The Digital Revolution: Exploring Virtual Showcasing in Commercial Real Estate
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Episode Transcript:
Today we're diving into the world of virtual showcasing in commercial real estate. With the rise of Millennials in the global workforce and the impact of the pandemic, it's evident that the digital game in commercial real estate needs to be stepped up. In this episode, we'll explore why virtual showcasing is becoming essential and how it can benefit both landlords and tenants.
Virtual tours offer numerous advantages in today's digital landscape. One of the key benefits is that a virtual tour allows your space to be accessible at any time, regardless of the location of potential clients. It provides flexibility for prospects to explore the space as many times as they want before committing to an in-person tour or making an offer. From professional photos to AR/VR 3D interactive videos, there are various options available for commercial landlords to create comprehensive and engaging virtual tours. These tours can allow future tenants to experience the space at their own height, visualize furniture arrangements, navigate surroundings, interact with representatives, and learn about amenities and building specifications.
The environmental impact of virtual tours cannot be overlooked. It aligns perfectly with landlords committed to incorporating environmental, social, and governance (ESG) policies into their business model. For tenants looking to rent outside their national borders, virtual tours offer a significant reduction in CO2 emissions by minimizing the need for business travel. In addition to the environmental benefits, being green-certified can also provide landlords with a competitive edge. According to a Knight Frank report on London offices, sustainable buildings can command up to a 12.3% premium in rents, appealing to tenants who prioritize sustainability.
To attract Millennial tenants who value technology and environmental impact, commercial landlords must meet them where they are. Virtual tours can be integrated into digital marketing campaigns, allowing for easy, fast, and cost-effective prospect reach. These tours enable A/B testing, eliminate printing costs, and provide valuable insights into visitor behavior. Landlords can track engagement, navigation patterns, and optimize their tours to guide visitors through a sales funnel and convert them into customers. The data-driven insights gained from online tours can be invaluable for landlords in refining their marketing strategies.
Implementing virtual tours and integrated showcasing platforms does come with its challenges. Landlords need to determine the type of tour that suits their needs and provides the most value. Some tours may require dedicated teams to visit locations and map them out, while others can be created using existing floor maps. The development time and complexity of tours may vary, with static tours being faster to implement compared to more advanced, future-oriented ones. It's crucial to choose the right virtual showcasing solution and ask the right questions to ensure a seamless implementation process.
While virtual tours have their benefits, live tours remain an essential component of the sales process. Live tours offer emotional connections, non-verbal communication, the true feeling of being in a space, and practical considerations such as temperature, lighting, and surrounding noise. Finding the right balance between virtual and live tours is key.
In this dynamic, digital-oriented reality, commercial landlords who understand the desire for virtual showcasing and leverage the right tools to offer it will thrive. Technology can optimize time, resources, and environmental impact, but it cannot replace the human touch. By embracing virtual showcasing and utilizing it alongside live tours, landlords can meet the evolving demands of clients and position themselves at the forefront of the industry.
This is Tyler Cauble... Signing off.