Traditionally a dinosaur when it comes to technology adoption, real estate is quickly evolving and embracing new technologies. One of the most promising and potentially game changing is virtual reality (VR) and augmented reality (AR). Virtual reality lets users experience a property without having to step foot in it, cutting down geographical borders and, for yet-to-be constructed projects, allowing to actually experience the space and layout, but walking through the space to be.
At Beyond Reality, we’re particular excited about what this technology will be able to do when it comes to the international space. Traditional marketing practice saw developers and agents attend exhibitions with brochure and floor plans, having to explain the property and the location to potential buyers. This inevitably relies on the buyers’ imagination as they need have, in many cases, been to the location of the property itself. The developer / agent has to do more education with fewer tools (it’s hard to ship a show room around the world). With virtual reality, developers will be able to walk a customer through the property, its facilities and surrounding neighbourhood and truly let them experience what the future property will be like. This gives buyers more confidence to move toward a positive buying decision.
Although in its infancy, early indicators show this technology being extremely popular in the Asian marketplaces, which is already a big market with international developers. Not only a positive marketing tool for your customers, but also your sales partners, who will benefit by being able to view the property as if they were there.
Here at Beyond Reality, we are looking forward to working with our partners to implement an international sales campaign, and are fully equipped with an international base in Hong Kong. In this competitive market, every little tool helps.