Virtual Tours are Changing the Way Buyers View Property
The inspiration for a new business often comes from looking at an old business in a new light.
“The three of us had been in the real estate industry for seven to ten years when we realized we could use technology to provide property agents and consumers with a better visual experience in terms of viewing property,” said Dave Teo, head of operations for V360Property.com.
In 2014, Teo joined forces with Winson Chan and Richard Yuen to bring virtual walkthrough technology to Singapore’s property markets.
“We saw a gap in the market,” said Richard Yuen, who is responsible for V360 software and hardware technology. “A home or office is a three-dimensional space. Typical photographs can’t do justice – and I say that as a huge photography enthusiast. Wouldn’t it be better if people could view a virtual tour of a home from their computer or smart phone?”
V360 videos are not home-made movies slapped up on YouTube.
“Quality is our watchword,” said Winson Chan, who wears two hats as head of web development and finance. “Our videos simulate a person walking through a home or through an office.”
In order to achieve this reality experience for end users, the V360 team shoots the space in one seamless movement.
Then, they process the video and overlay it with navigational tools that allow the viewer to cursor from one room to the other, as if they were actually physically walking through each room.
“Unlike traditional video that you must rewind to go back to a particular room,” said Yuen, “V360 gives you a unique user experience as you can use the cursor or navigation tools to move effortlessly from the living room to the kitchen back to the living room and up and down the staircase. It’s like an interactive video game.”
As is the case with many entrepreneurs, the trio could not quit their day jobs in the beginning and had to start V360 out of their homes.
The three entrepreneurs started applying virtual tours to their property listings and, then, expanded the technology to their colleagues. Next, they branched out to interior designers and other commercial enterprises that would benefit from video documentation.
“As practitioners in the real estate industry, we understand the business of marketing property. Today, if an agent wants a listing to stand out, it is essential that he or she uses every medium of marketing, including virtual walkthrough technology,” said Teo, “Otherwise the home will be lost in the noise.”
By the beginning this year, they had worked out how they could deliver the technology at a very affordable cost. This allowed their business to take off. In April, they made it official by incorporating the company and moving out of their homes into an office space.
“For the cost of an affordable classified ad,” said Teo, “An agent can receive a permanent, quality video that they can distribute on the property portals and all social networking channels.”
“Many of our clients use our virtual tours as calling cards,” added Winson. “The videos are permanent so agents can use them to show prospective sellers how they will market their homes.”
What’s next for the trio?
“This month, we teamed up with SRX.com.sg and its sister property portal, STProperty.sg, to distribute our videos and make them a permanent part of the fabric of Singapore’s property markets,” said Yuen.
Also, the three entrepreneurs have quit their day jobs to go full time at V360 with the goal of making their videos the new market standard.
Also Featured on The Straits Times 8th Aug 2015
Property Agents, 10 Reasons Why You Should Use a 360 Degree Virtual Tour for Your Marketing
1. ATTRACT ATTENTION TO YOUR LISTINGS
80% of the listings on the online market is of poor quality, either without or limited visual representation. A property virtual tour not only gives a factual and accurate representation of the listing, it is usually among the first few listings to be clicked when buyers scroll down the page.
2. HUMANS LIKE INTERACTIVITY
An interactive virtual tour is more likely to interest the viewer instead of going through a long winded video which only shows what the agent wants the viewer to see. By being able to pan and zoom on the property walkthrough, buyers are more likely to spend more time exploring the listing.
3. NO DUPLICATION
Viewing a virtual tour can assure the buyer this is a unique listing and buyers won’t fall into the trap of viewing the same listing twice or contacting agents with the same listing.
4. PRIORITY OVER OTHER AGENTS
Similarly if they had viewed a virtual tour of your listing, they would not take the trouble to view the same listing with other agents, hence giving you priority over other agents marketing the same listing.
5. SECURE THE BUYER
Once the buyer has contacted you over other agents with the same listing, and made an appointment to view, you would have secured the buyer and hence able to serve this buyer even if he does not eventually buy the listing which you have advertised.
6. IMPRESS THE CLIENTELE
Buyers may be sellers themselves or have friends that are sellers, and may just have a property for you to market. When they are impressed that you are willing to go the extra mile in your marketing efforts, you may just be rewarded with a new listing.
7. CATCH ON THE GO BUYERS
With more than 90% of the mobile phone population holding either a smartphone or tablet or both, it is increasingly likely that prospective buyers would be surfing for property listings on their devices. A listing with a virtual tour is not only more likely to catch their attention when they have limited time on the move, they are also able to copy the link to their partners to view on the move as well.
