Constantine Margolis, founder of the online platform QPANO, providing a full cycle of rendering of real estate, told how the technology of 3D visualization can be used for small business development.
Five years ago me and my partner had the task to create a service that would allow to show properties online maximally and efficiently, as if people visited the facility in person. Now the technology of digitalization of the real estate market has become a separate industry — PropTech (poptech), and with proper use they can help your business become more competitive, streamline work processes, attract new customers and establish relations with foreign partners.
1. New standards
Digital transformation market is an inevitable process that can play into the hands of small businesses. The main advantage of the visualization technology of real estate in that they allow to expand the geography of sales, increase audience reach and accelerate information exchange with customers.
The formation of PropTech as a separate industry in Russia began about a year and a half ago. Then began to appear specialized exhibitions and conferences where experts discuss new trends and possibilities of their integration into the market. Now representatives of PropTech is all over Europe and in Russia and globally, this industry is gaining momentum along with FinTech (FINTECH).
When all the big players will start to actively implement the PropTech, the latter will completely cover the market and will be a kind of quality standard. Will make more deals, as customers will be less time to spend on move to locations, will not be afraid to buy items abroad, etc.
Moreover, digital technology nowadays is pretty cheap. In the end, PropTech will stimulate the development of small businesses — he will be able to compete with the big players.
But we must consider that many companies are still very conservative and do not want to invest in technology when there is a possibility of “old-fashioned” upload photos and still in the end come to sales.
2. Optimization of business processes
Today saving time in the metropolis becomes a trend, and people may not visit all objects of interest in a short time. When your business has a tool that allows the customer to study the product remotely, you can show more objects and speed up the interaction with a potential client.
For example, if you have a small company selling real estate and you have just a few brokers, there is a possibility that they will not have time to show all objects. Plus the meeting with the client is necessary to coordinate even with the landlord. On it lost a lot of time. And 360° video tours are published in the format of YouTube videos that can be integrated into any online platform, and send the unique link in the messenger or by post to potential buyers. Coverage of audience is clearly going to be more.
While the digitalization of the real estate market does not exclude brokers as a link, but it contributes to the optimization of the sales process. Due to pre-sending video of the tour, the broker may, at the first stage to weed out up to 90% disinterested in the people object. And as practice shows, many of those who remained after the “selection” and I want to talk about the deal, come ready to sign a contract of sale or lease.
In addition, online tours will help businesses save on human resources. If earlier the market was dominated by giant companies that reputational seized it due to the possibility to hire the whole team actively selling brokers, now, even if the state only a few people, but having access to online visualizations, small players may very well grow your business without having to hire a lot of people. So small agencies are real estate it is better to invest in technology.
In turn, small developers 3D modelling of projects allows you to start a successful sale at the stage of construction or before it starts, without requiring large investments.
3. Effective marketing and reputational tool
Today, adaptability is the trend, to meet the aim for all developing companies. The big players have long actively using video tours for marketing purposes. For example, we are working not only with global hotel chains, services for renting a property online, but, for example, with airlines, network restaurants.
But PropTech gives a small, not promoted enterprises to gain a reputation. After the online representation of the objects is very expensive, beautiful “wrapper” that allows you to sell more, to make the product more exclusive. Many people are visual creatures and they want to see the picture. It gives the impression of the emotional component.
For construction companies, who do not have large working capital, creating a video of the tour together with the brand website and shared a video presentation of the project expands the opportunities for attracting investment. A high quality video presentation can not only be of interest to third-party investors, but also to promote the issuance of Bank credit (especially small developers without a good credit history).
Visualization also allows you to establish relations with foreign partners. Such was the case when we were approached by a small dairy plant in Ukraine. They wanted to demonstrate to its Western partners a unique technology for the production of the product applied on the plant. To do so would require the detailed survey. Thus, small entrepreneurs, and a wide variety of areas, can use visualization as a reputational factor, to show its “transparency”.
And, of course, virtual tours can be a driver of sales growth. We have been selling real estate in the Baltic States, Europe, UAE and have analyzed the dynamics of sales. In our cases we compared similar properties in similar regions: those for which the applied visualization, was sold faster (2-5 days); objects without a video — only after 3-4 weeks and at a lower price.
And about 70-80% of the real estate for which you created the video projects were sold before completion of construction.
4. Gaining the trust of the client
In our time of information overload, people increasingly difficult to make a choice. By accessing the Bulletin Board, regardless of existing filters, we get thousands of ads the sale of a property.
In addition, people now do not trust information on the Internet. Usually, brokers usually exhibit the best images from the best angle — and people do not understand until the end the look of the space and the surrounding infrastructure.
Aerial photo of the area and detailed virtual tours allow you to show a realistic object, so that the customer could objectively evaluate it and to make preliminary decisions. Therefore, in visual ads we, for example, I do not advise to “cover up” some of the shortcomings of the object. Our unofficial slogan — “Seeing is believing”. Do you believe it when you see it.
And even if the customer will see the cons, it won’t deter, will show your confidence. This is a psychological factor that works and that it should be safe to use when rendering.
Development of imaging technology
Over time, the real estate market will come to maximum visualization and automation of business processes. Widely implemented artificial intelligence on the basis of which will create technologies without human intervention to do a full rendering. It may look like a generic drone that the shot makes Autonomous in a very short time and instantly creates the finished presentation.
The development of PropTech will happen very quickly. Even the example of our company can be said as technology is changing — we are constantly updating the programs to work with 3D-video, new software for the cameras.
One of the expected trends is the collection and analysis of data by search engines, based on which the online platform can generate several individually selected real estate options in accordance with the customer’s preferred climate, terrain, food service establishments and other parameters.
The application of imaging technology will also be developed (now they include not only primary and secondary housing market, but also objects such as industrial plants, hospitals, casinos, shopping malls, private transport, etc.).
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