In today’s world, technology has become an integral part of almost every industry, and real estate is no exception. From online listings to virtual tours, technology has revolutionised the way we buy and sell properties. One of the most innovative and exciting technological advancements in recent years has been the development of real-time 3D interactive experiences, which we call visual twins. These cutting-edge experiences are not only transforming the way developers present off-plan properties to the market, but also the way they design them. In this article, we will explore how immersive solutions can transform the customer journey, ultimately improving the sales of off-plan property developments.
Simply put, a visual twin is a digital representation of a future real estate development. It is concerned primarily with the visual aspects of this development, and should not be confused with a digital twin and/or BIM (both data simulations, the former designed primarily with optimisation and building performance in mind, while the latter is focused on construction and design). Since the advent of companies such as Matterport just over a decade ago, the real estate industry has become accustomed to photo-based 360 photo virtual tours. These experiences, created by stitching together 360 degree photographs of the interior, have allowed buyers and renters to get a better understanding of a property, by enabling a certain level of freedom of exploration not previously possible with static photos. Although far from perfect, these 360 tours have grown in popularity, since they offer an improved customer experience. This is evidenced by various studies outlining high level of demand for such experiences:
The advantages of this technology were made obvious during the pandemic, which saw significant increases in properties purchased ‘sight unseen’. The main factor underpinning buyer’s confidence to transact without even visiting the asset was the availability of virtual tours.
But what about real estate which is not yet built? For residential developers looking to sell as much of a project before breaking ground, is it simply not possible to arrange a photoshoot. Up until now, off-plan developers have relied on computer generated stills and animated videos to complement floor plans and other 2D media. Given that a large proportion of the population - up to 80% according to research - struggle with spatial awareness and envisioning 2D data in a 3D manner, this seriously undermines a developer’s sales efforts.
Fortunately, with visual twins, it is now possible to create lifelike digital replicas of future developments. While we will go in more detail into how visual twins are constructed in a follow up article, here we will dive into the many advantages of which visual twins can offer buyers and sellers of off-plan properties.
One of the biggest advantages of visual twins, also known as real-time 3D tours, is the ability to host viewings at any time and on any device. Traditional off-plan sales involve showing potential buyers architectural drawings, floor plans, still computer generated images, and perhaps a physical scale model of the property or show home. While these tools can be helpful, they often fall short of giving buyers a true sense of the property. With visual twins, developers can offer immersive virtual tours of the property, allowing potential buyers to explore the space in 3D from the comfort of their own homes, and on their preferred device. Thus they can explore every nook and cranny of the property, and see it from every angle. This means that viewings are not limited to business hours or dependent on the availability of sales agents. Buyers can take a virtual tour of the property at any time that suits them, whether it's in the middle of the night or on a public holiday, and for as much time as they like - in fact, potential clients spend 5 to 10 more time on listings with virtual tours. This flexibility can be particularly appealing to international buyers or those with busy schedules. Viewings can also be arranged with an agent who will be able to communicate with the visitor in real time via voice chat.
Another significant benefit of real-time 3D tours is photorealism. High-quality visual twins are incredibly detailed and realistic, allowing potential buyers to visualise themselves in the property. Buyers can explore the property in 3D, getting a sense of the layout, the size of the rooms, and the views from the windows. Some visual twins even allow buyers to experience the property in different lighting conditions or see how it looks at different times of the day. Additionally, moving elements such as the sun’s glimmer in a pool or a light breeze flowing through curtains and vegetation, combined with ambient sounds, stimulate more than one of the senses. This level of realism helps buyers form a stronger emotional connection with the property, increasing the likelihood of a sale.
Some visual twins also offer the possibility of real-time customisation. This means that potential buyers can modify the property in real-time during their virtual tour. For example, they could change the colour of the walls, switch out the furniture, or even modify the layout of the rooms. This feature allows buyers to personalise the property to their tastes and needs, helping them to visualise how they would live in the space - they are already mentally moving in. Real-time customisation can also be a valuable tool for developers, as it allows them to gauge buyer preferences and make adjustments to the design if necessary.
Many off-plan developers invest significant amounts into physical showrooms which aim replicate the end result by giving buyers a ‘look and feel’ of the future property. Since developers are investing into physical showrooms, why not a digital one which can also increase reach and improve efficiency? By reducing wasted viewings, visual twins can also help to save time and money. Traditional viewings can be time-consuming and costly, particularly for off-plan properties where there may be a limited number of completed units available for viewing. With visual twins, potential buyers can get a sense of the property before deciding whether to visit in person. This helps to filter out those who are not genuinely interested or for whom the property is not suitable, reducing the number of wasted viewings, by up to 40% by some estimates. Ultimately, this means that sales agents can focus their efforts on the most promising leads, increasing their chances of success. Eliminating unnecessary travel, both for agents and buyers, also has a positive impact on a property sale’s carbon footprint.
Visual twins not only facilitate visualisation and customisation but are also a rich source of data, capturing every interaction a potential buyer has with the virtual property. This data, which includes changes made to the property and navigation patterns such as heat maps, provides insights into buyer preferences and behavior. Analyzing this data helps developers make informed decisions about design modifications or marketing adjustments, aligning the property more closely with buyer needs. Ultimately, this data-driven approach, integrated into the visual twin experience, enables a more personalised and customer-centric approach to off-plan property sales, increasing the likelihood of success.
Visual twins are a powerful tool for boosting off-plan sales of properties. By allowing developers to host viewings at any time, providing photorealism that helps potential buyers visualise themselves in the property, offering real-time customisation, and saving time and money by reducing wasted viewings, visual twins can help to streamline the sales process and increase the chances of success. As technology continues to evolve, visual twins are likely to become an increasingly important tool for developers and sales agents alike.
Remember, in the fast-paced world of real estate, staying ahead of the curve is key to success. So, consider integrating visual twins into your off-plan sales strategy and see the difference it can make. Happy selling!
