- enced third-party company to better understand the state and condition of properties to remotely analyze investments, evaluate repairs, esti- mate the cost of materials, and track appliances and utilities through the property’s life cycle. With a property condition report, SFR investors can learn the con- dition of a property, including its appliances, and scope the level of renovations and repairs to decide if it makes sense for acquisition, without ever stepping foot inside. Reference photos can be provided to assess a property’s current state, including an inspection checklist and appliance inventory complete with item serial numbers. LEVERAGE TECHNOLOGY TOACQUIRE PROPERTIES FASTER The idea that decisions mak- ers must physically visit a proper- ty during the acquisition stage is the old way of doing things. There are appraisal companies that now appraise properties remotely from a desktop and they can bifurcate that process, and this can also be done for due diligence by leveraging tech- nology to help inform decisions and scopes for renovations without ever seeing the property in-person. One of the most powerful digi- tal tools to help streamline the due diligence and acquisition process is the 3D virtual tour. A 3D tour of both the exterior and interior of a property allows investors to immerse them- selves in that property in a real-life
One of the most powerful digital tools to help streamline the due diligence and acquisition process is the 3D virtual tour.
way with a virtual walk-through of the property to understand its layout and condition. A 3D inspection tour helps SFR investors, owners and operators view the layout and con- dition of the property virtually and identify key issues from a holistic view. In addition, electronic floor plans that detail room measure- ments make envisioning a property’s layout even easier for investors. VIRTUALLY INSPECTTHE RENOVATION PROGRESS Once an acquisition decision has been made, SFR investors are often faced with some level of renova- tion to bring the asset to market. By leveraging 3D tour technology during the renovation process, investors can measure individual rooms and spac- es for specific material needs. The materials can be more accurately bid out to determine the best vendor for the project, and as a result, this can also reduce the chances of change orders with contractors in the future. 3D tours can also be utilized as a quality control checkpoint during the renovation process to ensure all work has been completed. Investors can quickly immerse themselves in a freshly renovated home and can accurately determine if the asset is ready for pre-leasing and market- ing efforts.
ACCELERATE SFR PROPERTY LEASINGWITH 3D TOURS The same 3D tour scan that was used as part of the final renovation quality checkpoint, can also be lev- eraged for marketing purposes to help accelerate the leasing process. PlanOmatic recently measured the impact of 3D tours on SFR prop- erty marketing in partnership with a leading provider of SFR homes nationwide. Our test data found that property leads increased by 25 percent, and days on the market decreased by 23 percent when a 3D tour was used to market a property compared with only using profes- sional photography. 3D tours allow a consumer to visu- alize a home without having to step foot in it, and the data from our test proves that SFR properties that are marketed with 3D tours online result in increased consumer leads, and fewer days on the market. Consum- ers are demanding 3D experiences online and prioritizing properties with 3D assets. • Kori Covrigaru is the Co-Founder and CEO of PlanOmatic, the biggest and fastest provider of Property Insights and marketing services for the single-family rental industry nationwide. With a national network of hundreds of contractors and 40 employees, Covrigaru has met the moment with the unique value proposition PlanOmatic offers through technology combined with property insights to support their clients’ goals.
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