How to Get the Competitive Edge in Commercial Real Estate

 

The 2017 commercial real estate market has slowed. Whether that’s because the market has been in a frenzied state for the past few years (as many industry experts claim) and a dip was inevitable, or the slowdown is due to other economic or industry forces, it has impacted the bottom line for many brokers and agents. Facing growing competition and reduced customer demand, brokers and agents need to invest in technology and selling strategies that do two main things for prospects – improve speed and convenience.

Buyers have less time to view properties and generally are taking longer to make buying and leasing decisions. “People are just not making decisions quickly at all,” said Robert Verrone, a principal at Iron Hound Management Co., a New York-based real estate advisory firm. “Everything in real estate is taking longer.” Agents and brokers need to find ways to work around busy schedules and provide buyers with the resources needed to act with confidence.  

Accelerate Research and Visits

Particularly with more properties on the market, many potential buyers simply lack the time to tour buildings in person. A visit can take weeks or even months to schedule, and often does not provide enough information for a buyer to make a confident same-day decision. Brokers and agents can solve these time-consuming hurdles in the buyer journey with a few user-friendly, readily available technology tools designed to inform and engage prospects over convenient digital channels.

3D photos and virtual tours offer a real-time view of the property before the buyer ever schedules a visit. Your customers can have a personalized view of the property because you can guide them with notes (Mattertag Posts) as they view the 3D photos or virtual tour. When they do come in for a visit, they will be more knowledgeable and better prepared to make a confident decision that day.

Accommodate Multiple Decision Makers

If scheduling visits and sharing property information with one buyer is a challenge, adding decision makers makes the process even more difficult. Unlike in-person tours or the limitations of traditional 2D photography, 3D images and virtual tours open the door for easy sharing and collaboration during the buying process. In cases where multiple decision makers are engaged in the vetting process, digital and virtual formats allow for convenient sharing of stunning, detailed images and virtual tours. Regardless of where they are based, everyone in the group is equally and adequately informed. When everyone understands the important details of the property, the purchase decision happens faster and with greater confidence and frequency.

Stand Out Among Competitors

A slower market does not necessarily mean your competition is operating more slowly. As is the case with the residential property market, the competition in commercial real estate is tougher than ever. While factors like reputation and location translate into advantages, so does technology. Agents who employ modern technologies that can save time for prospects, create conveniences in the buying process, and offer a greater level of information about a property will stand out and win more listings.

Brokers who provide their agents with tools like Matterport 3D Showcase, HDR photos, virtual tours, and Mattertags are equipping them to prove they are the best in the industry. When those agents win more property listings, you will be their hero – and probably their buyers’ hero as well.

Show Multiple Properties at Once

Agents only have so much time in the day to schedule visits, reach out to prospects, research listings and provide the tools buyers demand to understand the property. 3D photography and virtual tools are your best resources for saving time. You can go from a one-time open house to an always-open house by sharing 3D photos and virtual tours with potential buyers. You will do the job of multiple agents at once, and you will feel confident that the visuals you are sharing will lead to success.  

Give Prospects the Best Visuals

Buyers don’t just need visuals to understand a property and make a decision, they need the best visuals. Matterport cameras use infrared scanners that create a dimensionally accurate model of the property. You can measure everything you capture with the scan. The visuals are highest 4K-image quality. The incredible precision of the visuals gives your prospects the most realistic sense possible of the property, which goes a long way to supporting the closing success rates for agents.

Check out the interactive 3D walkthrough that PencilWorks Co-Working Office offers their prospects and clients.

A slower market doesn’t have to mean a weaker bottom line. In fact, it can mean competitive advantage. By investing in the right technology, you can speed the showing and selling or leasing process, help clients feel more confident, and extend your reach – all at once. Resources like 3D images, virtual tours, and detailed MatterTags are proven to help agents increase sales, stand out among the competition, and solve the issue of slow decision making in commercial real estate. Don’t let a sluggish market slow you down.

Get in touch with our team to learn more about what Matterport 3D Showcase can do for you.

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