Matterport-Powered Tours are the New Standard for Real Estate
Traditionally, the digitisation of the Singapore property sector has been slower to develop compared to other sectors. This changed when COVID-19 restrictions forced real estate agencies, buyers, sellers, and renters to shift online.
Real Estate Analytics recognised this as an opportunity to partner with Matterport and launch 8PROP 360, all-inclusive service to create virtual, photorealistic, and dimensionally accurate replicas of properties for real estate agents.
The property technology firm uses Matterport, Inc.™ to create digital twins of properties. As a result, real estate agencies can offer buyers and renters the convenience of touring properties virtually.
Today, even as real estate businesses in Singapore resume in-person property tours, Real Estate Analytics continues to provide virtual tours to their clients with Matterport digital twin technology.
With Matterport 3D tours, buyers can walk through properties as frequently as they’d like. Once they have determined their top choices, they can visit specific properties in person or even make an offer remotely. Reducing the time and costs of touring homes is why virtual tours have become the standard for real estate.
One of Huttons Asia’s leading agents, Catherine Lim, Senior Division Director, is among Real Estate Analytics’ clients who is achieving success using Matterport 3D tours. In November 2020, she approached Real Estate Analytics to provide a more engaging and interactive experience for her buyers and sellers.
“Since I started using 8PROP 360, the engagement on my online property listings increased by 50%, sales increased by 20% and customer satisfaction levels increased by 40% - something I didn’t see last year,” says Lim.
Real Estate Analytics is the ‘Bloomberg’ for Real Estate
Built in line with the requirements of modern-day real estate agents, Real Estate Analytics’s mission is to become to real estate what Bloomberg is to the financial market. The company provides comprehensive, in-depth analysis of the property market and by doing this, customers and partners can make more informed business decisions with consistent results.
At the beginning of the pandemic we saw a gap in the market: no other real estate company in the Asia-Pacific region was offering their clients a way to view the ‘whole picture’ of the real estate sector in one consolidated platform,” says Gabriel Mejia, Chief Strategy Officer at Real Estate Analytics. “Matterport allows agents virtually to tour the property and better understand valuation data to create a seamless customer purchasing process.”
Real Estate Analytics’s technicians use Matterport to capture 3D tours and generate floor plans.
“Our clients now have the ability to provide unmatched user experiences and data-driven insights for each unique property. Using 8PROP 360, agencies can give more control to occupants in designing their own properties and environmental conditions, enhancing client satisfaction. The true value really lies in its ability to obtain insights in real-time to provide better design options, open opportunities for improved remote capabilities and prepare agencies through more accurate predictions,” says Mejia.
Understanding Computer Data Through a Human Lens
By working with Matterport, Real Estate Analytics uses machine learning tools and data-visualisation technology to build automated valuation models across multiple countries in Asia-Pacific. Doing so enables investors to understand the market value of a property, and potential buyers to find out more about properties that meet their specific criteria in real-time.
Digital Twins Helping Provide Real Estate Companies with a More Consistent Future
To drive the company and the wider Singapore property industry forward, Real Estate Analytics successfully introduced several new offerings and initiatives to their clients.
Matterport 3D Tours are accessible to all real estate agents in Singapore. The technology has allowed agents to reach wider audiences and close on properties faster, setting themselves apart from competition within the market.
Matterport and Real Estate Analytics also launched an online booking channel for ERA Singapore (ERA), one of Singapore’s largest international real estate agencies, to streamline the creation of 3D virtual property tours for its agents to facilitate their process of securing exclusive listings and accelerate the marketing of their clients’ properties.
“Since working with Matterport, we have been awarded the best Online Services in Real Estate by the Singapore Business Review for our work in aligning technology with our company mission and values,” says Mejia.
According to a Matterport 2020 study, 99% of property sellers reported that offering an immersive 3D tour would improve the competitive edge of their property listing. Moreover, 89% of sellers believe their listings would sell faster if it featured an immersive virtual walk-through tour.
Expanding Across the Asia-Pacific region
Real Estate Analytics plans to roll out Matterport 3D immersive virtual tour technology across the Asia-Pacific region in 2022, with focus on Malaysia, Hong Kong and Indonesia. As part of this initiative, Real Estate Analytics is deploying highly skilled Matterport-trained technicians to scan client’s properties faster and more efficiently than previously possible.
So far, Real Estate Analytics is capturing hundreds of properties per month, and this is expected to be in the thousands by next year. According to Mejia, “We have no doubt that this service will continue to help our clients grow exponentially. Those listing portals that fail to keep pace with this cutting-edge technology will quickly fall behind its competition.”
“Singapore is a country that instills a lot of confidence in investors and has proven to do the same when it comes to real estate technology. In a time when investors are looking for some sort of refuge, Matterport has proven to be an invaluable partner, helping form long-lasting relationships with our clients. We are excited to be leading this technological real estate revolution across the Asia-Pacific region.”
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ABOUT REAL ESTATE ANALYTICS
Real Estate Analytics (REA) is a property technology company that empowers people and organizations to make the best decisions involving real estate. REA provides easy access to organized real estate data and tailored solutions for consumers, professionals, and institutions. REA has become a leader of real estate data and analytics in Singapore and is launching its services in Malaysia, Hong Kong and Indonesia.
REA operates 8PROP 360, Singapore’s leading provider of 360 Virtual Tours that offers real estate agents with an all-inclusive service to scan, create, and host Matterport digital twins.
Residential Real Estate
Create ease of access to properties in the global markets anywhere, any time, especially in light of COVID-19 restrictions on property inspections.
Matterport Pro2 3D Camera
Create photorealistic, dimensionally accurate representations of built environments for real estate agents, so buyers, sellers and renters can experience 3D virtual tours of properties online anywhere, anytime.
- 50% increase in engagement on online property listings
- 40% increase in satisfaction levels among property buyers
- 20% increase in property sales