“Seeing is believing” is the motto of success in the real estate brokerage business. Midland foresees AR/VR as a successful first step to more promising creativity in the virtual world of viewing our future homes. Midland was the first one in real estate agent industry to adopt VR in 2016. Since then, it was one of the most popular function of our web/app especially since the outbreak of COVID 19.
Seeing is believing with VR flat shopping
The partnership between Midland and Matterport commenced in the December of 2021. The major reason for Midland to directly work with Matterport is because of our common vision of bringing an even advanced and better VR customer experience, and the realistic concern on its disruptive pricing model, quick processing time and accuracy.
The Software as a service (SaaS) pricing model from Matterport provided Midland a great flexibility on capital management. Before engaging with Matterport, most of the VR solutions we found in the market are using pay-as-you-go (PAYG) model, which requires highly skilled photographers to capture qualified property VR models. Otherwise, if unqualified models were captured, costs would be double or higher. With its SaaS model, Matterport only charged on the space used by the qualified property VR models.
Lower costs and shorter lead time
Matterport’s excellent image processing capability also boosts the efficiency on VR model production. The accuracy of its A.I processing and blurring system shortens the production lead time from 1-2 working days to just an hour, which gives the agents significant incentive to adopt as speed is of their paramount concern.
Matterport’s solution captured the all-rounded faces of a property by easy browsing, which gave our client a great user-experience and understanding during a remote flat visit. Midland has integrated the technology into its own web and app. When customers browsed the property detail page of their interested properties, they can click on the virtual tour seamlessly. They can move around the house simply by moving their fingers on the mobile screen or by the mouse if they are using desktops.
Higher conservation rate with VR tours
Another challenge for property searchers is the time spent on traditional flat visit. However, it was very difficult, if not impossible, for our clients to make purchasing decision without a glimpse of their future living place. With Matterport’s solution, now the clients can conduct a “flat shopping” under an air-conditioned sofa by simply slipping and taping with their fingers. The conversion rate from browsing a property detail page on web/app to contact the agent is 5 times higher if there is a VR model on the page.
Real Estate is the largest asset class in the world, even larger than stock and bond. Digitalization is undoubtedly the megatrend of Real Estate industry. It is foreseeable that both seller and buyer could enjoy a more advanced consuming journey, with more transparent information and diverse products thanks to the rapid evolution of technology. As one of the leading real estate agencies in Hong Kong, the mission of Midland is to provide the best customer experience with professional, seamless, and innovative services to help the public to find their ideal living place.
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