One of the most common questions potential customers ask is about the ROI in creating Virtual Reality Tours for new development marketing. Of course, it’s very difficult to A/B test the real world as far as real estate transactions are concerned. Even with traditional real estate photos, it would be difficult to say whether DSLR professional images versus iPhone images ultimately result in the sale of a property. Nonetheless, listing agents instinctively know that investing in the overall quality of a property presentation is worthwhile and reflects clearly on their business brand and makes the sale easier.
Because of this challenge, we rely on direct feedback from our customers who share their success stories with showcasing their properties using immersive VR tour presentations. We recently interviewed Anthony Maher, who is leading the leasing effort for 3.0 University Place, who distilled the following clear benefits and ROI of using our Unbuilt VR product to showcase their new development life-sciences building.
Here are the takeaways from our interview with Outer Realm customer Anthony Maher.
Strategic ROI On Our Lab/Office Lease-up Activity
“We were able to secure a very strategic lease with PA-state backed Ben Franklin Technology Partners for a 30ksf innovation center because of the product from Outer Realm. The VR tool was very instrumental in not only securing the lease with Ben Franklin Technology Partners, but also creating the visual excitement around our entire real estate development project. The excitement and buy-in that was generated by putting all of our prospects through the VR experience allowed for a much more dynamic exploration of what was possible. That one lease provided a very strategic ROI on our engagement with Outer Realm and we will continue to leverage the VR experience and video flythrough to bolster our marketing and lease-up efforts. Securing a ‘strategic’ innovation tenant in a highly competitive lab/office market like Philadelphia requires a much higher level of attention and detail that Outer Realm was able to equip us with to be successful, we are truly grateful.”
Massive ROI on Just Leasing the First 10% of Retail Space
“Placemaking in the commercial retail space is much more of an art than a science. With the help of Outer Realm and the VR tool created for our building, we were able to secure a tremendous community retail bank! Great for our $100MM development project and even better for our community! We brought in the bank’s entire leadership team and used the tool to showcase the excellence of the building, which started the conversation, got everyone really excited and led to the lease signing. So the cost of this great VR tool had a massive ROI on our entire project and ultimately will lead to an ROI for the community of West Philadelphia.”
Clear Brand ROI
“More than anything, the VR tool, and flythrough video allow everyone involved to start building the right type of relationships and set the foundation for a smarter and more collaborative conversation. We used the experience for not just our tenant prospects, but to engage City Stakeholders, showcase to our external industry leaders, and in our fundraising efforts with investors. We were able to achieve a very measurable brand-lift for our firm because of the VR tool that was created for us by Outer Realm.”
Our Go-to Tool for Future Spaces
“We have several other buildings in our real estate cluster and we will continue to work with Outer Realm to help us market our projects to ensure the proper messaging and overall success. The VR experience is definitely our strategic tool for our evolving development narrative.”
Contact us or Book a Meeting to learn more about how we can help you showcase your property in a more compelling way. The ROI is clear.