We’re excited to announce our investment in OneDay, the real estate industry’s leading video platform, enabling property owners to leverage video to drive sales and engage residents. Volition led the company’s Series B and will be joining the board alongside Silverton Partners, helping the team continue to define and lead a sizeable, fast-growing market.
OneDay’s focus sits at the intersection of two of Volition’s core macro themes: 1) video is rapidly becoming the preferred content medium for businesses that are seeking to engage their consumers, and 2) the real estate industry is increasingly adopting software to speed up sales cycles and improve resident retention. We’ve backed a number of businesses across both of these themes, including Connatix, ButterflyMX and G5, and are enthusiastic about the potential that video communication has to generate particularly strong ROI in the real estate world.
Studies show that video generates the highest conversion rates of any medium for marketers. In recent years, we’ve seen the proliferation of effective video marketing tactics in several categories, ranging from consumer products to inside sales. Yet in real estate, an industry in which leasing agents are often inundated with leads and tools to generate them, there has historically been limited innovation and adoption of video platforms that can help shorten the time from lead to close and get residents to stay in-unit longer.
What gets us excited about OneDay is that this dynamic in the real estate world is quickly changing. The COVID pandemic fundamentally changed the way in which consumers want to conduct their pre-purchase research and interact with businesses, with 72 percent of consumers now preferring to learn about a product or service by watching videos. In real estate specifically, 67% of people want more businesses to offer virtual tours, which studies show end up increasing a business listing’s interest by up to 2x. We believe these trends have the space primed for rapid adoption of video marketing software, and that platforms like OneDay are on the verge of becoming a must-have for property owners and managers of all sizes.
OneDay got its initial start in the Senior Living space, where it quickly found product/market fit by allowing customers to create high production value videos in a self-serve manner, helping drive more personalized interactions in their new tenant sales and resident engagement efforts. Approximately 5,000 Senior living properties leverage OneDay today to do things like shoot virtual tours, send engaging post-visit messages, and keep the families of residents up to date with the latest happenings at their loved ones’ residences.
While the company’s platform is applicable to a broad range of use of cases, the team at OneDay has intentionally taken a vertically-focused approach to driving growth, deeply understanding the pain points of customers and tailoring both their technology and customer service to meet those needs. That level of market understanding and empathy is directly reflected in the love that customers have for the OneDay offering – which we saw during our diligence efforts was absolutely off the charts – and helps power the company’s best-in-class SaaS metrics. OneDay’s recent expansion into the Multifamily market via its Convey solution, and into the Memorial Homes market via Reflect, represents the culmination of the team’s learnings in Senior Living, and we’re confident that the company is poised to lead both of these new markets in the years to come.
We’re big believers in the OneDay team. They’re maniacally focused on building great products, delivering the highest possible level of service, and fostering a high-energy, supportive company culture that helps power it all. We’re thrilled to partner with them on their next stage of growth.