Virtual Tours Enhance Multifamily Building and Selling. @Matterport #CRE

This is an excerpt from “Virtual Tours Enhance Multifamily Building and Selling” Which was published by on Sept 17, 2015

Virtual Tours Enhance Multifamily Building and SellingImagine your clients touring a multifamily unit in California … only there’s something different about their experience.

They walk with ease through all of the rooms, taking in the unit’s space and size and can even view some of the community’s many amenities and smart home technologies. Then they take off their virtual reality headset and they’re back in New York City.

But it doesn’t matter—they’re already sold.

Sound like a pipe dream? Think again. The power of virtual reality is closer than we think and evolving every day, slowly integrating itself into the multifamily market. It’s giving homebuyers, anywhere in the world, the ability to view communities they otherwise would not get the chance to experience aside from two-dimensional photos.

Virtual tours offer a new and innovative way to use tech to sell tech, and builders should be paying just as much attention as realtors and consumers.

“Multifamily is at its height right now, not only in building but in renting. And that means the competition is higher than ever,” says Steve Barnes of Barnes Creative Studios, a best-in-class provider of Matterport 3D virtual tours for multifamily and luxury travel.

Entering the Third Dimension

In order to better market multifamily, builders need to set themselves apart from the competition.

Think about it! You have a homebuyer looking to move from New York to Atlanta, and he’s looking at dozens of communities, and maybe one or two of them have 3D virtual tours. Those virtual tours are going to be more attractive to the buyer than just seeing photos, because they can visualize themselves living in that spot. And more importantly, a virtual tour can showcase smart home technology much more effectively.

As Barnes emphasizes,  virtual tours utilize 3D representations. “What you see is what you get. You can no longer hide behind the one-dimensional marketing of old,” he says.

His company offers a cheaper and more effective solution to touring communities than Google’s Business View, which is powered by their Street View technology. “We’re capturing data—tons and tons of data. Google, they’re just capturing panoramic photos and that’s a dead end,” says Barnes. “It’s a huge difference and it’s a lot cheaper than Google.”

Sean Henry—managing partner, southwest of Moran & Company—has been utilizing 3D virtual tours for his multifamily units for a year now. He says the impact this technology has had on his business is massive, and he now has clients leasing units before they even see them in person. They will be able to experience everything from the apartment’s design to the connected systems within it.

“A lot of our buyers are from out of state, so virtual tours ensure that these properties are something worthy of their time,” says Henry. 

The Future of the Virtual Tour

Where is this technology headed? Somewhere special, according to those already using it.

Virtual Tours are already compatible for Oculus Rift's VR headset
Virtual Tours are already compatible for Oculus Rift’s VR headset.

Barnes says that his 3D tours currently have the ability to be converted to virtual reality headset technology Oculus Rift, and that many of his clients are already taking advantage of this for their multifamily communities. He calls it a complete difference maker for marketing.

“We’ve been doing it for about a year, and every month more people are embracing it, because they want [the tours] to show exactly what you’re going to expect when you get there,” says Barnes.

As soon as the technology catches up, people won’t even have to leave their homes to shop for and purchase a new one.

Regardless of whether it is used for visualizing, touring tech, building or marketing, virtual reality in the multifamily market is certainly on a steady incline, and it will only continue to rise.