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Learn How to Sign More Tenants by Losing Fewer Prospects
What you will Learn:
The simple yet poorly understood marketing strategy to accelerate leasing velocity
The free, but under-utilized way to increase conversions on listing sites like LoopNet
The key to making meetings with prospects 2x more likely to convert to a signed lease
100s of Customer Developments Showcased and Counting...
3.0 University Place Case Study
Using Outer Realm went from Zero to 4 Signed Tenants for New Development Before Breaking Ground. Anchor signed within 1 month of using our product with 3 additional leases signed between 3-9 months
“Unbuilt has become one of our go-to tools. It amplified our vision, gave the prospective client more of that experiential feel about what we're trying to create and it allowed our passion to come out around the project. So it's my go-to-tool for not just the prospects, but for stakeholders, city and state leadership as well...We went away from what I think is a broken marketing model in real estate and gave people more of a tool and an experience that they can remember.”
Anthony Maher, Leasing Director and Partner
Read lease announcements for the first 4 tenants signed using Outer Realm tools before construction began:
Sage Realty Case Study
Went from working with Outer Realm on one 18,000 sf floorplate pilot project to engaging on all vacancies in portfolio
“Hi David, Please see more test-fits attached. I anticipate that we will have significant square footage rolling in the next 6-9 months and would love for this to be an ongoing partnership. Would you be open to setting a Sage flat rate?”
Amy Tse, Senior Marketing Manager, Sage Realty
Convene Leasing Case Study
Working with Outer Realm, leasing teams are, “Having more conversations, closing more deals faster, and are more excited and feel more empowered."
Went from a 30,000sf pilot for leasing office space at their London location to engaging Outer Realm on all new openings going forward
“The most important impact is we're having more conversations and closing more deals faster. The ROI is very apparent for us if we close one larger meeting or one large work suite. That's it. That's the ROI for us. And hopefully, if we can do it sooner, that's better predictability and kind of more confidence in the property and the market overall. so the new strategy we actually rolled out is that we just added that to all of our budgets. So there's a line item for every new property that says, Outer Realm.”
Billy Fink, Senior Director of Marketing, Convene
Background on Founder David Gull
Cornell Architecture Degree with Prof. Don Greenberg (Pioneer in Computer Graphics)
6 yrs @ Skidmore Owings and Merrill
Licensed Architect in New York State
Prior VP at Floored, a Real Estate Tech startup acquired by CBRE
Delivered 1000s of Virtual Property Experiences
Let's Consider the Process from Start to Finish of Getting an Executed Lease Agreement
Step 1: Convert Searching Tenants to Interested Leads/Inquiries
The old way of generating leads is to just post renderings and floor plans to your website, CoStar/LoopNet and listing sites, and send out a pdf attachment in an email campaign.
This strategy can result in months going by without generating any relevant leads, losing valuable time and missing out on qualified leads. You may even be spending $900/mo/listing on Diamond Listing Ads to drive traffic with no results
This graph shows that a downloadable PDF - a format still used by much of the real estate industry - is the least preferred content by today's standards, versus video which is the most preferred. Hubspot Research
Go heavy on video and interactive visual content for your website, CoStar and listing sites, and emails. Video and Interactivity is the key to making the top of your funnel convert.
You’ll generate up to 400% or 4x more inquiries compared to just using images. Just this one change means you could lease your space in 1/4th the time, while spending 75% less on any ads or promotions you may run.
"91% of B2B buyers say they prefer interactive and visual content to static content, which helps engage them and feels like a personalized experience."
Step 2: Convert Meetings/Tours with Prospects to RFPs/LOIs
The old way of presenting relies mostly on PDFs or PPTs with stock images, renderings and floor plans.
The problem with this method is that it still leaves 95% of the space to the prospect’s imagination and they’re likely to think the renderings are cherry picked and the rest of the space is less appealing, leaving them with a lot of uncertainty.
if you can give a more engaging, life-like “tour” presentation, even if the building isn’t built or you have a white-box space, and tell the whole story, answer prospects' questions, and eliminate doubt.
Taking a “property tour” with a prospect is the key to converting lead opportunities to RFPs/LOI versus an in-person meeting that doesn’t include a tour. So if your property isn’t built, or the space is gutted, you still need to provide a tour experience.
