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Developers Go Virtual to Secure Leases During COVID-19

Open Houses are Out, Virtual Tours are In

While virtual and augmented reality have been available for some time, the mass COVID-19 shutdown nationwide has led multifamily owners and sales teams to utilize new technologies that allow consumers to view potential homes without ever being in the presence of a leasing agent. Virtual tours, video guides and 3D tours are just a few of the ways that developers have employed the use of technological systems to sell homes.

NYC Real Estate Developer, DMG Investments, has implemented an array of virtual tools to assist in home buying. At One Park Condos, the premiere luxury condominium development located in Bergen County’s Cliffside Park, potential buyers are able to make appointments online to see a real, physical apartment along with the building’s amenities and communal spaces. The One Park Condos property website directs apartment shoppers to sign up to tour an apartment online with a realtor. The tours are led by real estate brokers and provide a curated experience for the needs of each viewer.  

In addition to the hosted virtual tours, One Park Condos employs “Matterport” technology, a three-dimensional computer rendering of a model apartment. Potential tenants can virtually move through a 3D computer rendering of the apartment which allows the viewer to get a panoramic view, back into and out of rooms, and even look out of windows. 

These technologies are likely to be helpful, even in places where the rules of social distancing have begun to relax. As businesses begin to reopen, people are going to want to continue practicing social distancing. Virtual tours have also afforded real estate agents and their clients the opportunity to quickly get a sense of the interior of a home. Video guides help whittle down which apartments merit a closer look in person, when possible, and avoid spending an entire afternoon scouting different locations. 

“The days of bringing groups of people into an apartment to conduct a showing are over,” Taryn Byron, Real Estate Broker at Nest Seekers says, “Virtual Tours are In.”

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