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20 Essential Tips For Your Next Virtual Apartment Tour

Laker Real Estate Services was a contributor to this article which can be found on Redfin.com at https://www.redfin.com/blog/virtual-apartment-tour/ or by clicking the picture above.

Do you want to tour a Houston apartment without leaving your couch? Got your eyes on an apartment in Baltimore, but don’t want to deal with the traffic?A virtual apartment tour is the perfect way to check out a property before you commit to anything. They’re great for potential tenants who live outside the area or would rather tour from the comfort of home.The up-and-coming virtual tour is a convenient and safe time-saver for renters, leasing agents, and property managers across the country. Here’s how to get the most out of your private walkthrough.

leasing agent conducting a virtual apartment tour

What is a virtual apartment tour?

During a virtual apartment tour, you’ll use your smartphone, computer, or tablet to tour an apartment unit. A leasing agent, property manager, or landlord usually serves as your tour guide during a live tour.“Virtual tours create immersive experiences that effectively communicate the apartment’s potential to renters and help them make informed decisions,” says Gabriel Esteban of Plus Render.Virtual tours allow renters to “walk through” the space and look at the unit and overall apartment complex. Some tours allow you to speak with someone on the property and ask questions along the way.There are three main types of virtual apartment tours:

  1.     Live video call tour: A live tour is the most hands-on option. An on-site representative will walk around the unit to show you the space and answer your questions in real time.
  2.     Recorded video tour: A recorded tour shows the apartment from the first-person point of view, but it isn’t in real time. The person recording the video has complete control over the pace of the tour and what is (and isn’t) shown.
  3.     3D virtual apartment tour: A 360° camera and specialized software create a premade 3D rendering of the apartment. Renters “navigate” through the unit by clicking around in different parts of the unit, similar to the 3D home tour many people use when they consider buying a house on Redfin.

Any virtual tour can provide a handy way to view an apartment without being there in person. However, many people find live tours the most helpful since they can ask live questions and make requests on the spot. Here’s how to prepare ahead of time:

empty unit during a virtual apartment tour

6 things to look for during a live virtual apartment tour

A live tour gives you the power to ask questions on the spot. Researching the apartment and complex beforehand gives you a leg up during the tour.

1. Floor plan and layout

The floor plan could determine how well the space functions for your needs and how comfortable you’ll feel living inside. Do a little homework ahead of time to understand how the space is laid out before you see it virtually. If you have to focus too much on the layout during the tour, you could miss other details like worn fixtures or poor lighting. If you have any questions or concerns, write them down and look (or ask) for answers during the tour.“Embrace an immersive perspective,” says Alex Narvaez of Superior Property Management. “Tenants should ask about the morning sun’s trajectory, whether the kitchen is spacious enough for their gourmet cooking sessions, or if the balcony can accommodate their favorite hammock. It’s vital to understand amenities, parking policies, and rent payment logistics. Unleash your lifestyle onto the apartment to ensure it suits you, not just on paper, but in practice. Truly “living” the space through a virtual lens is paramount.”Jaime Sanford from Prime Property Group adds, “When embarking on virtual apartment tours, it’s crucial to gather vital information to make an informed decision. Start by finding out about the apartment’s layout, dimensions, and storage options to assess if it suits your needs and belongings.”

2. Spaciousness of rooms and total size of the unit

Knowing the layout, you can ask your virtual tour guide questions that help determine the furniture placement if the unit isn’t a furnished apartment. Use the tour to decide whether certain areas might feel cramped. This could help you determine if you want to pursue this unit or look into a bigger one or a different complex altogether.“Be sure to ask for a floor plan or blueprint or at least room dimensions after you conduct your virtual tour,” says Nate Morris of Laker Real Estate. Also, ask the person giving the tour for the ceiling height, which is normally not included in standard blueprints. When you’re doing a virtual showing, the camera can tend to make spaces feel bigger than they really are. You’ll want to make sure you understand the actual square footage of the space and the measurements of things such as wall space in relation to things such as windows and doors. This allows you to better plan for furniture layouts and interior decorations.”

3. Storage options

It always helps to know how much space you’ll have for storage, especially if you have a lot of stuff. Ask your tour guide to open cabinets and closets to see whether they’re big enough for your clothes and other belongings. If you like the unit but storage is lacking, you might consider buying storage furniture ahead of time to bump up your storage space. For example, opting for a storage ottoman instead of a traditional ottoman adds precious cubic feet of storage space to your home.

