However, with the help of Square Yards’ 3D visualization platform, PropVR, DRA Homes had achieved a whopping 4X increase in productivity and conversions, which ultimately led to the project being sold out within a few months.
So, what really happened?
When the pandemic struck, like every other established developer, DRA Homes couldn’t conduct any physical site visits and thus had to act quickly. Images and videos of the project weren’t enough to convince customers to arrive at a purchase decision. This is when they approached PropVR with their problem-statement to ride them out of the crisis.
“With the impact of the pandemic, physical site visits took a severe hit which caused a dip in sales for several developers. DRA Homes was in a similar situation, and we knew we could pull them out of this rut,” exclaims Sunder Jagannathan, Co-founder, PropVR.
As this was an under-construction project, PropVR took a 360° scan of their model apartment, surrounding areas and amenities and then converted that into 3D digital experience with their proprietary platform. Once done, the team used high-quality 3D virtual staging to give the apartments a furnished look. The entire experience was converted into a web based interactive digital experience, which mimicked the sales and marketing storyboard of DRA's team
Foraying into this novel route of property selling via 3D visualization and virtual conferencing solution of PropVR, DRA Homes not only sold out its entire inventory, but also left a lasting impression upon its customers. With this, PropVR was able to trigger a whole new awakening among real estate developers, at a time when their businesses were sent out of the orbit by the pandemic.
The truth was out that homes can be sold online, and homebuyers won’t mind buying an expensive asset over the internet, if the services are simple, secure, and assuring enough. 3D property tours erased this stereotype that big-ticket investments like a home require the tangible essence of touch and feel. What once seemed like a far-fetched idea, turned into a new normal in the span of a few months
A 3D renaissance unfurled across the real estate spectrum as realtors signed accords with bonafide 3D visualization companies like PropVR to sell their inventory online post pandemic
Capturing mindshare of realtors and homebuyers alike
Imagine being able to gauge the dimensions of an apartment more accurately, judge the height of the ceiling, perceive the width of the balcony and having a good impression of the space, without having to move a leg!
This is what 3D property tours have enabled today. It has become the survival pill for thousands of real estate developers, and 3D visualization companies like PropVR are ensuring that homebuyers are not starved of their needs for a good home during the pandemic. Its technology is bringing property interiors and exteriors to life through virtual staging and 3D walkthroughs, together with the help of spatial sounds to lend an immersive, rich, and cinematic experience for homebuyers. Viewers can explore every inch of a property through their smart devices from anywhere, ironing out time, distance and trust barriers
In real estate, furnished spaces sell 80% faster than unfurnished or empty ones. However, developers have to spend Rs 60 Lakhs-1 Crore on furnishing and staging of their sample flats. With PropVR’s technology, real estate developers could not only save the cost but also leverage the luxury of different staging options.
This allowed developers like DRA Homes to stage a property virtually with just a few clicks, and customize the units as per the client’s needs, at a fraction of the cost, which resulted in higher conversions. Homebuyers were bowled over by this instant customization as they got a better perspective of how the spacing and décor will look when they actually move in.
Redefining digital Real Estate experience
PropVR’s gameplan wasn’t limited to just creating engaging, life-like 3D walkthroughs or virtual staging of internal spaces. Sundar Jagannathan and Srinath Kandala, its co-founders, wanted to bring the entire analogue real estate process online and disrupt the way properties were sold in the country.
India has a young demography largely defined by technology, who look for instant gratification and convenience. When it comes to buying a house, most will favour ecommerce-like websites that will enable them to enjoy interactive real estate content on the go and book one securely.
PropVR came up with a digital transaction module to enable safe and secure financial transactions. Its SaaS tech suite incorporates real-time inventory blocking engines integrated with multiple payment gateways and post sales module for submission of online applications with digital signatures. The platform comes with the best and most accepted format for file encryption to provide highest levels of security and universal acceptance for all buyer information, KYC data and digital signatures, ensuring peace of mind for both buyer and seller.
“PropVR’s virtual sales tool really came handy during the lockdown and helped us in organizing virtual site visits and we actually booked sales without the customers visiting the project in person,” says Manoj Vasudevan, VP - Sales and Marketing, DRA Homes.
The realtor leveraged PropVR’s prowess to rein in NRI clients in Singapore and Dubai. Rather than spending Rs 2-3 Crore in building and staging model flats, DRA used PropVR’s proprietary 3D technology and video conferencing tool to simulate an actual site visit-like experience at less than Rs 3 Lakhs with two different staging options. DRA’s sales team took its NRI clients on a virtual visit of their properties in Chennai and were able to close over 100 leads in three months, making it one of the biggest closures during pandemic.
Today PropVR has become a force to reckon with, in the 3D real estate space. The company has a huge fan base with hundreds of customers served till date, post pandemic and boasts of over 40 Grade-A real estate developers in its portfolio.
The company has five international patents to its credit and is on the cusp of filing 12 more across emerging real estate technologies.
A bright future ahead
Despite its sheer size, the real estate industry is still called out for being the slowest in tech adoption. Several developers are yet to embrace technology citing the difficulties involved in integrating tech solutions in their business. PropVR wants to seize this opportunity by offering the built world a virtual world and transform the homebuying process through its simple, battle-tested real estate technology. Leveraging the customer base, sizeable portfolio of real estate projects and the global footprint of Square Yards, PropVR aims to be the first port of call for property visualization.
The 3D player is already foraying into advanced tech frontiers like metaverse to further simplify the virtual process of real estate interaction.
Though it is hard to believe that a website can be an alternative to a property visit, real estate developers have indicated that virtual tours are helpful and effective, enabling them to reach out to a bigger audience than before and sell up to three weeks faster. Listings with visual content receive 400% more enquiries and 50% improvement in lead conversions. People are becoming more comfortable with the new technology; they are trusting it more. And this is music to the ears of 3D visualization companies like PropVR