Changing the Way We Look at Homes
Many developers around the world understand the issue of showroom space during the sales portion of a real estate development. In many major cities, there simply isn’t enough room to build a condominium or housing complex and have model suites of every available unit. A balancing act can occur, one inevitably compromises the buying experience in order to build. There is no place in the world experiencing this balancing act more than major cities in China.
China has experienced a massive housing boom in the past few decades. People are moving to the cities, often with more children than was previously the norm. They are looking for homes in which they can raise their families and enjoy the perks of living in a large city. Because of the movement of people, cities are rapidly expanding and competing for space with other projects.
Vanke, as the country’s largest real estate developer, is at the forefront of China’s housing market. They currently have thousands of projects underway, including multiple projects occurring in China’s biggest, most desired communities. In 2016 alone, Vanke built one thousand high rises and generated in $27 billion in sales.
One of the problems currently facing the Chinese housing market is a slight cooling coupled with an enormous population, which comes with a constant fight for attention. The market is saturated in some ways, but not in the high-quality, modern condo buildings like those offered by Vanke. With less space for traditional marketing, developers now compete in online buying experiences, which must appeal to the modern buyer for ease and convenience. Vanke has a reputation for having higher priced units because of the quality and modern sensibilities and their sales experience needs to show off what makes them special while creating a memorable, fast-paced sales process. Of course, this all needed to be accomplished on a significant scale, which is why Vanke contacted Invent Dev for solutions. Guangzhou, a city of over 8 million people, was chosen for the first phase of Invent Dev’s marketing. By the end of the project in Guangzhou, our collaboration changed to how suites are sold, and will continue to be sold, in China.
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When Vanke approached Invent Dev, we set about creating solutions that saved the developer time, money, and of course square feet. The idea was to spread the word about the many suites available and help people make important decisions with the right information, but from almost anywhere. There needed to be a seamless transition between the online experience and the sales centre. To accomplish this, Invent Dev first set out to understand the home buying process in China, and how it differs from a typical American or Canadian experience where Invent Dev has seen previous success.
The typical home buying process in China, it turns out, has a lot to do with how Chinese people use and view technology, which is very unique when compared to North America. In Canada and the United States, online housing listings act as a sort of preview, a way to get a teaser of the unit or suite before heading to a sales centre or physical model suite. In China, online listings are expected to do everything, from show off the space right up just before closing the sale. Chinese homebuyers want to have a complete sense of their future home long before they set foot in a sales centre. They want more than an impression. They want to fully experience the suite. This is a major challenge for large developers like Vanke, who have thousands of suites available. Creating lasting, memorable online experiences for all of their available products was proving an impossible task.
Understanding the higher expectations of online home buyers in China, Invent Dev created a full line of virtual model suites of Vanke’s many available units across the city. Replicas of the suites, accurate to the millimetre, were developed by our team in Toronto using Vanke’s blueprints. These suites are fully interactive, available to potential homebuyers through Vanke’s website, and give people a real, immersive feel for the suites. Homebuyers can view suites online, but they can also interact with units as well. Swapping out paint schemes, finish options, and other upgrades can be done with simple commands on the Vanke website, meaning people can spend time creating their ideal suite from the comfort of their own living room. When they do come to the sales centre, they already have a concrete idea of what they want. The memorable, interactive online experience helped drive clients to the sales centres.
Turning Home Sales into Events
Homebuyers still need to go to a sales centre, so Invent Dev needed to change that experience as well. Finding a sales centre that is close to every building site is very difficult, sometimes impossible. This is where the “size” of the virtual model suites, being completely digitized, came as a major advantage. Invent Dev worked with Vanke to set up sales centres across the city. Rather than buying up short-term expensive leases, sales centres were set up all around Guangzhou, including in malls and trendy neighbourhoods. These acted as permanent sales centres, places where people can come to buy a Vanke suite and have a similar shopping experience to other major purchases. But for the roll-out of the new virtual model suites, Invent Dev and Vanke took the sales centres one step further: they turned them into an interconnected event happening all across Guangzhou.
In order to reach a broad range of buyers, Invent Dev deployed the virtual suites across multiple channels, including online, mobile, sales centres, pop-up shops, condo retail outlets and more. The result was one of the largest interactive and virtual reality sales centre deployments in the world that attracted tremendous media in China. Every sales centre came pre-loaded with every one of Invent Dev’s virtual suites, meaning potential homebuyers could check out multiple suites in one sales centre, rather than travelling to different centres to look at different homes. Every sales centre was ground zero for developments all over the city, and people could experience the excitement closer to their home than previously possible.
The opening launch was a highly anticipated event, one that attracted media buzz from over 30 different media outlets, all of whom came to the sales centre. The combination of media buzz, ease in the sales process, and immersive and memorable marketing experiences were an enormous success. Within a matter of months following the major launch, Invent Dev’s virtual suites appeared in cities across China, showcasing suites in over 150 high rises.
Virtual model suites offer huge savings in time, money, and space for any developer, but they can be especially beneficial for large-scale developers. By harnessing the power of virtual suites, developers like Vanke can showcase multiple units at multiple sales centres. Every sales centre turns into a sales centre for every suite and development, not just the ones nearby, and the cutting-edge technology helps potential buyers connect with model suites long before they enter the sales centre. The seamlessness of the entire experience, from the online experience to the sales centre, helped drive sales. The success Vanke experienced has now been enjoyed all over China, changing how people look at the home buying experience, both online and in-person.
