Virtual reality changing the game
With the virtual reality industry predicted to reach US$80 billion by 2025, property companies are looking to immersive technology to transform the sales process, says ASPECT Studios’ Daniel McDonald.
Goldman Sachs predicts the virtual and augmented reality market will rapidly move beyond gaming and entertainment, with car manufacturers, retailers, designers and developers all looking at the technology’s potential.
Google, Facebook, Samsung and Microsoft have all launched virtual reality products, with Facebook purchasing VR headset company Oculus for $2 billion in 2014, and Google currently working on the second version of its Google Cardboard headset. Samsung’s latest VR offering – which retailed for just US$99 on Amazon – sold out in just two days over the Christmas period.
McDonald, chief operating and finance officer of ASPECT Studios, says virtual reality will revolutionise the way Australians purchase or lease property. ASPECT’s Immersive Display Suite (IDS) – which has already won a swag of awards – is changing the game for off-the-plan property sales.
ASPECT’s product isn’t just a quick video flythrough. This is a full walkthrough that enables potential buyers or tenants to step out the size of the bedroom or boardroom, check out the panoramic views and change fixtures and fittings with the click of a button.
“We use drones to take photographs of the surrounding landscape, so when you are immersed in the space, you gain a real appreciation of what it’s going to be like to live or work there,” McDonald explains.
McDonald says the product is ideal for international buyers, who can “see themselves standing in the penthouse overlooking Sydney Harbour”, and for time-poor CEOs who can’t get on a plane to make a decision about office space.
“Many people find it hard to visualise what a finished product will look like from a two-dimensional CAD floorplan. IDS removes a lot of the guesswork and risk,” McDonald says.
Take-up so far has been steady. Charter Hall engaged ASPECT to create an IDS for 333 George Street in Sydney, with the technology enabling potential tenants to move around three very different office fitouts.
Charter Hall’s sales team was able to meet with prospective clients at any location, armed with nothing more than a laptop, and walk them through the environment before construction commenced.
“The beauty of the technology in the commercial context is that we can fit the design out with different floorplans and layouts. Decision-makers can gain a true appreciation of the boardroom’s size, can walk from one workspace to another, check out the breakout spaces and actually see what it will look like when staff are at their desks,” McDonald explains.
The technology also eliminates the cost of a purpose-built display suite, marketing images or renders as the IDS can perform all these functions.
Perhaps most impressive of all, ASPECT has a super-fast turnaround – just two weeks – which McDonald says keeps the cost low. While the costs for a traditional display suite can run into the hundreds of thousands of dollars, ASPECT’s Immersive Display Suite costs as little as $7,300.
Whether it’s for a time-poor CEO or a home hunter considering an off-the-plan purchase, IDS can help people to conceptualise a new development to make a faster, smarter decision.
For more details, visit ASPECT Studios: www.aspectdigital.net.au