4. Natural lighting and views

A camera doesn’t always display light accurately, so schedule your virtual tour during a time of day with ample natural light. Ask your virtual tour guide to stand in the middle of each room and pause in each direction to see how light fills the space. Spend more time in the main living areas and rooms with outdoor views. Ask the guide to place the camera next to the window to preview your view from each room.

5. Functionality and signs of wear and tear

If you were there in person, you’d probably open cabinets, look closely at finishes, explore appliances for wear and tear, and get a general feel for the apartment’s cleanliness.Ask your tour guide to slow down while they show the kitchen or kitchenette to get an up-close look at cabinets, countertops, light fixtures, and appliances. Do the same for the flooring, ceiling, and walls.Ask your tour guide to test water pressure in the kitchen and bathroom, then turn appliances on and off to verify that they function. Look closely at windows, doors, and locks to ensure they’re in good working order. Keep a watchful eye out for any signs of moisture or water damage, which can lead to harmful mold in the apartment.

6. Outside condition and curb appeal

Take your time in the entry area and lobby, noting the number of people coming and going. Note the condition of each area. Look at the staircases and elevators and see what kind of shape they’re in. How well property management maintains the interior and exterior can tell you a lot about how the complex is maintained overall.

multi-story apartment building exterior

10 questions to ask during your virtual apartment tour

1. Which changes can I make to the apartment?

Adding personal touches to a new apartment truly turns it into your space, but not all changes will be allowed. Find out which types of changes they’ll allow, and whether you’ll need to reverse your changes when you move out. For example, if you can’t paint or put up shelves, you’ll need a backup plan for decor.

2. Which amenities does my lease include?

Utilities may or may not be included in your lease. If tenants are responsible, find out about typical monthly utility costs to help determine how much you’ll need to budget. If the landlord does pay for the utilities, are cable or internet included? Apartment amenities might also include fitness centers, pools, on-location laundry, and community rooms.

3. Where will I park?

Find out how on-site parking is handled, whether in an open lot, a covered parking spot, or a garage. Ask about any costs involved and how spaces are situated, including potential inconveniences like tandem parking. A unit with assigned spots is highly regarded since it means you’ll never have a problem finding a place to park.

4. What’s the guest policy?

Knowing the building’s guest policy can save you a lot of trouble, especially if you plan to host parties or have groups of people over for dinner. Ask about any limits to the number of guests, including how long they can stay. That way, you’ll stay in your property manager’s good graces.

5. What’s the pet policy?

If you want to bring a pet into your apartment, find out if the building allows them. Ask about any size and breed restrictions. Some facilities charge tenants a pet deposit and an additional monthly fee and may even require your pet’s vaccination records. A landlord has the power to turn down specific breeds if their insurance policy prohibits them.

6. Are there any plans to update the building?

Construction is messy, noisy, and generally inconvenient. If there are plans to renovate, you’ll want to know how long the project will take ahead of time. Completed renovations will reward you with an up-to-date living environment or new amenities if you can live with the inconvenience during construction.

7. How do I pay my rent?

You want to be able to pay your rent quickly and easily. Ask if the property manager accepts bank transfers or provides an online payment portal. Some landlords and property managers still require a physical check.If you plan to start your lease in the middle of a pay period, ask if they prorate the rent. If so, you’ll only pay for the portion of the month you’re living in the unit.

8. How are emergency repairs handled?

Ask your tour guide if there’s an emergency repair number to call and how quickly you can expect a response. Ask for information about how to submit apartment maintenance requests for non-emergency repairs.

9. Which security features does the complex have?

Feeling safe and secure is an important part of any rental home. Ask whether there’s a door or gate buzzer for access and if a security guard monitors the area. Is there a fire escape on your floor? What’s the nearest exit in case of an emergency?

10. Which shops and services are nearby?

Learn what’s in the neighborhood. Ask your guide about any notable shops, services, and restaurants within short walking or driving distance. It never hurts to come prepared with some research of your own too. Get a head start by skimming any online resources geared toward that area, like this Atlanta city guide, for example.

Laker Real Estate Services Minneapolis Realtors and Property Management Redfin article

4 tips for 3D apartment tours

1. Know how a 3D tour works

A 3D virtual tour offers 24/7 access to images of the apartment unit, with interactive views from every angle inside the apartment. A 3D tour allows potential tenants to change views while viewing each room. They can then decide whether or not to schedule an in-person walkthrough.

