Survey: Virtual Touring Boosts CRE Revenue

Virtual touring of commercial real estate assets provides value, enhances marketing efficacy and brand perception, according to a recent survey by technology firm Resonai, a computer vision enterprise platform.

The survey found that 75% of commercial real estate professionals are using virtual tours and 90% of them will do so within the next two years. Nine out of 10 adopters report increased revenue from their use.

Digital Twin Technology Emerges

Kul Wadhwa, CEO of BeyondView, tells GlobeSt.com that real estate professionals are expected to continue to leverage proptech, more specifically digital twin technology, to digitize commercial spaces to accelerate the property leasing cycle and streamline property management.

“Virtual tours of these digitized spaces not only present immersive, photorealistic, and gaming-like experiences that eliminate any physical hurdles or constraints,” Wadhwa said, “and also allow for a more efficient decision-making process at a fraction of current costs.”

There is continued innovation in the space, including a recent offering of an immersive, virtual touring option where participants aren’t required to schedule a tour with agents, brokers, or onsite staff, according to Infinityy’s founder Jim Schoonmaker, GlobeSt.com reported.

Schoonmaker tells GlobeSt.com that as virtual tours have permeated the residential real estate space over the last decade, it’s no surprise that they’ve become increasingly popular in commercial real estate.

“We live in a time of increasing desire for instant gratification, where we want to obtain information immediately, and be able to access it at our fingertips,” he said. “This has driven the increased importance of virtual touring.”

Schoonmaker said that no longer is it enough to see images or read property amenities and details.

“Prospective tenants want to understand what it’s like to experience a space,” he said. “For commercial real estate professionals, we have taken the leasing process one step further, enabling them to engage prospects instantly within a virtual experience.

“This brings virtual touring to an entirely new level and optimizes the conversion of each lead. By bringing personal interactions into the virtual experience, we allow prospective tenants the opportunity to speak with property management and/or leasing teams, providing the chance to tour the space with colleagues, and ask questions along the way.”

Emil Alon, CEO of Resonai said in prepared remarks that commercial real estate is actively looking for every advantage, and visualization technologies like virtual tours are “definitely providing” them with that.

“This technology has a massive impact on marketing and sales performance — especially when used in concert with AR and VR,” he said.

Ideal for Single-Family Rentals

Kori Covrigaru, CEO of PlanOmatic, tells GlobeSt.com that property technology, including 3D tours, has “forever changed” the real estate industry.

“Specifically, the use of 3D tours to market single-family rental (SFR) properties is exploding because owners and investors recognize that in a crowded marketplace a 3D tour can help a home standout to consumers.

PlanOmatic recently conducted a study for one of its SFR clients to determine if there is a return on investment when using 3D tours rather than still photography only on property listings.

The study results revealed a 39% reduction in a property’s time on the market when a 3D tour was added to a listing. The study also found that 3D tours led to more pre-qualified leads and an increase in unique website visitors, Covrigaru said.