COVID-19: The pandemic which has been acknowledged to be one of the biggest catastrophe in the millennium for the entire world. While the pandemic has bought the entire world to a standstill, many sectors fought through this and paved their way forward.
COVID-19 had a major impact on the real-estate sector. With the emergence of the pandemic, many projects were either put on hold or lapsed due to a lack of funds. With the people being locked inside their homes none of the properties was showcased too, So how do we deal with it?
The answer to all the problems looming around the real-estate sector was Architectural Visualisation, which not only dealt with the realtor’s problems but also paved the way for a brighter alternative
How has COVID-19 impacted the real-estate market?
With the economy showing a downward trend the real estate investors had gone through a major panic too. According to the media reports, Residential real-estate market demand has declined by up to 25% while the commercial market is downward sloping up to 10-15%.
A large number of Real Estate players worldwide demanded SOPs to uplift the industry and to bring it back to its original position. As per reports, a 200 Billion Dollar stimulus is required to spur the perpetual motion of the market.
Alongside the stimulus, there is also a demand to lower the interest rates charged on the EMI-Housing schemes to avoid the cash flow crunch in the market.
While most of the demands and factors cater to the existing projects in the real estate market, there is a growing concern for the upcoming projects too. Most of the projects were either shut down or paused due to the pandemic which is why none of the buyers were able to take a look around them.
In the quest to find solutions to this problem, technology was finally introduced in the real estate market. Assimilating technology to help and promote under-construction projects not only dealt with the realtor’s concern but also provided a better alternative to the future.
This introduction of technology to the real estate market led to the introduction of a term known as Architectural Visualisation.
What is Architectural Visualisation?
Architectural Visualisation – while the name sounds a bit too complex the process isn’t that complicated. It is the process of creating digital model structures defining the intricacies of the project.
The process also helps in providing a Virtual Reality tour to the prospective customer even when they are remote. Amid the COVID-19 pandemic, the introduction to Architectural Visualisation helped the customers to know about the pros and cons of the upcoming projects without having to be physically present in site tours and open houses.
Visualising architecture not only gives the customers a vision of the virtual world but also helps them to customize their space according to their preferences. Architectural Visualisation is a combination of 3D floor plans, Dreamworld, and making an intangible experience to be tangible.
Architectural Visualisation as a tool of Digital Marketing: Architectural Visualisation also acts as a powerful tool for digital marketing to realtors. The technological concepts blend well with social media tools and help businesses reach more potential customers.
Animation, 3D Concepts, and other digital vendetta help in filling out the sales funnel of the corporation conveying the message to their target audience. While Architectural Visualisation helps boost the virtual reach of the sector, it is also emerging as a parallel medium towards showcasing upcoming properties.
Architectural Visualisation improving Global ties: With the introduction of Architectural Visualisation, any person sitting in another country can even take a sneak peek at some property that is being developed internationally. This helps in reducing the travel costs for the person and also helps them in making swift decisions.
Luxury Investors are more about value than the pricing scheme of the properties offered, which is the reason why Architectural Visualisation conveniently provides them with more choices and better benefits.
Architectural Visualisation provides Uniqueness: The traditional real estate market has reached its point of equilibrium, which is the reason why the uniqueness factor is always important to ensure proper competition among players.
The introduction of Architectural Visualisation gives leverage to businesses who are trying to solidify their market position with impactful and out-of-the-box marketing techniques.
Putting the pandemic aside, the real estate market needed something new and noteworthy to bring about a change in the entire system. While the traditional methods used in the property market sustained an impasse, technology was the only way forward. With the pandemic, the need to incorporate Architectural Visualisation into the system grew exponentially.
How has Architectural Visualization Benefitted Real-Estate Sales?
Traditional models of architecture only enabled realtors to convey or exhibit whatever they had on their plate to offer, but with the emergence of COVID-19, that option was also impacted. The only way the sales could have been superseded was through the inculcation of technological means in the sector.
Visualising Architecture offered a solution to all the varieties of inadequacies left unturned by the traditional means of the real-estate sector. Some of the benefits of Architectural Visualisation promoting real-estate sales are listed below:
1. Clarity of Ideas: Realtors face a major problem when they try to communicate their idea without visual means to their clients. The visual means help in bridging the gap between reality and expectations.
Architectural Visualisation not only helps in bringing dreams to reality but with the induction of Virtual Reality tools, it helps in making the client feel how the real space would in the same moment.
2. Cost Efficient: Taking the client to the site and bringing them back, becomes a to and from motion for both the realtor and their client. While the movement provides a personal touch to their experience, the cost and time incurred during the entire process aren’t efficiently spent.
With the induction of technological means, the client and realtor can connect over social media and are even provided with a tour of the entire premises.