2. Understand how to navigate inside a 3D tour

A 3D virtual tour will feature one or more of these views:

  1.     Inside view: This view lets you virtually walk through any room in the unit and zoom in wherever you want. It helps you get an idea of what you’ll see walking through the actual apartment.
  2.     Dollhouse view: This is an outside perspective like you’re looking at a doll house. You’ll see the whole room and rotate around to view it from different angles.
  3.     Floor plan view: This shows you the room layout, just like an architectural drawing or blueprint. It’s usually a bird’s eye view looking down.
  4.     Measurement view: This displays measurements for wall lengths and ceiling heights for each room and the unit overall. It provides the specific size and layout for the kitchen, bathroom, living area, bedroom, and all other rooms in the unit.

3. Verify that all the appliances work

Another key component to verify during a virtual tour is whether all the appliances are in working order. This can be difficult to verify virtually if you don’t specifically ask. “Ask for a video of all the working appliances in the property to ensure that everything is fully functional,” says Lena Stevens of Dwellsy. “This should include faucets, lights, fans, garbage disposals, and more. The same applies to water pressure – ask for a video showing the shower running so you know that you’re going to get the shower you want.”

4. Know when a 3D tour is most useful

A 3D virtual tour is best served before you schedule a live virtual tour or in-person walkthrough. After you explore the apartment on your own time, you can decide if you want to take the time to get a more in-depth look.

Why should you tour an apartment virtually? 

A virtual apartment tour can help you pre-qualify an apartment before visiting in person. They’re a convenient, time-saving way to eliminate the properties you don’t like before you invest more time into your search. If a virtual tour checks all your boxes, you can check it out in person, address any concerns, and fill out an application.

Virtual tour tips if you’re renting out an apartment

Virtual tours are great for renters, but they can be a great tool for landlords. Here are a couple of things to consider if you’re a landlord planning on offering virtual tours.

Virtual tours can benefit landlords as well as tenants

“While most tenants would still prefer to see the rental unit in person before signing a lease, incorporating a virtual apartment tour offers some benefits to both landlords and tenants,” says  Meng Chen, founder of PortfolioBay. “For landlords, sharing a pre-recorded tour video with multiple prospects can reduce the number of physical showings required.”

Keep security in mind

“Virtual apartment tours provide a convenient and flexible method for potential tenants to explore properties at their own pace, it also opens the door for on-demand touring while potential tenants drive past your property,”  says Roel van de Ven of Keyrenter Property Management Miami West. “To safeguard against scams, it is crucial to prioritize safety. Always request identification before sharing the lockbox code, and regularly change the code to prevent unauthorized access. Moreover, in today’s digitally driven society, renters often prefer receiving information about rent payments, parking policies, and amenities digitally, allowing them to review the details at their convenience.”If you are represented by an agent, this is not a solicitation of your business. This article is for informational purposes only, and is not a substitute for professional advice from a medical provider, licensed attorney, financial advisor, or tax professional. Consumers should independently verify any agency or service mentioned will meet their needs. Learn more about our Editorial Guidelines here.

Chibuzo Ezeokeke

Chibuzo Ezeokeke

Chibuzo is part of the content marketing team and enjoys writing about local insights and home improvement. His dream home is a Mediterranean-style house with a large kitchen and plenty of windows. Connect with Chibuzo

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Minneapolis April 2022 Housing Report

Inventory is down while home prices are up. Laker Real Estate Services is calling a double top in the housing market as noted in our recent blog post “Minneapolis St. Paul Housing Market Explained in 8 Charts… Where Do We Go From Here”.

Although prices are up compared to April of last year, they are roughly in line with the top of the market we saw in Q2/Q3 of 2021. The latest trend in the Minneapolis St. Paul Twin Cities market over the past several weeks are new price reductions and a noticeable slowdown in buyer activity. This latest activity is not reflected in the newest housing report yet.

See the full Minnesota Housing Report in the link HERE.

The stock market/ debt market sell off is frightening buyers as they are seeing reduced buying power via the higher interest rates and reduced retirement savings as 401ks and IRAs begin to tank. Signals point to a liquidity crisis forming on the near horizon.

We know, many homes that would have only taken a weekend to sell a few months ago are now on the market for 2 or 3 weeks already. Many of those homes have had price decreases within the last month. If you go to any homes currently for sale you will notice, there are not 10 other buyers there looking at the home for sale like there were only a few months ago. This past weekend we looked at 3 homes with buyers and there were no other buyers at any of the 3 homes we looked at. It was a bit shocking to see no other buyers at these homes where literally just months ago there would have been at least, several other buyers at the homes. This sudden drop off in buyer activity is a result of interest rates continuing to climb rapidly.

