Ever heard of the company Propmodo (promodo.com)? Their ‘About’ page identifies them as “a unique multimedia effort to examine how technology is changing the way we acquire, manage and use commercial real estate”. I highly recommend that you go to their home page and enter your email address to receive their daily dose of information bound to benefit you.
At F13, our #1 goal is making the lives of our clients easier. We make the conscious decision each day to re-analyze our work, how it’s executed, and what we can do differently that will add value for our clients.
So, with real estate developers being a key client group for us, I too subscribe to the daily email from Propmodo.
All of that said, let’s talk technology. It was clear to me when seeing an article on Propmodo, Risky Business: 3 Pain Points for Real Estate Developers, that while concerns over hiring the right architect and worries over permit approvals are generally top pain points for developers, technology may well cause just as much angst in this industry. Separately, the author, Duke Long, asks in his article, Are You Adapting to Real Estate Technology Quickly Enough, why developers (as a general) rule are lagging behind in using technology that can propel them ahead of their competitors and make their business lives easier and their companies more profitable.
Generally, for a real estate developer, there are many facets of the business that could use a technological upgrade, but one of the items on top of the list should be a desire to embrace Virtual Reality as a selling and marketing tool for their properties. In Bobby Goodman’s article, Solving Commercial Real Estate’s Pain Points with Technology, it is suggested that VR would be incredibly useful for potential buyers and renters to avoid driving from one location to the next in their quest for the ideal real estate they are looking for. While this convenience is undeniable, I would argue that there is an even greater purpose for the use of VR in a CRE or other development scenario. That is, to enable those same potential buyers or renters to see the space before construction has even begun. If those same people have already handed over their money while the architecture is still unbuilt, that is undeniable financial power created for the developer and investors. I was with a developer client yesterday who was literally gitty over this concept.
The reference articles used to highlight this technology pain point for developers and investors were written in March and November, 2017. That means this issue is very much alive and well as we embark on 2018.
You can learn more about VR on our website without registering and without anyone bothering you. You can view some of F13’s samples by going to https://www.f13design.com/portfolio/#virtual-reality. You don’t need VR goggles to view the spaces on your computer screen, tablet, or phone.
But, if you would like the full goggle experience simply email info@f13design.com with your name, company, and mailing address and we’ll be happy to ship those out to you at no cost. You can also give us a call at 888.366.2543 x701 and we can guide you through the process of viewing our VR pieces.