Tour24 Raises $5 Million in Series B Funding
Tour24, a pioneering self-guided tour company, has recently announced a successful completion of a $5 million Series B financing round aimed at transforming the leasing operations for multifamily real estate. This funding round was backed by RET Ventures, noted for investing in progressive real estate technology.
Enhancing the Leasing Experience
Founded in 2020, Tour24 was established to enhance the apartment leasing process for property owners and operators by providing a seamless self-guided touring experience. Designed with renter convenience in mind, Tour24 allows potential renters to schedule tours at their convenience, enabling self-guided visits even during regular office hours, weekends, and holidays.
Innovative Features of Tour24
Tour24 enables property owners to curate tours enriched with pre-recorded audio presentations that highlight apartments and amenities. This allows prospective residents to gain insights tailored to their specific interests. For instance, owners can underscore premium kitchen appliances or fitness facilities during the tour, ensuring potential renters appreciate these features during their walkthroughs.
Additionally, the platform tracks tour performance, providing multifamily operators with an understanding of which parts of the property engage prospects the most. By utilizing Bluetooth beacons throughout the property, Tour24 can identify areas where prospects linger, facilitating effective follow-up after the visit.
Streamlined Self-Guided Tours
One of the key advantages of Tour24 is its comprehensive coordination of logistics needed for a smooth self-guided touring experience. The platform incorporates identity verification and access control methods, utilizing either smart locks or traditional keys. Moreover, it is user-friendly, boasting features like Face ID, Fingerprint Login, and instant tour options to enhance the user experience.
Responding to Industry Demand
“The COVID-19 pandemic accelerated the need for self-guided touring options,” said Georgianna W. Oliver, the founder and CEO of Tour24. “The ongoing demand highlights the necessity for multifamily owners to optimize their operations.” She emphasized that Tour24 aims to elevate the touring experience while equipping owners with tools to fill vacancies more efficiently and effectively.
Currently, Tour24 operates in approximately 2,065 multifamily properties across the United States, servicing over 525,000 units. Its technology is utilized by several strategic investors associated with RET Ventures, including GID, Berkshire Residential Investments, and Highmark.
Future Growth and Development
According to Christopher Yip, Partner at RET Ventures, the self-touring technology is in high demand among owners who seek improved operational efficiencies. “By adopting platforms like Tour24, property managers can extend their touring capabilities without overburdening onsite staff,” he noted.
The funds raised through Series B will be allocated toward further developing Tour24’s offerings and enhancing user experience, as well as expanding the company’s team to support its growth in the multifamily sector in the U.S.
About Tour24
Tour24 is a multi-award-winning application that supports apartment owners and operators in delivering self-guided tours. The platform ensures renters have easy access to innovative and interactive tour experiences, integrating seamlessly with existing technology infrastructures. Coupled with a team of industry veterans, Tour24 aims to increase traffic, engagement, and ultimately lease conversions within the real estate market.
Frequently Asked Questions
What is Tour24?
Tour24 is a self-guided tour company that focuses on enhancing the leasing process for multifamily real estate.
How much funding did Tour24 raise in Series B?
Tour24 secured $5 million in its recent Series B funding round.
Who led the Series B funding for Tour24?
RET Ventures, a leading real estate technology venture capital firm, led the Series B funding round.
What new features does Tour24 offer?
Tour24 offers features like Face ID, Fingerprint Login, and instant touring options, making it user-friendly for renters.
How does Tour24 improve the leasing experience?
Tour24 provides curated self-guided tours with audio descriptions, allowing prospects to explore apartments conveniently and gain insights tailored to their interests.
