Using VR to De-Risk Development & Accelerate Cash Flow
Updated: Dec 15, 2021
The use of Virtual Reality in the residential and commercial real estate continues to gain momentum. How can it help you? Virtual Reality (VR) and their related technologies of Augmented and Mixed Reality (AR / MR) can save time, money and increase property/investment performance. The key is creating a successful immersive experience in the virtual environment so the user feels like they are “there”, making them imagine less and gain more of a real experience of being in the space.
A well-constructed virtual environment can be used across the entire investment cycle of a property, from pre-development planning through the property and asset management phases. This applies to properties that already exist and ones that are currently under design or construction. The virtual environment can be used to experience the property and make modifications to it, whether from a design perspective or by the end user, long before the project is completed.
This is exactly what Pix did with Investment Property Advisors (IPA) for their Latitude student housing development. IPA was seeking to solve two problems: improve and compress the design process, and accelerate their pre-leasing process. IPA chose to work with the Pix team as their VR subject matter experts to maximize its effectiveness and help solve these problems.
IPA was seeking to change what had become a time consuming and iterative design process of review, refine, revise, and repeat, with one iteration taking weeks. Using Pix-VR as a design tool allowed IPA, the developer, and their interior design firm to dynamically make iterative changes in near real-time. The result was a greatly expedited decision-making process that guaranteed the successful execution of the final vision.
In the image pairs below, you can see the accuracy of our pre-visualization of IPA’s Latitude. In many cases the artwork and materials selected during construction exactly match that which was actually installed.
IPA was also looking for a way to pre-lease units during the previous school year while the project was still under construction. Using Pix-VR as a pre-leasing tool allowed students and their families to feel what student life would be like living at IPA’s Latitude project. The realistic, immersive virtual tour enabled potential tenants to visualize how each space was going to look and feel. This resulted in a more rapid pre-leasing and accomplished it without needing a full sales office with model units.
Pix delivered the VR experience in multiple formats: (1) rendered images for marketing collateral, (2) streaming videos for use on IPA’s website, (3) interactive multi-touch large screen display in the leasing center, and (4) fully immersive VR experiences using Head Mounted Displays (HMDs). The level of realism and immersion provided by the VR experience was so effective that it greatly reduced the client’s leasing cycle and increased the conversion rate from leads to tenants.
“The Virtual Reality application created by Pix for our student housing project (LiveLatitude.com) has been extremely impressive due to the Pix Team's level of expertise, thoroughness, and attention to detail.”
Director, Asset Management & Development
Investment Property Advisors
To see examples of Pix in action, including the IPA project, please visit http://www.pix-virtual.com/portfolio. For more information, please visit our website at www.Pix-Virtual.com or contact us at firstname.lastname@example.org.