8. POWER OF SOCIAL MEDIA
Social Media Marketing is now an integral part of a salesperson’s repetoire of marketing tools. Harness the power of social media when you post your virtual tour on your Facebook business page or timeline. You’ll may just be surprised your next call comes from someone who saw someone share your virtual tour.
9. SAVE PRECIOUS TIME
Do you feel like a fool when you have to rush down to open doors for a viewing and when the prospect arrived, took just a glance and left? Eradicate such situations from happening again. Time can be better spent on getting more quality listings.
10. ENHANCE YOUR REPUTATION
Build a reputation as an agent who use niche marketing tools in your offline marketing material. A Virtual tour is also able to be accessed via QR codes which you can print on your flyers or brochure.
There you have it! 10 reasons why you should use virtual tours for your marketing. Of course, A Property Virtual Tour is really not for every listing, You should only consider listings that can be further enhanced using Virtual Tours as it can be a double-edged sword that brings down a poor conditioned house even further. As a property agent, your business acumen comes into play here.
Comparing all the virtual tour providers on the market, V360Property offers the best value for property agents as they are the only provider offering packages tailormade for property agents. There is also a special one time trial price for agents. You can visit their page and portfolio at http://v360property.com
Article Source: http://EzineArticles.com/?expert=Yan_Zhifen
Article Source: http://EzineArticles.com/8744585
More And More Property Agents In Singapore Using V360Property Virtual Tours
Singapore, Singapore, March 12, 2015 –(PR.com)– V360Property announced today that they have hit a 400% increase in the number of Property Agents using their 360 Degrees Interactive Virtual Tours since they commenced operations in July 2014. It is believed that out of a population of more than 32000 licensed Property Agent salespersons, the number of agents actively using virtual tours numbers less than 500 of which V360Property now seems to have the majority share.
Spokesperson for V360Property Dave Teo said, “We are now beginning to see more property agents using this technology in their marketing and we have successfully converted many agents who previously were not using virtual tours. We are on track to achieve our one year target in terms of number of VT users.”
So far, V360Property has produced quality virtual tours for agents from ERA, Propnex, Savills, Huttons, HSR, Coldwell Banker and C&H. They have also done Virtual Tours for a number of showflats marketed by these agencies.
The market for virtual tours seem set to grow as consumers demand more listing quality found on property portals. New entrant 99.co set the bar by promising a radical shake up of the industry and featuring only quality listings on their portal. This forced incumbent PropertyGuru to tweak their algorithms to grant a quality score to listings to ensure only the most quality listings appear first.
As Dave put it, “The current property market is still not very ideal for property buyers in terms of listing transparency and genuinity, we at V360Property aim to change that by educating more agents to use and more consumers to demand virtual tours.”
V360Property, Virtual Tour Provider in Singapore Releases Botanic Gardens Virtual Tour to Generate More Local Interest to Visit Attraction
V360Property, a virtual tour provider based in Singapore, today released a Botanic Gardens Virtual Tour on their portal. The interactive virtual tour, playable on smartphone devices, transports users to the wonderful attraction that few locals actually think about visiting. Interactive virtual tours are basically walkthroughs that users can actually pan or zoom in on their desired spots, giving users an immersive experience.
“It is hoped that by using this virtual tour, online users will be able to explore the gardens at the comfort of their home or on the move and be enthralled to want to visit the actual thing,” Dave Teo, one of the co-founders of V360Property explains. The Botanic gardens, despite boasting over 150 years of history, beautiful wide open spaces and natural landscape and features many species of plants and trees often not found in other parts of the nation, is never really on the thoughts of young working Singaporeans who would rather visit the numerous repetitive shopping malls creeping up all over the country.
Virtual tours looks set to give some of these forgotten attractions of Singapore a timely boost. “We will try to add more upcoming virtual tours, to parts of Singapore not normally seen by most. Friends will also be able to share these virtual tours on social media such as Facebook to further increase interest,” Dave Added.
You can view the Botanic Gardens Virtual Tour In VT Non-Profit Section.
Now, the virtual showflat…Who says you need to head out to view a showflat?
The Straits Times – May 31, 2012
By: Yunita Ong
INSTEAD of heading out to a showflat, why not take an early peek on the iPad first?
To stand out from the crowd amid a slew of launches, Chinese developer Qingjian Realty has created an interactive virtual showflat for its 610-unit River Isles project which launches this weekend.
Going into iPad editions of The Straits Times, Lianhe Zaobao and The Business Times Weekend now, potential buyers will be able to take a virtual tour of the showflat for the Punggol Central condominium. They can ‘walk through’ the unit and zoom in to get more details with a tap of the screen.
‘Our target market for River Isles is the young professional. This target group are mostly IT savvy and more receptive to new innovation and ideas. Also, more and more people are using iPad,’ said Mr Zuo Haibin, managing director of Qingjian Realty (South Pacific) Group.