This is not a good leading indicator for sellers being that the spring and summer are the best time by far in terms of normal buying/ selling activity in the Minneapolis St. Paul Twin Cities metro housing market. A buyer slow down this time of the year does not forecast well for Q3 Q4 of 2022. Many experts are also predicting we will not even reach a recession until sometime in 2023. Sellers thinking about selling should not procrastinate or get too comfortable with the idea that the Minneapolis St. Paul Twin Cities housing market is at all-time highs again.

In a recent Bloomberg interview Black Rock CIO Rick Rieder said, “We are holding our cash with both hands” and preached the importance of patience in this market. View his full Bloomberg interview is HERE. Rick expressed his thought that investors should continue to hold cash and sit on the sideline until the federal reserve was done with their current tightening cycle.

The only caveat is that no one knows when this will end or how badly markets may react in the meantime. When markets are at all-time highs opportunities for buyers and investors are minimal while opportunities for sellers are at a maximum.

The only problem with selling now is sellers will have to find somewhere else to go. This means selling makes the most sense for those who 1. Have more than one home 2. Wanting to move out of state or at least 15 – 20 minutes outside of the Twin Cities metro area or 3. Looking to downsize from a larger home to a smaller home or move from their home into a townhome, condo or senior community.

If you have more than one home and are thinking of selling or looking to downsize or move out of town a bit to take advantage of the all-time high real estate market, be sure to contact Laker Real Estate Services. We will help you with a smooth sales transition and ensure a seamless real estate transaction experience. Many other sellers are deciding to keep the equity in their home and rent their homes using the cashflow to help fund their purchase of a new home. Different sellers will have different needs and we can tailor a plan to help maximize the value created in your individual situation.

As far as being a buyer, other larger local well-known firms are encouraging buyers to not wait and still go out and buy a home. They are encouraging buyers to reduce items on their wish list or settle for a smaller home or settle for an area they may not want to be. We view this advice to be a bit overzealous.

Buyers with strong balance sheets or ability to put down a sizeable down payment or cash buyers or buyers with a lot of equity in their home shouldn’t be deterred from buying in this market but should be very cautious. Buyers should be writing several offers to find motivated sellers thus ensuring they are getting a deal and not overpaying in an all-time high market environment.

First time home buyers or buyers with a minimal down payment or buyers who do not have an extra savings cushion will need to be extra cautious in this housing market. They should be looking to work with experienced agents who are keeping their individual situations in mind, not pushing them into homes that don’t meet their needs or pushing them into much smaller homes or pushing them to buy in areas way outside of their desired locations.

If the buyer’s home of choice is just out of reach, they should be patient for now and follow the advice of experts like Rick Rieder and others who lead and closely monitor financial markets which will have a grave impact the Minneapolis housing market.

Be sure to follow this blog for the latest in the Minneapolis housing market news.

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Minneapolis St. Paul Housing Market Is Running Hot.

https://www.msn.com/en-us/money/markets/the-housing-market-is-running-hot-can-the-fed-cool-it-before-it-crashes/ar-AAW2kwq

“It’s somewhat of their intention to throw some cold water on the housing market,” Handler said, by phone. “Can you actually see a correction, or an overcorrection? I think there’s obviously some risk of that.” Will this affect the Minneapolis St. Paul housing market?

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Minneapolis & St. Paul Housing Market Explained in 8 Charts…

Where Do We Go From Here?

4/19/22

The federal reserve is set to increase interest rates again in the first week of May 2022. Many experts expect the increase will be another 50 basis points. The 30-year fixed rate is currently hovering around the 5.25% mark. Many experts are predicting anywhere from another 3-5 rate hikes for the rest of 2022. Let’s quickly highlight what’s going on in the Minneapolis Saint Paul twin cities housing market and how rising interest rates have affected the local market thus far and where home values will be going in the near future.

  • New listings are down 7.2% over the past year.
  • Pending sales are down 9% over the past year.
  • Inventory levels are down just over 13% over the past year.
  • Average number of days on market is down a whopping 32% over the past year.
  • Median Home Sales Price has increased 10.9% over the past year and just eclipses the August 2021 all time high here in March 2022.
  • Housing affordability index is down just over 12% in the past year.

