How property technology affects investors’ purchasing decision
As the property market matures, change in consumer preferences is inevitable resulting in endless opportunities. Tech pioneer Tim O’Reilly had once said: “What new technology does is create new opportunities to do a job that customers want done.”
There are plenty of factors that influence these preferences such as demographics, economic climate, and technology, among others.
A few millennials who have good financial standing represent an increasing buying force in real estate.
This independent, like to be in control, tech-savvy generation, source information online and interpret them intelligently.
They should know that the best time to invest is when prices are low.
Now, the target is to engage them. Technology is changing the way we work, affecting both homeowners and developers.
It also enables us to find properties without having to go around physically, like how Dubai residents rely on the likes of Airbnb and Dubizzle to check out residential homes to rent or even buy; or assemble a building in two days like the first 3D-printed functional building that houses Dubai Future Foundation.
Presenting these amazing, smartly-built properties is another story because information on listings may not have all the information an investor or a homebuyer would want to know.
The interactivity and experiential freedom that property technology solutions provide would make the investors feel independent and in control.
Danilo Micić, Partner and CEO at Case3D, a real estate marketing consultancy offering property visualization solutions, said: “While some customers may see the rise of these technological advancements a threat, we educate them on how it simplifies home buyers’ journey in buying a property and streamlines developers’ company processes. Smart systems can optimize tedious tasks and complex transactions, enhance workflow, and boost productivity. To top it off, these solutions, may it be interactive, animation or renderings, help boost sales.”
In 2016, Case3D was tasked by developer Eagle Hills to come up with a fresh approach to boost off-plan sales of one of the most innovative and influential projects in the Southeastern Europe – Belgrade Waterfront.
The proptech company engineered a captivating experience through an immersive virtual tour that allowed users to interact, explore, and fall in love with their future home.
Using the latest in cutting edge technology and graphics, this captivating showroom experience, showcased in some of the largest Belgrade and Dubai malls, sparked interest and generated sales leads.
Predrag Petrovic, Marketing Manager at Eagle Hills, commented: “The value and potential of VR can be seen through the fact that the apartments showcased were sold as a direct result of the presentation. The biggest benefit is the curiosity and excitement that the showroom generates – people are genuinely fascinated when exploring an exclusively furnished apartment while enjoying a virtual sunset on the horizon. Portability is another plus, and we use this tool on our public stands and road shows. It’s definitely one of the more successful campaigns we had for creating interest in off plan purchases.’’
Recently, Case3D has launched an innovative solution called Property Navigator. It is a web-based apartment navigator that allows homebuyers to see which offers are available and make reservations online, then fully experience their future home from any angle, on screen or a web browser.
Users can view the building and explore the amenities from where they are sitting. A cost and time-efficient presenting tool, Property Navigator is user-friendly, modular, and fully customizable – it can be incorporated onto the website and guides users throughout the presentation.
As technology continues to impact the market, businesses need to attract the best talents and allow them to be creative.
In the case of Case3D, the organization comprises professionals who celebrate creativity and innovation while delivering exceptional customer care. It utilizes a reliable system that complements processes for large, complex, corporate systems of real estate development.
With all these technological advancements in place, Case3D still believes in human touch.
“Understanding the change and staying relevant are key to staying ahead of the curve. Let us remain open to the benefits that new technology can bring but let us not forget the driving force behind these achievements – the people. No matter how advanced we get, it is still the human touch that will add value and make a difference,” Micic concluded.