The best property developers sell a vision. The excitement of a cosmopolitan lifestyle that comes with a terrace in the inner city or a secure community in the suburbs. Innovative property developers can now bring their ideas to life by using virtual reality “VR” to help sell their vision.
VR is next stage in the evolution of building information modelling “BIM”. It allows property developers to bring their 3-dimensional BIM plans to life and allows a walk-through of a design concept. This can be now done cost efficiently and quickly with VR now accessible using either a wearable headset or on a desktop.
We have identified three ways that VR be used to help a property developer make more money:
1/ Better communicate a vision
A property developer is good at finding deals and knows the value from a rezoning or development approval. The challenge is how does the developer convince other stakeholders, like council staff and the community of the value of their idea?
Property developers can now use a VR model to communicate the concept to key stakeholders to sell their vision. Providing a 3D computer model, together with a walk-through is an extremely powerful tool to convince council staff and the community of the merits of an idea. Faster approvals, means less hassle and more time spent delivering a project.
2/ Testing design and site layout options
Used in conjunction with a 3-dimensional model, having a VR walk-through can provides a better understanding of the impact of a project proposal on site context, space and scale.
Being able to quickly test different design options, such as townhouses or apartments, allows a property developer to build an argument and a strong rationale behind a project vision. This enhances the chances of coming up with an optimal concept that has the best chance of being approved and profitable.
3/ Changing perceptions, adding value
VR technology is on the cutting edge of building development technology. Because of this it is seen by the marketplace as an innovative form of value- adding technology, this changes prospective buyers’ perceptions of the development as they see it in a more advanced light. By seeing developments in this way, buyers may be more willing to pay more for the finished product, thus increasing revenue due to the innovative approach to marketing.
VR tech also let’s future buyers see the finished product during the planning stage. By allowing prospective buyers to see what their potential living space may look like, they are better able to project their vision of their future onto the development, thus increasing the chances of them making a purchase.
4/ Easy to implament, ask us!
More than anything, VR technology is easy to implement and integrate into a developer’s workflow and business model. If you want proof, just talk to us! LandIt is an innovative, independent, tech-enabled advisory with over 30 years’ experience within the real estate market. LandIt also has an unprecedent knowledge of the emerging, cutting-edge technologies that are coming into the property market. Because of this, LandIt is in a unique position to act as the link between developers and this new, cutting-edge technology.