How to Sell Unbuilt Properties in a Challenging Economy

Written by Posted On Monday, 02 July 2018 10:35
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When the real estate market is hot, buyers will purchase almost anything available in the market, including unbuilt properties. The temptation is too great because homebuyers do not want to miss these opportunities. However, when the real estate market is stable, selling an unbuilt property might me more challenging because buyers will not engage in risky behavior. They will wait at least until the project is near delivery to make a decision. Property developers have to come up with new marketing strategies to entice potential buyers to purchase unbuilt properties instead of readily available properties. If they are successful o the is endeavor, the benefits are enormous because this will help them manage their cash flows and increase their Internal Rate of Return (IRR).

Property Developers have some powerful real estate marketing tools at their disposal to increase sales of unbuilt properties in a stagnant economy. One these solutions is Virtual reality for real estate; it is potent because buyers will visualize themselves in unbuilt properties. The goal is to create an emotional bond with the property and it creates anticipation. One seasoned real estate developer said "it is like seeing a baby for the first time in an ultrasound screen". This statement is very powerful because VR real estate solutions help bring unbuilt properties to life. Another solution that is gaining a lot of traction is real estate 360 tours. Technology company Matterport has made it accessible to real estate professional. However, the quality is not optimal because the camera only scans the property. These solutions can have a wider impact on the real estate industry because they are also suitable for vacation homes. These properties tend to be located in remote areas and when one brings them closer to potential buyers, who might be deterred by the distance, one is making them more accessible. Therefore, the goal to create more engagement that may turn into a sale is achieved.

Virtual reality is now accessible to the masses as prices for the equipment are decreasing. Property developers can use HTC Vive or the Oculus Rift to wow potential buyers because they can change textures, colors, and even furniture in real-time with a click. Furthermore, a VR mobile application is a great tool because unlike a website, a mobile application can have many functionalities. Smartphones are only getting better and faster. Thus, virtual reality experiences will getting better and better as time goes on. Real estate developer, who invest in this new tools will eventually reap the benefits and will be much more successful in selling their unbuilt properties.

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Max Agrad

Prior to starting Voxel Worlds, Max was a Managing Director with AIM Real Estate, a real estate investment firm, Max advised institutional investors, as well as high net worth individuals, seeking investmentment opportunities in hospitality and office buildings. Max has taught finance and accounting as an Adjunct Professor in several universities. Max has a BS in Accounting from George Mason University, and Ms in Real Estate witn a concentration in Finance from Georgetown University. Max is a member of the Chartered Financial Analyst Institute, and the Urban Land Institute. A proud U.S Army Veteran, he served in the 18th Airborne Corp between 2002 and 2004. In his spare time, he enjoys learning about new technologies, reading, and traveling. Max works out of DC and Dubai.

www.voxelworlds.com

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