How Matterport for Commercial Real Estate Works?
Welcome back to another Momentum 360 weekly blog! We say this every week, but we want to greet every one of our readers that supports this piece of content. If this is your first time with us, we’re excited to educate you on the topic of virtual tours and photography. In this one, we’ll be covering commercial real estate and why getting a Matterport virtual tour is one of the best ways to market it. Matterport for commercial real estate has been one of the best virtual tour software since it is a simple software to work with. We’ve covered Matterport extensively on this blog. However, we haven’t done so about commercial real estate. This blog will talk all about it. The class is in session! So get cozy, get a snack and drink, and get ready to learn.
Introduction to Commercial Real Estate Marketing
It’s 2020, and you own or work with a large commercial real estate building in a large city. The worst part about it? It’s only 35% occupied, and you’re losing money out of the wazoo. This was the reality for many brokers and real estate investors during COVID. People lost a lot of money as a deadly virus raged through the world with no end. It’s hard to fathom losing that much money in one time…as even real estate tycoons like Grant Cardone were once at the billionaire status before COVID, and after they were back down to a mid-9-figure net worth…still not a bad position at all.
Brokers and owners were looking for a product or service to market their building so they could get tenants without constantly having to do active marketing and always spending thousands upon thousands of dollars to market this building. In 2022, commercial real estate has almost bounced back to what it was before 2020, but there’s still a long way to go. For us investors, property managers, etc. and it’s imperative to have a passive marketing strategy that allows you to focus on the stuff that matters most, not just maintaining but getting ahead.
Commercial Real Estate Matterport Examples
Any non-residential property used for business profit-making activities is considered commercial real estate. Stores, malls, office buildings, and industrial parks are examples of commercial real estate. For example, A baker wishes to build a shop in a mall owned by a commercial real estate firm. Instead of incurring the large upfront expenditures of purchasing the building, the baker will rent the floor space from the corporation for a monthly fee. Most of a commercial real estate company’s revenue comes from collecting rent and other payments from its tenants. For any building, you can use the Matterport to view the place. The Matterport will showcase goes much beyond the typical 360-degree tour. It is the most original and engaging method to see a property online, making viewers feel as if they are there in person.
Why Matterport for Commercial Real Estate Works
In recent years, industrial and financial factors have impacted many commercial real estate agents and brokers. As a result of increased competition and decreasing consumer demand, agents and brokers must invest in sales strategies and cutting-edge technology that improve potential buyers’ speed, comfort, and convenience. Commercial real estate websites that use technology like Matterport will allow prospective buyers to inspect properties at any time and location, allowing them to make the best leasing and purchasing decisions possible.
Provide breathtaking visuals to potential customers.
To make a purchasing decision, potential clients need more than just typical property photographs, but they also need the right visuals. Matterport cameras use infrared scanners to create a dimensionally correct version of the property. You can even measure whatever you capture with a scan. The images are in 4K resolution. Additionally, the high accuracy of visuals provides your clients with a real-time experience of the property which helps them decide on final property rates.
Accelerate Visits and research
Despite the increased number of properties on the market, many potential buyers may not have the time or resources to see them in person. Some people may take weeks or months to organize a visit, and most buyers do not have enough time to make an informed and favorable same-day selection decision. However, agents and buyers can overcome these time-consuming obstacles by utilizing a few widely available, user-friendly tools designed to engage and educate prospective purchasers via proper digital channels.
Visitors can take immersive 3D Matterport tours to see the property in real-time before organizing a visit. This way, when customers see the property in person, they will be better informed and ready to make an informed decision on the spot.
Showcase many properties at once
Brokers and agents save time throughout the day by using virtual tours on their websites to schedule visits, research listings, contact potential customers, and provide resources for purchasers to examine the home. Overall, as a commercial realtor or broker, immersive 3D Matterport tours are the most efficient way to save time and display multiple properties at once.
Gain a Competitive Advantage
Location and reputation are important in the commercial real estate industry, but so is technology. As a result, real estate agents who use cutting-edge technology like 3D Matterport to simplify the buying process, save time for prospects, and provide more precise information on a home are more likely to win listings and stand out among competitors.
Process of Matterport
Matterport uses infrared scanning technology to deliver accurate visual and spatial information. After the property has been scanned, the data from the camera is transferred to a system that analyses and processes it. These talents’ precision will aid in creating a digital environment reflected in physical space. The 3D Matterport technology uses algorithms to turn a physical environment into a computer-based location. The software then creates an easy-to-use digital realm distribution system. The software’s content can be utilized on its own or with other platforms to best display the space.
Matterport creates content for purposes other than real estate photography. Retailers are beginning to use Matterport virtual tours on their websites to provide a virtual scan of a location to boost and prolong client interaction. The software is used in commercial areas to aid in a property’s scanning, construction, and development. Matterport can also be used for remote inspection due to its accuracy.
Matterport Pricing for Commercial Real Estate
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Use Cases for Commercial Real Estate Virtual Tours
Virtual reality is being used by businesses to produce 360 virtual tours, which is significantly increasing consumer engagement. When it comes to mobile apps, the user experience is crucial. People will convert if the online experience is improved. The VR experience combined with technology can provide clients with a tailored experience that was previously unimaginable.
