Virtual tours app helps London agency to let properties sight unseen
A virtual tours app has helped a London letting agency to double its rental deals over an eight-week period during London’s first lockdown and let 60%-80% of properties sight unseen.
Paramount, a one-branch agency based in North London, has used Holofy Spaces to get rental properties to market thirty times faster than usual.
Holofy Spaces was launched after the spring lockdown and makes it easier for estate and letting agents to film vertical virtual tours on their smartphones and instantly embed them in property portal and website listings.
Agents can expand their service
Some 40% of Paramount’s properties are outside of its traditional patch in North London. Holofy Spaces reduces the time their team spends letting these properties that are further out. What’s more, it’s helping them expand their radius to serve more of London.
“Virtual tours don’t have the geographical constraints of traditional viewings, which allows agencies to expand their reach into new areas,” says Eduard Cristea, co-founder of Holofy.
“Our app allows agencies like Paramount to take on properties they previously would have declined as they are not required to make as many time-sapping visits for in-person viewings.”
The Holofy Spaces app has also helped Paramount to compete against its local rivals. There are over 60 agents operating in Paramount’s core areas of NW2 and NW6. Over an eight-week period, many of these large agencies completed a third fewer deals than the one-branch firm.
Paramount says it has recorded growth of 75% when compared to 2019.
Improving client satisfaction and efficiency
By providing streamlined virtual tours through Holofy Spaces, Paramount has increased client satisfaction among owners and residents.
Despite letting 60%-80% of properties sight unseen, the agency has not received any complaints from new residents when moving in and seeing their property for the first time.
“We’re aiming to reduce the stress and time wasted on all sides of a property transaction. Virtual tours allow agents to be more efficient and subsequently improve customer satisfaction levels,” Cristea adds.
“Our app simplifies and speeds up the virtual tours process. Agents can provide everything owners and residents need to know in a virtual tour which takes around 20 minutes to complete.”
“This allows them to spend more time providing other key services and be available to carry out in-person viewings for qualified applicants who want to see a property in person before making an offer,” he says.
A ‘win-win-win-win’ for all parties
Paramount says using Holofy Spaces provides a ‘win-win-win-win’ situation for agents, owners, existing residents and applicants.
The agency’s managing director of lettings, Spencer Lawrence, says:
“Our owners are really excited about Holofy Spaces because they can see that their properties are getting more views and are being let quicker.”
About his team, he says “They’d never go back. Because properties let quicker, this tool allows our consultants to find more applicants their perfect home.”
“Another benefit of Holofy Spaces is that there’s been a massive reduction in physical viewings. Our current residents need to accommodate far fewer interruptions during their last few months in their property.”
“Applicants can view and compare as many properties as they like, over and over again, whenever and wherever suits them best. They can quickly discount the ‘nos’ without wasting any time or effort booking and attending a viewing.”
Holofy Spaces provides agents with comprehensive analytics of each video tour. Each tour is given a performance score based on how many viewings it has received and how many days it has taken to be sold or let.
The app seamlessly integrates with agents’ existing technology and boasts a powerful API which connects with CRMs.
Find out more about Holofy Spaces here and read its full Paramount case study here.