 (source: Minneapolis Area Association of Realtors)

  • Just over 50% of renters have now been priced out of the housing market. The number has likely grown as this chart is now a couple of months old.
  • Fannie Mae predicts home price growth to have peaked here in Q1 2022

(Source: Fannie Mae)

So, what is the key takeaway here for the Minneapolis & Saint Paul Twin Cities housing market? Supply continues to shrink as sellers realize that should they decide to sell their home, their options for purchasing a new home are very low in the twin cities. Not only is there less to pick from now even compared to when we were in the peak of Covid season, but now interest rates continue to rise. This means if they sell their home where they had locked in a lower interest rate in the 3% to 4% range, they will now be subject to the higher interest rates on their new purchase.

The higher interest rates complicate things not only for the first-time home buyers but also for those looking to trade up to a larger home, or even those looking to pocket equity from their home sale and find a similar size home within a 15–20-minute drive of their current home.

Some people believe the sudden interest rate increases may lead to a housing crash or correction like we saw in 2007-2008 and that inevitably there will be a large decrease in purchases. That in turn will flood the market with a much larger housing supply. Unfortunately, this theory tends to neglect the high levels of inflation of CPI we are currently facing, which we did not experience in the last housing crash.

We continue to see print after print of inflation over 8% yet the American public was assured inflation would be “transitory” by political leaders and the federal reserve. The fed has since lost some credibility and is now backed against a wall where they will not want to lose credibility on defeating inflation.

Clearly the inflation problem is not going away as soon as we were told and is likely here to stay, the question is at what level? As long as the rate of inflation is greater than interest rates (specifically the 30-year fixed rate), home prices won’t be going down much. Couple that with the fact the Russia-Ukraine war has caused the United States to continue to borrow and spend even more money.

We have went from spending trillions on stimulus to now spending hundreds of billions helping Ukraine, NATO and surrounding NATO countries. Spending money is spending money no matter how you slice it and this continued spending will ensure that Americas inflation problem is certainly here to stay for now.

There are some silver linings in the current housing market though. As predicted by Fannie Mae and other experts, it is unlikely that Minneapolis home prices will continue to increase at the rates they did the past two years. This is simply because they no longer can. Despite demand levels still outweighing the housing supply numbers, Americans are having to spend more on everyday necessities such as food and fuel. Experts suggested the average American family is spending $5,000.00 more for the same basket of goods in 2022 as they did in 2021.

American workers are also not getting raises high enough to offset the higher levels of inflation. With less disposable income and a higher WACC, (weighted average cost of capital) consumers are facing a double-edged sword and simply cannot afford to pay the continued elevated price increases the Minneapolis Saint Paul housing market saw the last two years.

Minneapolis just reached a new all-time high for median home prices in March of 2022 and this would likely be what charting analysts see as a “double top”. Meaning prices may go slightly higher here in the very short term but later this summer, fall and winter, prices will drop back down again from the all-time highs as purchasing power of the Minneapolis and Saint Paul buyers’ market diminishes. The question is how great will this drop be?

This drop is unlikely to be a large one or any sort of housing crash like in 2007-2008. Lending practices are now far more conservative than before. Most buyers simply will not be approved on lending terms that were present prior to the last housing collapse. Inflation keeps buyers from being able to pay much more for anything, but it also prevents asset prices from cratering. So, it would appear the Minneapolis Saint Paul housing market is now in a state of perpetual limbo where prices will be relatively stuck the rest of 2022 if not trend down after Q2.

So, what should you keep an eye on? The main KPIs to watch now will be the overall stock market performance and the unemployment figures. As American consumers have less disposable income due to higher prices for necessities, they will be less likely to spend money on products or services they do not need. These spending cutbacks could have negative consequences for the hospitality, retail and travel industries especially. If the spending cutbacks from consumers are bad enough, business revenues could be affected to the point where they are faced with laying off workers like they did during the covid pandemic, and the unemployment rate could rise again.

The secret about the unemployment rate is that they do not count the people who have given up looking for work. The labor force participation rate is a better indicator of overall health of the labor market. According to the chart below, only about 6 in 10 Americans are actually working or actively looking for work. If demand for goods and services drops due to persistently high inflation, this could cause waves through the financial system, stock market and debt bond market. This in turn could cause a significant decrease in real estate values, though unlikely the type of decrease that was seen in the last housing crash.

However, the federal reserve could backtrack and decrease interest rates if the stock market sells off enough from the current tightening cycle, if spending decreases to the point unemployment begins rising again or if short-term interest rates begin to spike. If they do backtrack, they pretty much insure inflated real estate values in the Minneapolis and Saint Paul housing market will continue to remain elevated for the foreseeable future.