How immersive technology is helping real estate developers test and shape market demand before breaking ground.
What if you could gauge buyer interest in your project before construction even begins? In real estate, understanding the market’s reception early can save developers time and resources. Eyefly Technologies is exploring a new service that allows developers to test demand for their projects before fully committing to development. This concept leverages immersive virtual experiences and data analytics to conduct a smoke test, providing developers with invaluable insights into what the market truly wants.
Eyefly’s existing technology already helps buyers visualize properties through virtual tours and interactive and unlimited 360° views. This new service goes beyond by enabling developers to assess market interest in projects way before even breaking ground. Through digital twin models created from schematics, mood boards, and plans, prospective buyers would have the ability to explore different configurations—whether it’s converting a bedroom into a study or selecting finishes—and provide feedback that developers can act upon.
By offering this level of engagement, developers gain real-time insights into what layouts and features resonate most with potential buyers. These insights allow for data-driven decision-making, helping developers to fine-tune their offerings and reduce the risk of launching a project that doesn’t align with market demand. Developers no longer have to speculate about what buyers want; instead, they can design projects that are backed by data, making each development more likely to succeed.
Although the smoke test service is a new proposition, Eyefly has already applied similar methods in past projects. In one instance, potential buyers were able to select from a list of pre-determined finishes, and the developer’s sales team used this data to provide tailored quotes. The developer gained crucial insights into buyer preferences, allowing them to adjust their offerings accordingly. The proposed smoke test service expands on this concept, allowing developers to test a broader range of design elements and gather even more detailed feedback.
Developers will have full flexibility to customize the virtual models, allowing buyers to explore multiple configurations, room types, and finishes, depending on what the developer wants to test. These customizations could extend to finishings, floor plans, or even architectural changes. Prospective buyers will be able to save their configurations and share them with developers, offering deeper insight into buyer preferences and behavior. The more buyers interact with these digital models, the more valuable the data becomes, giving developers a clearer picture of what the market is asking for and enabling informed adjustments to both current and future projects.
This approach is especially valuable in competitive real estate markets like South Florida, where timing is crucial, and developers need every advantage to stand out. The Eyefly Method as a smoke test gives developers the ability to validate their ideas before committing to full-scale construction, providing them with an edge over the competition. By engaging buyers early, developers can pre-sell units more quickly and confidently, knowing that their projects align with what buyers are actually looking for.
The Eyefly Method isn’t just about collecting data; it’s about using that data to create developments that are more likely to succeed from the start. By reducing the risk of misalignment between buyer preferences and project design, developers can move forward with greater certainty, save time, and maximize their return on investment. In the fast-paced world of real estate, that kind of confidence is invaluable.
If you’re a developer looking to test the market for your next project, contact Eyefly Technologies to see how our new smoke test service can help you gather the insights you need to move forward with confidence.
Article by Fernando Penabad, CIO | October 13, 2024
