Virtual Open Homes Bridge the Gap for Off-the-Plan Sales
Technology is helping agents and home buyers adapt to the "new normal" and remain engaged despite social distancing.
Isolation restrictions globally are forcing property developers to adopt next-generation sales management tools to maintain engagement and connection with home buyers.
Interactive online tours and display suite technology allows developers and agents to communicate seamlessly with buyers, as buyers spend more time online than ever before.
For property developers who adopt the technology early, remote virtual tours can build relationships and create goodwill for their brand as the market rebounds.
Virtual open homes assist with buyer confidence
Proptech leaders Buildmedia are listening to their developer partners and working hard to support their needs with innovative new technology.
Buildmedia launched the interactive display suite Realspace in 2018, and have since helped clients achieve record sales results.
Realspace enables home buyers to interactively experience every room and every floor of an unbuilt development, which in turn delivers a high level of honesty and certainty to the buying process.
Streaming technology is a game-changer
The live-streaming version of Realspace has been in development for some time, and with physical distancing now a reality, the Buildmedia team has fast-tracked the release date to support their developer partners.
From this week, agents using Realspace can now present interactive virtual open home tours instantly at the push of a button.
The focus is on providing a high quality, instantaneous experience with no additional software required to be installed by the home buyer—all that's needed is a web browser and an internet connection.
The Realspace "live" tour is similar to what would be experienced in the display suite but delivered directly to the buyer's device.
Just like an open home, agent's walk and talk the homebuyers through each space in the off-the-plan development. Buyers can ask questions as the agent moves from floor to floor, swaps out finish options plus brings up any relevant property information on screen in real-time.
Virtual open homes can extend to include everyone within the buyers' decision circle, friends and family, even the accountant could be involved—something difficult to achieve with an actual open home.
Agents and homebuyers now have an alternative to physically driving across town to experience a display suite of a development that hasn't been built.
Existing Realspace clients have access to the software's new streaming function through an over-the-air software update.
“We are only scratching the surface of what is technically possible around the corner,” Buildmedia technical director Tim Johnson said.
“We are virtualising the show suite experience with cloud-delivered interactive solutions that can capture analytics, allowing both the agent and developer to better understand future buyer requirements.
“This, in turn, will provide greater emotional connections, ultimately saving both time and money. We have a lot to look forward to.”
Virtual open homes have proven value
Using the Realspace digital display suite, John Woon, managing director of DevelopWise in Perth, sold 70 per cent of The Sanctuary apartments within only a few months.
This was Perth's best-selling apartment project of the 2019 third quarter, according to a report in Urbis.
An impressive feat considering The Sanctuary didn’t have a physical display suite.
Woon said that the interactive model makes it easy for buyers to understand a building.
“We don't need a traditional display suite any more as Realspace does a great job representing the proposed development.
“Buyers tell us it enables them to visualise their future home better, in its entirety—giving more confidence in what they are buying.”
Building trust and engagement
An interactive virtual tour of an unbuilt property is an important engagement tool in the buyer's journey.
Building trust, the buyer feels more empowered and knowledgeable about the future development, which in turn inspires confidence, helping make informed and assured decisions.
When used in agents' offices, Realspace has extended buyer–agent interviews from a 30-minute average to a 90-minute average timeframe, and we expect a similar trend with remote tours.
Higher engagement leads to closing more sales, faster.
Ray White Surfers Paradise head of projects Caitlin Rosenboom has been impressed with the functionality of Realspace.
“We have been completely blown away by the positive difference Realspace has made with buyer interactions for our off-the-plan development White in Main Beach,” Rosenboom said.
“The sales team found Realspace both intuitive and engaging, providing an unprecedented ability for our salespeople to show their clients the size, finishes, layout and views, while providing the perfect platform for them to connect with their buyers while maintaining appropriate physical distancing.”
Buildmedia is working with a select number of property developers to be part of a pre-release next generation version of Realspace that allows real estate agents to effortlessly socially communicate off-the-plan developments from a distance.
If you’d like to transform the way you sell off-the-plan property in this current market, visit the Buildmedia website and register to experience Realspace LIVE.
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