Data shows that a meeting with a tour has 2x the likelihood of closing as a meeting without a tour,
25% versus 13.5%.
This means on average, that without tours you have to meet in person with 8 prospects to close a lease, versus meetings with tours requiring only 4 meetings with prospects. Think about all of the time, money, and energy wasted on scheduling, hosting, and following up on twice as many meetings as needed.
Step 3: Follow-up on pitches & meetings to secure an LOI
Follow-up your meeting with a PDF package from the meeting in an email.
A typical prospect at this stage is still weighing 4 options. Tours are being recapped and recalled and even though the ultimate decision may come down to senior executives, the content may be socialized to a larger group that wasn’t part of the tour/pitch so your property is being judged on the pdf.
Follow-up with a recap that contain complete tour documentation, with links to interactive tours and video.
Thorough follow-up communication with comprehensive tour content is the key to making sure any recaps or socializing contains the best possible representation of your property, increasing the likelihood of moving a deal through the proposal process to a signed lease.
Even once an LOI has been drafted, only 1 out of 3 deals will close so thorough followup content is key.
Step 4: Negotiate terms without losing the deal at the finish line
The old way of negotiating offers was to focus on the nitty gritty of terms, financials, and minimizing concessions.
But this is still ultimately a gut-level decision and it’s easy to turn off a prospect’s interest at this adversarial stage with contracts and legalize. At this stage you’re still only at a 50/50 chance of closing; would you leave a big lease closing up to a coin toss?
Instead, continue to emotionally engage the prospect helping them imagine occupying the space by customizing tour visualization of the space with their logo and branding colors.
The key to ensuring negotiations move quickly and you don’t lose a prospect at the finish line is to provide a customized tour. Done correctly, they’ll be negotiating to keep something they already “have” instead of negotiating to see how hard they can push for concessions and against other offers.
Step 5: Execute the Lease!
Of course, this is the end-game...a long-term lease with a high-quality, stable tenant, likely to renew when their lease rolls. This is where you see massive ROI on your investment in improving the entire process from capturing leads, to in-person meetings and tours, to RFPs/LOIs, to negotiation and closing.
So as you can see, all you need to do to get to your signed deal is:
Convert search leads to inquiries: The new way generates up to 4x the number of inquiries at the top of your funnel, which helps you lease your space in 1/4th the time, potentially spending 75% less on any ads or promotions by using video and interactive tours
Convert Meetings / Tours to LOIs: Use virtual tours at your in-person meetings can double the likelihood that those prospects will convert to a signed lease, cutting your meetings and follow up conversations in half.
Follow-up on meetings to secure an LOI: Provide tour content as follow-up to prevent the average 2 out of 3 prospects that draft an LOI from dropping out of negotiations, helping them revisit the tour on their own time and with other stakeholders
Negotiate terms without losing the deal at the finish line: During negotiations, customizing a tour with the prospects brand logo and colors to get them emotionally invested in reaching an agreement. Of conversations where an offer is made, half of will still drop out of negotiations and sign with someone else; going the extra mile makes all the difference
Execute that lease!
Working with Outer Realm, You Get:
1. To close more deals even in a competitive market, with 1/8th the effort and at higher rates
2. Up to 4x Improvement of Conversion Rate on Listings Pages and Property Websites, Turning More Viewers into Interested Inquiries
3. Up to 2X Improvement on Closing Rate with Interested Tenants, Turning more Meetings into Closed Deals
Working with Outer Realm, You Can:
Stop Blindly Accepting that Real Estate Transactions Just Have a Long Sales Cycle
Stop Paying By the Second or Image for Virtual Tour Content
Stop Wasting Time, Effort, and Money On Ads, Experiments with Other Listing Sites, and Promotions with Low Conversion Rates
Stop Missing your Leasing and Not Having a Strategy to Change These Results
Wasted Time, Effort and Money with Poor Converting Content
Maximum Profits with Minimum Effort with High Converting Content
Close Deals with Prospects Using Life-Like Virtual Reality Tours When Meeting In-Person
1. Virtual Reality Headset Format
A) Guided from Outside the Headset On-Screen Interface
B) Mirrored to Screen to Maintain Guided Dialogue
C) Highest Quality VR Headset Experience
Great for in-person meetings in HQ, sales suites, tour suites, empty white box floors, site trailers, experience centers, discovery centers, sales centers, events
Feels Life-Like, as if it already exists
Helps the prospect imagine themselves already occupying the space
2. 360 Web and Mobile Format
Interactive 360 Panorama Tours
Great for in-person meetings, group interactive tours, website embeds, links from email campaigns, links from LoopNet/Costar
Works on Any Device: Mobile, Tablet, Laptop, Desktop
Interactivity in tours is a key element in making your funnel convert, generating up to 4x the number of inquiries, and doubling close rates on in-person meetings
Capture Up to 4x Prospect Interest with Easily Shareable Interactive 360 Web and Mobile Tours
Convert up to 400% More Views into Leads or Inquiries Using Video on Websites and Listings
3. Video Flythrough Format
Guided video tours with labeled information and music overlay
Great for Linkedin/Social Media, listing sites like LoopNet/Costar, website embeds, in-person group presentations, email campaigns.