Virtual Tours
Virtually visiting home can make all the difference, especially when the customer is far away. Even if you stay in another city, checking out a long-distance property might be convenient, especially if the house is in another town and has virtual tours in 360-video format. So, what exactly is a virtual tour, and how does it work? Guided and interactive visits are the two forms of 3D virtual tours that are most commonly used. Traditional commercial videos resonate with guided visits. Typically, they are completely virtual or 360-degree videos. Because the videos are often for existing properties, they are simple to create. You will need a panoramic camera to capture the property in a video format that requires no scripting. To enhance the immersive experience, clients can use a basic device such as Google Cardboard. On the other hand, Customers can select to tour the property by clicking on specially curated hotspots during interactive visits. Though more complicated the interactive virtual tours are more effective in showcasing properties.
Virtual Staging
Let’s take a little detour to use an analogy from retail research that found that having mannequins in the store increased purchase intent. The findings were based on studies with surveys and eye-tracking data as dependent measures. Similarly, in real estate, the availability of furniture or stylish decor may enhance the chance of units being sold. Real estate agents work with interior designers to improve residences, a practice is known as staging. Virtual staging reduces the time it takes to sell a home by 80 percent and is not too expensive.
Engineering Visualization
Many clients are adept at seeing a potential community or a troubled property, even if it hasn’t been developed yet. However, when it comes to engineering visualization, people demand an immersive experience. To demonstrate the property, specialists will create three-dimensional models, and full-scale models of yet-to-be-built properties allow viewers to gaze both outside and inside.
Virtual Instructions for Tenants
Landlords and real estate brokers must engage with their tenants regularly for the same reasons. When you rapidly fix a client issue, it is natural to expect higher satisfaction, boosting the brand’s image. Landlords can use virtual reality technology to engage with their tenants more effectively. As a result of the virtual instructions, tenants may easily understand how utility services work, resulting in faster resolutions and a comfortable stay.
Virtual Commerce
Virtual reality is all about business. The advantages of 3D home tours and staging are already being realised by clients. Consider this scenario: a client wants to change the interiors of a house during their tour, and it would be simple to make the modifications according to their preferences during the 3D tours. Clients can plan on purchasing curtains, other decor, and furnishings by visiting a virtual store during the virtual time.
Future for Commercial Real Estate and Matterport
The landscape of commercial real estate has been gradually shifting in recent years as technology and innovation have advanced. The current outbreak of COVID-19 has only amplified these market trends. The pandemic will impact commercial real estate long-term, pushing owners to adjust and reconsider their business strategies.
Although the workplace will likely undergo permanent changes, it will not become extinct. Many individuals are still working remotely more than a year and a half after the outbreak began, so many businesses will have to consider if the expenditures of maintaining their office facilities are justified. Last year, many top companies stated that their staff would be able to work from home permanently, even after the pandemic is over. According to the survey, 42 percent of businesses offered a hybrid work environment before the pandemic, while 61 percent did so during the pandemic. Employers may be enticed by the cost savings of eliminating the office atmosphere, but maintaining a collaborative workspace has numerous advantages. Many young adults crave the social interaction that a virtual workplace lacks, and companies have been able to identify decreases in productivity in the work-from-home environment, recognizing the importance of maintaining a physical office space.
Owners of commercial properties should think about renovating their workplace premises. Many organizations have embraced an open-air office atmosphere and lowered square footage per employee in recent years, but this has proven difficult for an industry rebuilding from the pandemic. Many businesses are now attempting to expand their workforce by including more divided workstations or adding additional barriers. It is feasible that, as long as there is a threat of other pandemic, open-plan offices will become outdated.
The retail industry may be one of the most hard-hit sectors in commercial real estate. Brick-and-mortar retail establishments have been suffering a loss in sales since the introduction of e-commerce roughly twenty years ago. Some retail shops are struggling to stay afloat due to the enormous growth in online buying since the start of the pandemic. It was typical to wander through once-bustling shopping malls and see vacant flats scattered everywhere. Owners of this type of real estate have been considering transforming outdated shopping malls and strip malls into fitness facilities, schools, grocery stores, or residences to adapt to this trend.
As the popularity of online shopping grows, so does the demand for warehousing in the e-commerce supply chain. As a result of the pandemic, there has been an increase in online grocery shopping, which has resulted in a higher need for cold storage in particular. Because of the ease online grocery shopping provides, it is likely to be a popular service for many years. Commercial real estate will always be needed in this ever-changing environment. To succeed, property owners will need to pay attention to trends and identify ways to adapt their properties.
Hiring us for Commercial Real Estate Matterport Tours
Measuring the success of your actions is an important part of a commercial real estate marketing strategy. Create a real-estate marketing report and use data to make data-driven decisions on how to improve your efforts. A Matterport strategy can help you define the campaign objectives and crucial indicators and implement them for an effective commercial real estate marketing plan. You can hire us for the effective process for commercial real estate Matterport tours.