In recent years property developers have turned their attention to new technology to improve pre-sale and pre-lease performance.
This is largely due to the emergence of better technology and the need to establish competitive advantage to ensure project funding and profitability—particularly in high and medium-density residential, commercial and hotel developments.
Virtual Reality "VR" and 360 tours have been the main focus for enhancing consumer visual experience over traditional floor plans and graphic renders.
However, the immediate effects of Covid-19’s lockdown restrictions further reduced VR effectiveness due to high equipment and training cost, geographic restrictions and mixed consumer interest.
At the same time, growing need to capture and engage consumers remotely led to a surge in the use of 360 online tours for post-completion sales.
ConceptV, a recent guest on The Urban Developer’s PropTech Webinar, has invested 5 years of research to understand the key drivers to presale success, and have created an innovative tool: Digital Tours.
ConceptV's solution started with combining the possibilities of VR with the ease and reach of 360 online tours, and has focused on improving pre-sale and pre-lease performance for new developments.
Their solution was built around 4 key findings of a successful solution: it must be easy to use and implement, must eliminate barriers to adoption, must be easily accessible and and must offer competitive advantage.
“I’ve been studying the property industry for years and I love following new building designs and trends,” ConceptV’s chief executive Tim Geldard said.
“I wanted to create a functional, cost-efficient solution to inspect unbuilt properties and generate real interest.”
The result is a web-based application that is instantly accessible with any internet connected device.
The Digital Tours are built from resources that developers already have and are easy to integrate with existing systems and business operations. It requires no training or technological expertise to navigate, thanks the the user-friendly interface.
Interactive visual content is critical for engagement and effective communication. With ConceptV’s Digital Tours, users experience 1:1 scale models with photorealism and captivating visuals.
They can easily “walk through” a single floor plan or navigate around any large scale development with the NAVI feature, while using the Style Switcher function to establish preferences.
The tool pre-educates and prequalifies potential buyers anytime and anywhere, ultimately optimising lead quality, sales time and conversion rates.
“We realised our product can do a lot more than improve conversion rates,” Geldard said, as ConceptV expands their capability to vertically integrate within property development pipelines, releasing their Digital Sale Suite.
“Because the Digital Tours are entirely web-based and highly distributable, we incorporated a data tracking system to analyse consumer behaviour.”
ConceptV’s Insight Studio displays a plethora of data and marketing ROI with real-time statistics on demographics, traffic origin, user preferences, and other custom reports on request.
Businesses can use this information to gradually develop more profitable strategies as they accrue greater knowledge of their target market.
Following the success of their Digital Sales Suite, ConceptV is selecting a number of developers to pilot their extended product suites on Design & Development Application, Construction and Property Management phases.
To get a free, personalised proposal on how ConceptV can optimise an upcoming property development, contact them at info@conceptv.com.au or visit their website to arrange a call and find more information.
The Urban Developer is proud to partner with Concept V to deliver this article to you. In doing so, we can continue to publish our free daily news, information, insights and opinion to you, our valued readers.
