Bogdan Nicoara CEO&Cofounder Bright Spaces

COMMENT | Digital replicas of your next home await online

Digital showcasing for residential real estate comes with its particularities. We are used to photos, videos, or even static 3D tours, but the future brings interactivity and a new suite of features that buyers and developers alike will benefit from, writes Bogdan Nicoara of Bright Spaces.

If you are going to buy a new house or apartment, probably the first thing you will do is go online and do some research. You’re not the only one doing this; 95% of home buyers look for homes on the internet, and 51% of them will buy online. Combining this data with the rising popularity of technology in real estate and advanced virtual tours will start to look like an obvious necessity for any developer.

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Customers’ expectations change

It is no secret that millennials are fond of video, AR and digital content. This new generation of future home buyers looks for the same tech approach in their devices as well as in their cars and homes. Statistics show that listings that do integrate virtual tours actually receive 87% more views than those without tours.

Once you own and operate high performant devices daily, it will seem natural to look for more in a home listing. Open house views can still attract potential buyers, but most of them will want to make an initial call first.

The adoption of virtual tours and digital innovation in real estate has happened at a slower pace, but the future accelerates digitalisation towards making it the norm. Buyers need more than just a tour – they need to interact with the space, see the outdoor area, download real pictures and contact the agent or developer instantly.

Better informed decisions

Finding and buying the best home is something that takes time and resources. Scrolling through recently updated (or not) listings, calling and booking for a visit, discovering if the place suits your needs, and then starting this all over again can be frustrating and time-consuming.

Research shows that 54% of buyers skip over listings of properties that don’t include virtual tours.

An integrated platform that showcases all the properties owned by a developer, with real-time availability and all relevant data included meets the new requirements of tenants.

Homebuyers can discover entire residential portfolios at their own convenience and from their preferred device. They can virtually interact with their future home, see how it can look furnished, discover the neighbouring area, ask for an offer and decide if they want to book a live tour. This is even more critical if the space is not built yet, they can now access off-plan buildings digitally and get a better understanding of what the apartments will look like.

A better process for developers

This leads to process improvements for developers as well. Once buyers’ requests are met more easily, landlords and agents can focus on the more personalised aspects of their job, and on the sale.

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With our first residential client, Intero Property Development, the platform we’re implementing will feature a management dashboard that will provide them with an overview of the spaces, availability, requests and financials.

This accelerates the leasing or selling process by acting as a lead filter and allows them to stay up to date with the market requirements. It’s also important to mention the

environmental impact such a solution has, limiting the number of printed promoting materials and traveling for live visits.

Marketing advantages

Homebuyers are already looking for their next house online, so how can landlords meet them with unique marketing strategies that catch their attention?

Using new tactics and materials, such as 3D videos and digital brochures, certainly helps. They can now showcase apartments, homes and even off-plan constructions, online, on the channels their customers use. This allows them to track the performance of their marketing campaigns, analyse results and invest marketing budgets more efficiently.

Real estate goes virtual

It is now possible to buy land and build a home in the metaverse. Will real estate go completely digital? A more plausible scenario is one where we build more bridges between reality and metaverses, creating a more balanced transition towards digital universes.

I see these universes for real estate as an integrated digitalised approach to their portfolios of present, past and future assets. Buyers and investors as well will be able to navigate through all their buildings and easily transition from one to another, built or off-plan. This can facilitate the process for homebuyers, who will now have all the information they need from a developer in one central place. On the other hand, for landlords, it will become easier to manage all their assets, to market them and to reduce their vacancy.

There are multiple advantages residential landlords can benefit from if they choose to embrace digitalisation. As a matter of fact, having the choice to go digital or not will only be a choice for a short time. Soon, providing clients with advanced digital replicas of an apartment building will become the norm.

Landlords that are early adopters already understand the importance of being digital-first, becoming more and more relevant and visible to their potential clients, while remaining one step ahead of the competition.

  • Bogdan Nicoara is CEO and co-founder of Bright SpacesBright Spaces Logo

Get in touch: bogdan@brightspaces.tech

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