Works on Any Device: Mobile, Tablet, Laptop, Desktop
Video is key to increasing conversion rates on listings and websites, generating up to 4x the number of inquiries.
Use Traditional 2D Imagery to Round Out Content on Listings, Websites and Presentations
4. 2D Still Image Format
JPG or PNG Images that can be used anywhere image formats are displayed
Great for Print, Linkedin/Social Media, website gallery, email headers, Presentations, upload to LoopNet listing galleries.
Works on Any Device and Print: Mobile, Tablet, Laptop, Desktop
Pricing for Unbuilt Package Varies by Project Size and Includes:
✔ Virtual Reality Headset Format with Unlimited Navigation
✔ 360 Web and Mobile Interactive Format with Unlimited Hotspots
✔ 90+ Second Video Flythrough with Unlimited Length
✔ 2D Still Images with Unlimited Angles
✔ Custom Built to Exact Project Design and Specifications
✔ Direct Project Manager Support
✔ 14-day Risk-Free Evaluation Period
14-day evaluation period from signing. Work directly with our team and experience our product, process, level of care, and attention to detail. If you decide at any point during the period to cancel, you can do so for a full refund if we can't remedy your concerns.
How long does it take to create a tour?
An average property takes 4-6 weeks. We can rush projects for a small premium, and larger projects
can take longer depending on scope. Every proposal will include an estimated timeline to produce.
What collateral or information do you need? Do you just need the CAD drawings?
We can work with whatever you have. Because our team consists of what we jokingly call "recovering architects" we have worked from as little as napkin sketches to representing every exacting detail from construction documents. At the start of each project we’ll send a “wish-list” request for information that includes 3d models (any format), CAD/PDF drawings, and specifications or reference imagery for furniture, finishes, fixtures, and appliances.
What if I don’t want to use one of the tour content formats?
Totally fine. We provide the full suite of content for you to use as you see fit. The suite allows you to engage your prospect in any context, from web, to mobile, to print, to in person. Some folks choose to forgo using Virtual Reality, that’s fine. Because our software automatically publishes the different formats, the cost is in the production of the 3d Model Environment and underlying software authoring not the different formats.
This sounds great, but how much does it cost?
Because each project is unique, we prefer to ask a few specifics and understand your needs before
giving you an exact price. For commercial office space, lobbies, and amenities, we keep it simple and price by the square foot. For exteriors spaces and unique spaces, we price by looking at the design, estimating our costs, and then factoring in our business margin. Book a Call for Pricing
We’ve just updated our website, can this work with that?
Yes, embedding our 360-tours or Video flythroughs on your website is super easy. We use something called an i-frame and your web-developer should be able to implement it in minutes.
We’ve been leasing property for years without this, why should we change?
Recognize that change is critical to staying competitive. Just think about it this way; imagine a prospect comes to your pitch and you show them a 3-ring binder and a pdf presentation, and then they leave your pitch and head across the street to a competitive property that shows them a video animation primer, walks them through an interactive 360 viewer, and then culminates the pitch with a VR experience of the property. Which of those two pitches would you rather be? How important is it to you to stop losing prospects to competitive properties?
Doesn’t VR make people nauseous?
Only if it’s poorly made. Unfortunately, there are a lot of sub-par VR creators who have cheapened VR experiences with cheap hardware and poorly made experiences. When we create VR we only use the best hardware and ensure the models run at adequate framerates to prevent any nausea.
