Virtual reality is continuing its big moment in 2017, and real estate developers around the world are taking advantage of this technology to boost their off-the-plan sales. The now-mature technology has demonstrated itself to be a powerful tool for the property development industry, here are some of the palpable benefits developers have noticed.
Many tech giants like Sony, HTC, Facebook, Samsung have launched their own VR hardware, making 2016 the year consumer virtual reality goes mainstream. The 2016 Consumer VR expo in downtown Vancouver was completely sold out, this city is ready to embrace VR. VR is new and exciting, those who have not had the chance to try it are eager to see what the buzz is all about. Showcasing in VR will engage the young generation of buyers who are at ease with technology and increasingly ready to enter the market, and those who are uncomfortable buying off-plan and will find the immersiveness of VR viewing less risky. Customers have also reported to remember properties they have viewed in VR better than other ones on the market showcasing with rendered photos only.
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Buyers prefer to get a good idea of a property before making a large process. 3D rendered photos and videos have been some of the only methods to bridge the gap between the plan and the property to be built, but VR offers opportunities for buyers to experience a space. A recent Stanford study shows that the emotional response from an immersive VR experience is more impactful than watching a video, a VR tour of the property can be very visceral and moving,
Improved Sales Effectiveness
Virtual reality is invaluable for off-plan developments, buyers are trying to envisage their future life in what is currently a hole in the ground. George Siri, the sales director of a development in London applauds the showroom VR experience they offer as being able to grant visitors the ability to "step into this new world for the first time, and imagine really living or working there several years before completion". Serious buyers are looking for confidence when it comes to off-plan properties, a VR walk through improves their willingness to commit. The persuasive power of VR is unparalleled, allowing sales professionals to focus on the story of the property and neighborhood instead. You also have the option of building analytics into the tours, which would capture things like where the client was most interest interested in looking, which rooms they spent the most time in, and what objects they customized. All of these will help tailor the follow-up conversion based on the client's experience.
Opportunity for Upselling
Developers could also choose to build in customizable options for parts of the property, some choose to offer options like upgradable cabinets or swappable paint colours and floor patterns to their potential buyers. Your visitors will see the changes real-time, while they are still immersed in the tour. These options optimize the viewing experience to each individual and create opportunities for upselling. There is a wide range of customizable options suited for different needs, contact us to see more examples.
Large scale show suites could cost several hundred thousand dollars to get the point across. Compact sales centres complemented with virtual reality experiences can be more cost effective. VR tours usually start at $3000, creating excitement about the property in addition to showing it realistically.
Easy to Implement
The new developments in VR technology have made it an accessible and practical tool. Full turnkey solutions like Tourly can build interactive VR tours for your property, you will only need to provide the floor plans. Design consultations are often held with property developers prior to building the interiors, so that we can polish the finished tour to showcase the development vision. Setup, training and teardown of the Virtual Reality Head-mounted displays are all included with your Tourly developer package.
Reach out to us today to see how we can help you take advantage of virtual reality with ease.