3. Rectification of Errors: Projection of ideas through Architectural Visualisation aids the realtors in easy rectification of their ideas. With the advancement in technology, ideas can be moulded according to the client’s requirements providing them with a tool to be the master of their own project.
Traditional techniques incurred huge costs in making changes to the pre-designed layouts but with technology a simple error rectification techniques help to solve the issue.
For instance, if the client is not satisfied with the placement of some of the other positioning or placement he can ask the designer to make the change and construct the final layout accordingly.
4. Ease in Presentations: Architectural Visualisation helps realtors in presenting the idea more effectively. With the induction of 3D models virtual reality systems, Investors are able to paint the exact picture of the developed project helping them to invest more in the idea they feel is the perfect investment option.
5. 3D Models as a Marketing Tool: 3D models are increasingly becoming an effective mode of marketing for promoters. They are even able to propagate upcoming investment options through social media with the help of 3D model structures.
Everything has its benefits and its flaws but what exactly makes Architecture Visualisation being a stand-out performer in the current market? That is an important factor to consider. While different techniques have been put forward over different decades, there are some of the distinguishing factors that support visualising architecture.
How has Architectural Visualisation aided the entire Property Market?
The Property Market is a rather volatile industry, changing its pace every day. With an increase in the number of players in the market, the need to introduce something which can act as a backbone to the entire system was promptly needed.
The introduction of Architectural Visualisation acted as a catalyst towards the upbringing of the market from the daily lows. The traditional techniques were gradually becoming obsolete and technology finally worked like a miracle to the entire industry. Architectural Visualisation not only helped in ascertaining the exterior dimensions of the property but also took care of the interior designs to the smallest bit.
Technology not only aided the promoter or the realtor, but it helped in simplifying the customer’s purchase movements too. With the help of technology, now the customer was able to find out the property’s book value, history, and even its residual strength.
Earlier while the customer had to go to different offices for their documents and collect records of the property, Architectural Visualisation made them easily available even when they were mobile.
Realtors are now able to collaborate with 3D rendering companies for effective utilization of their available resources, and also to get a point of direction for the execution of their plans. 3D techniques have also aided them with the exhibition of upcoming projects and the ongoing project timelines to provide clarity to the customer.
Apart from the marketing point of view, Architectural Visualisation has also helped both the parties with accurate measurements of the carpet area for the property. Earlier, several disputes over this misinformation always led to an argument between the promoter and the end consumer.
With 3D architectural visualisation, customer Relationship with the realtor has improved dramatically. There is a more personal relationship that has been developed between the two as the level of satisfaction achieved has also significantly increased. Talking from the perspective of the promoter, they are dealt with minimum amounts of paperwork and can showcase their product in a better manner.
With everything under its arsenal, Architectural Visualisation has finally made its place in the existing property market alongside the traditional techniques to boost sales volume. The sales funnel has finally got a lift with the introduction of technology, and a combination of older and newer techniques.
How Will Architectural Visualisation Sustain The Property Market In The Post COVID-19 Era?
Talking about the onslaught of COVID-19 and the introduction of Architectural Visualisation, the question that arises now is: Will the same technology be able to sustain the real estate market in the post COVID-19 era?
The answer to that is pretty simple indeed, YES.
The Pre-pandemic property market was already suffering through immense losses and the demand for the projects was significantly low too, but due to the pandemic and technological advancement, the post-pandemic market seems to be promising enough to generate revenue contributing towards an increase in GDP.
An article published in the recent issue of Forbes Magazine highlighted the fact that Buyers and sellers never left the market; they just looked forward to reserving their funds to invest smartly. Forbes predicted that more than 50% of the business will return to the real-estate sector by the onset of the year 2021.
The Commercial Sector is expected to be the primary choice for foreign investors worldwide in developing countries, which in turn will increase the market share in the residential sector too. Keeping the current scenario in mind, the return on portfolio investment of the real estate market will be significantly favourable for the investors.
Conclusion
Technology with the combination of customer-centric projects is the onset of the new era leading towards a thriving market scenario.
Architectural Visualisation is considered to be just the stepping stone of the technological advancement expected in the market. COVID-19 has brought the dream world of real estate into reality, boosting international sales and foreign exposure to domestic markets.
3D models, rendering techniques, and a variety of other tools have aided the real estate sales funnels to gain ground for further development.
Virtual Reality and Augmented Reality are the two other prominent tools that have helped in providing support for the market. While the architects look forward to the usage of these techniques for better client communication, their after-sales services have significantly improved too.
Architectural visualisation closes the communication gap that existed with traditional means of presenting property development and conceptualisation, and will continue to connect all generations of property marketers and developers as well as buyers for many more years to come.
3D Architectural visualisation is not a thing of the future, it is our present reality.