Mr Tan Ooi Boon, vice-president of marketing at Singapore Press Holdings which jointly developed the virtual showflat, added that the strategy allows potential overseas buyers to see what the showflat is like.
Mr Nicholas Mak, executive director of SLP International Property Consultants’ research and consultancy arm, felt that even though the virtual showflat would provide a good introduction to the flat, serious buyers would still go down to get a feel of the brick and mortar aspect of the place.
Senior district manager of ECG Property Ong Yee Sin agreed but added: ‘Buyers who are busy or believe in fengshui would appreciate a preliminary view. If it is coupled with the floor plan, it could help buyers make a faster decision at the showflat.’
Ms Aileen Peng, 47, who is now shopping for property, said: ‘I would be open to visiting a virtual showflat but I would definitely still make a physical visit to the showflat to get a sense of the proportions and size.’
Source – ST Property
That was about five years ago when she received a telephone call from her housing agent telling her about a Tanjong Rhu apartment with a great view.
She was in Italy then on a business trip with her husband Jimmie Lee, 63. He is the chairman and founder of wellness company Dynaforce International – it provides gyms and spas for luxury projects and hotel properties – where she is the group chief executive officer.
To seal the deal, the agent sent them a 20- second clip which gave them a virtual tour of the 2,000 sq ft 99-year unit with three bedrooms. Once the couple saw how the balcony and rooms opened up to a spectacular view of the Kallang River and the National Stadium, which was being rebuilt then, they were sold right away.
Ms Sun, 45, concedes: “It’s not the same as seeing the house in person… But when we returned to Singapore and took our first look at the apartment, we were glad we took that leap of faith.”
Besides the view, the privacy the unit offered was also a big draw. “It was important to us that no neighbours can look into our home from all sides,” says Ms Sun, who paid about $2.6 million for the apartment.
Source – Asia One
Companies & Institutions Who Use Virtual Tours
Hospitality Virtual Tour
Millennium & Corpthorne Hotels (Orchard Hotel) – http://www.millenniumhotels.com.sg/orchardhotelsingapore/virtual-tours.html
Millennium & Corpthorne Hotels (M Hotel) – http://www.millenniumhotels.com.sg/mhotelsingapore/virtual-tours.html
Swissotel Merchant Court – http://www.swissotel.com/hotels/singapore-merchant-court/media/virtual-tour/
Swissotel The Stamford – http://www.swissotel.com/hotels/singapore-stamford/media/virtual-tour/
Santa Grand Hotel (Chinatown) – http://www.santagrandhotels.com/vtour_chinatown.asp
Fairmont Singapore – http://www.fairmont.com/singapore/media/virtual-tours/
The Fullerton Group – http://thefullertonheritage.com/promotions-events/venues/the-fullerton-hotel-singapore
Pan Pacific Hotel Singapore – http://www.photowebusa.com/panpacific/singapore/
Marina Bay Sands – http://www.marinabaysands.com/sands-skypark/infinity-pool.html
Education & Government Virtual Tour
National Technological University Of Singapore – http://gallery.ntu.edu.sg/virtualtour/index.html
Malay Heritage Centre – http://www.malayheritage.org.sg/MHCPortal/Visitors’Information/VirtualTour
Urban Redevelopment Authority – http://www.marina-bay.sg/virtualtours.html
National Heritage Board – http://www.sysnmh.org.sg/SYEPortal/Visit/VirtualTour
Singapore Institute Of Management – http://www1.sim.edu.sg/sim/pub/slib/vtr/index.htm
The Chevrons – http://www.chevrons.org.sg/moby/cms/banner/virtualtour/
Canadian International School – http://www.cis.edu.sg/page.cfm?p=404#
Manufacturing & Industry Virtual Tour
Lonza (Singapore) – http://www.lonzavirtualtours.com/singapore
Retail Virtual Tour
Residential Virtual Tour
City Developments Limited (Echelon Condo) – http://www.cdlhome.com.sg/echelon/overview#.U-d1jihn820
The Makena Condominium – http://www.makena.com.sg/virtual-tour.aspx
Other Entities Using Virtual Tour
Mount Vernon Sactuary – http://www.mountvernon.com.sg/virtualtour.html
Thomson Medical Centre – http://www.thomsonmedical.com/virtualtour/index.html
Mount Alvernia Hospital – https://www.mtalvernia-hospital.org/virtual-tour/
Mount Elizabeth Hospital (Novena) – http://www.mountelizabeth.com.sg/virtual-tour/novena/single-room.html
Mount Elizabeth Hospital (Orchard) – http://www.mountelizabeth.com.sg/virtual-tour/orchard/single-room.html