For years, real estate companies and developers have used websites to attract potential customers. However, physical site visits were an integral part of the sales process. This started to change a few years ago, with some developers offering online tours of their projects.
The pandemic has accelerated the adoption of this technology. Companies now offer even more services, from virtual tours to interactive and immersive virtual reality experiences, to augmented reality simulations, and are eager to see what life will be like in a completed project. A glimpse into the homeowner. I actually feel it.
Sparrow Interactive Director Rashmi Kohli said: Real estate brands around the world want to provide prospective clients with a memorable experience. Doing so will help you stand out in this suite of services. “
Conversion rates have risen to 40% globally, according to consulting firm Anarock, and much of this surge can be directly attributed to the use of new-age technology as a sales tool. Of course, this means a leap in sales and earnings.
Mandhir Vinaik, AVP of Home Sales at Anarock, said: It’s happening locally too. “
And even if the technology is expensive at first, it offers cost advantages to builders in the long run.
“Buyers can experience the entire sample house without the developer actually building it, thus saving money, time and resources,” added Vinaik.
It’s not just high-end luxury projects that employ such technology. According to Anarock, mid-sized and affordable housing projects will account for 56% of new launches in the third quarter of 2022, with many of the buyers being millennials who resonate with such technology. But experts say the technology is constantly evolving and expensive. As a result, adoption has been relatively slow.
VirtSpaces CEO Hemanth Velury said: His virtual reality is very useful not only for back office and financial efficiency, but also for sales efficiency. I was surprised that Tier II cities were more receptive than Tier I cities to actually test the technology. “
This new trend has opened up a whole new market for Indian startups.
Technology for property developers is no longer about hiring website developers. Now it’s about immersive experiences and holograms. It’s something that allows potential buyers to walk around a house that is still under construction miles away and play around with the interiors to get a real feel for the space.
This has created a whole new high-growth sector…and while India’s startup ecosystem is complaining about a fundraising winter, proptech companies will be forced to enter the private sector between 2009 and 2021. Investment surged by 55%.