Do you use Unreal Engine or Unity?
For our Unbuilt virtual tours we have built our product on top of Unreal Engine, which allows us to achieve exceptional visual quality. We have built our custom controller user interface, tools for optimizing our scenes, and automation tools for publishing all of the content formats. We also build on top of Unity for specialized Augmented Reality experiences.
Can you help further explain the ROI?
In Commercial Real Estate, Securing a lease just 1 month earlier or just 1% higher rates is a massive ROI. If we extrapolate the data of the impact of interactive 3D tours on home sales, we can expect the average property to lease up to 30% faster and at up to 9% higher rates. Even if your results are a fraction of that improvement, the ROI is huge.
For Brokers, providing Unbuilt tours as part of your services can provide huge ROI in helping you land a landlord rep engagement, which ultimately provides a return sooner due to improved close rates and speeds.
Will this work if my project is mixed-use?
Yes, this will work for any new construction development, fit-out, or renovation.
I need a high resolution “Hero Rendering” for my website, do you provide that?
While the 2D images output from our 3D Model Environments are high quality, sometimes you still want a super-polished high-resolution image. That’s great, we support the idea and have an excellent, well-priced rendering partner that we work hand in hand. We have a blanket agreement to share 3d models, and we hold the contract so you only have to deal with one vendor and contract.
Why wouldn’t I just have my normal rendering company create this content?
You certainly could, but they would charge you a la carte for each format. And we’ve also found that rendering companies aren’t capable of producing the interactive Virtual Reality scenes because it’s a different technology and production process that requires an entirely different skillset and software skills that aren’t necessary for 2D renderings.
Can you work on international projects?
Yes, we can work on projects in any country. Our user interface can be customized to your local language with your guidance, otherwise, it is in english.
How do I justify the costs to my team?
We’re happy to help you understand and demonstrate the ROI if you share some of the basic information about your project numbers. In general, we’ve heard from our customers that the ROI is a total no-brainer. Of course there are certain economy or low-budget projects where the ROI is less substantial.
Can we choose music backgrounds for the tours?
Yes, we can pull from our library of music, or you can choose a track from premiumbeats.com at no additional cost.
No one else in our region is using tours like this, how do I know it will work for me?
The deal-making pipeline process is region-agnostic. The reason these tools work are part of the fundamentals of people needing more certainty and clarity in the decision-making process. Asymmetric returns come from being the only one in the region using better tools. If you are the first to use this sales technology, you will have a window in time to gain even better outcomes until your competitors catch on and start to imitate.
Since this is software, why isn’t it just a cheap license with published pricing?
While we have used software to allow us to produce all of the different content formats without a la cart fees, we still require significant 3d modeling, texturing, and lighting effort which is manual by our production team, and there is significant time invested in interpreting design documentation and converting that into the final product, including 2 rounds of revisions based on your comments. The cost is a combination of that labor, and the underlying software benefits
I’m interested, but still have some reservations, is there a way to do a pilot?
While we can’t provide a free pilot due to the costs of producing the virtual model, we often start out on a small scope of work initially with a customer so they can see what it’s like to work with us and our technology. For example, with a large office landlord in NYC, we started by working on a small 18,000 sf tenant suite with them, and within one month of completing that tour they committed to engaging us to virtualize all of the vacancy in their portfolio over the next 6-9 months.
What Virtual Reality Headsets do you work with?
Our software is compatible with all of the major high-quality headsets. Oculus, Vive, Windows Mixed Reality. Currently, we’re recommending Oculus Rift S and Oculus Quest.
Will you install the VR hardware for us?
Upon request we will prepare a turnkey virtual reality kit that has all of the components you need ready to go. We do not provide services to do any installation such as mounting TVs or Touchscreens.
Is this compatible with Shared VR Rooms / Domes / Caves?
How much should I be spending on marketing?
For Commercial Real Estate, the Industry average according to IBIS is 0.4% of industry revenue. As a frame of reference, we recommend calculating the expected revenue value of a lease, multiplying by 0.4% and considering that as a starting point. Eg. a 20,000 sf lease at $60/sf for a 5-year lease yields $6m in revenue. $6m x 0.4% = $24,000. Of course, this is an average, so if you’re looking to stand out, spend more. For a deep dive watch this video and make a copy and edit this marketing spend calculator.