Real estate is an industry where tangibility and experiencing a property is very important. For decades, developers and sales teams have used traditional means of marketing like brochures, floor plans, and layouts to pitch properties. But since these tools can only list out the features, they show half the picture. Thus, developers need physical show flats to show buyers exactly what they can expect from their future home when it gets ready. The problem is that not only are these units expensive to set up, but they still don't answer all of buyers' questions. This is why more and more modern developers have started using virtual show flats.
What is a Virtual Show Flat?
A virtual show flat is a digital version or a virtual representation of what a physical show flat should be once the development is complete. These are made to showcase to buyers a unit's layout, interiors, finishes, views, spatial configuration, and more. The main purpose of using virtual show flats is that they help buyers visualize the property better, and they are especially useful when a physical show flat isn't available.
Virtual show flats can be of different types and are usually integrated into experience centers and make use of interactive touchscreens and large LED displays to give buyers immersive walkthroughs. What makes a virtual show flat so important is that they allow buyers to digitally explore a unit in its entirety in a way that is similar to when they visit physical show flats in person. Thus, instead of reading a property's features in a brochure, the buyer gets to experience it virtually.
What are the Benefits of Virtual Show Flats in Real Estate?
Significantly Lower Setup Cost
While physical show flats are impressive for their tangibility, one of their biggest drawbacks is their setup cost. For example, if a developer is offering 2, 3, and 4 BHK units. They need to design multiple show flats to represent each unit. Not only is this expensive, but oftentimes the experience isn’t enough, as buyers don't really get to see the full picture due to the physical show flat's restrictions. For example, if the buyer is interested in buying a property on the 10th floor but the physical show flat is on the first floor, they get to experience the layout but not what the view would look like once the property is ready.
This is where virtual show flats get to shine. Instead of a developer having to invest in the creation of a physical show flat, they can instead spend a fraction of that budget on a virtual show flat. The reason the setup cost is significantly less here is that they don't have to spend money on construction materials, interior design, furniture, lighting, electrical installations, and maintenance. Instead, they just need a large room where they can install large LED displays and have an interactive touchscreen paired with architectural visualization software. Thus, they spend most of the budget on the creation of the software. The visitor now gets to experience the same 2, 3, or 4 BHK flats, but since they are virtual, they can even check out how the same unit would look on a different tower or floor.
Boosts Off-Plan Property Sales
Off-plan property sales are the process by which developers sell properties to buyers or stakeholders before construction is complete. The reason several people choose to invest in such properties is that they offer several advantages like capital appreciation, flexible payment plans, unit selection, and, most importantly, a lower entry point; that is, cheaper units when compared to ready-to-move-in homes. However, since real estate is a costly investment, off-plan property sales aren't easy, as the developers are basically asking the buyers to purchase something that doesn't even exist yet, which makes convincing them harder.
However, with a virtual show flat, developers can start pitching properties before the construction even begins. This is because 360-degree virtual tours make it easier for buyers to move between rooms, much like exploring a physical show flat. They even get to zoom in on different areas of the room by moving the camera around. It gives them a clear picture of what they can expect from the unit once the development is complete and even adds credibility to the developer.
Enables Remote Property Sales
Another major advantage of using virtual show flats is that they allow for remote property sales. With a physical show flat, the interested buyer needs to visit the property in person. This can be inconvenient as the buyer needs to travel to the location while also having to plan their schedule around the site's availability. This creates friction, which results in them losing interest as the question arises of whether the property is even worth investing the time and resources into for an in-person visit.
However, when a developer offers a virtual show flat, this isn't exactly an issue anymore. The buyer now gets to explore the property completely, just through a digital experience. They lose the tangibility; however, they instead benefit by visiting the property from anywhere or any time, as per their convenience. Not only does this save them resources like time, effort, and travel or other costs, b
ut they can also make an informed decision since they get to control their virtual tour, thus ensuring that they understand everything about the property.
How Virtual Show Flats Helped Our Clients Cut Costs
L&T Ahana - Malad
With L&T Ahana, L&T Realty offered strong connectivity, located near the Western Express Highway, proximity to Kurar Metro, premium 2, 3, and 4BHK residences, and a comprehensive lifestyle with over three levels of amenities. They wanted to go a step further and give buyers a unique way to learn about their future homes and decided to use a fully digitalized experience center, where the entire buyer journey could be experienced through immersive, interactive, and technology-led touchpoints.
To meet this objective we came up with a Holographic architecture visualization installation that replaced a physical scale model. It showcases the project's complete facade while also providing a better understanding of the ground-floor, podium, and podium-level indoor amenity views. Next were the immersive motion posters. These were made to showcase roughly 15 key amenities in a large format made of cinematic visuals. What made them impressive was that buyers could easily spend over 20 minutes in this zone exploring the different amenities.
The major highlight of this experience center was the virtual show flat experience achieved using VR. It helped buyers understand the scale, depth, and spatial experience of an apartment. Not only did the buyers get to move around the space to experience it fully, but it also included all four directional views to help buyers know what different apartments would actually look out towards.
The virtual show flat was a success as it resulted in:
- 100+ VR demos over opening weekend
- 100% VR adoption
- 0 physical show flat requirement
- Over 30 minutes of buyer engagement
- 15+ amenities visualized
In conclusion, virtual show flats are a digital recreation of a physical show flat that gives buyers the same level of exploration and accessibility they can expect from a physical unit. Real estate developers prefer giving stakeholders and buyers virtual tours because they are cheaper to set up, boost off-plan sales, and can even be accessed remotely by interested parties.
As beneficial as virtual show flats are, they need to be very accurate for a sales team to use for pitching the property. The problem with off-plan properties is that buyers take a huge risk in purchasing a property that is still in development. As such, it is crucial for a virtual show flat to represent exactly what the developer envisions building. This is why V-Estate offers our clients Spaci. It is our custom-made ArchViz software that developers can use to help buyers visualize properties easily and boost sales. If you are looking to create your own virtual show flat, book a demo now!
.jpg)
