How to Show Amenity Build-Out Before Construction Starts
For the past several years, there has been an amenity arms race within the luxury condo market, leading to increased pressure on developers. Potential buyers are becoming more and more discerning, meaning that it’s more important than ever for developers to plan just the right mix of amenities to not only meet buyers’ expectations but to also exceed them without incurring cost overruns.
In these markets where there is a race to have the most luxurious amenities around, many marketing how-to pieces would lead you to believe that the homebuyer’s considered “victory” would be buying into the building with the most over the top amenities. After all, who wouldn’t want a locally curated art gallery in the lobby or a robotic car elevator, right?
As it turns out, more buyers than you may originally think. Take a step back from the glossy photos and the lofty ideas, and think about what would really matter to you, as a buyer. More than likely, it relates to your everyday convenience, safety or health, right?
Research tends to corroborate this theory. While each condominium development or community requires its own sound strategy, tailored to its geographic location and unique buyer profile, Forbes reports that there are three categories that have emerged as the “essential” must have amenities in 2018:
Technology and connectivity
Technology, while typically more of a hidden amenity that buyers can’t “tour” during a showing, has truly become paramount in all of our lives. As a developer, it is key to understand that these types of amenities need to go beyond the typical. There is also an increasing demand in the market for intuitive tech — think the types of amenities you’d expect to find in a 5-star hotel — and smart home technology that allows buyers to control various aspects of their home from their tablet or smartphone, even when they’re not at home.
Holistic wellness features
It’s true that all fitness and wellness centers aren’t created equal, and this includes condo buildings. Historically, these centers have been an amenity staple, and don’t seem to be going anywhere anytime soon. In addition to state of the art equipment and dedicated rooms or spaces for meditation or yoga, there is a buzz building around individualized wellness. Customized circadian lighting, as well as air and water purification systems, work with the body’s natural rhythms to boost mood and energy — and will be a big hit with your buyers.
Another understated feature associated with wellness is lighting. Surprisingly, buyers care a lot about how lighting will impact their day-to-day experience in the space. For example, how would the space look differently with warm light in the winter from with cool light in the summer? What if you can demonstrate this in pre-sales with an example like this?
Niche spaces in common areas
The best amenities will always serve your residents’ needs while building an emotional connection to their new home. To this end, savvy developers are creating semi-private niche spaces within common areas, to create a more intimate setting while still tailoring to the residents’ hobbies, interests, and lifestyles.
And while these amenities are a great place to start, this is obviously not a one size fits all solution. Wouldn’t it be nice if you had a way to actually show your buyers potential amenities in place… before construction even started or gets finished?
Good news — now you can. With cutting-edge 3D and virtual reality (VR) technology, developers can now show the design and build out of a project, including amenities, of a project before build out happens. At Inreal, our proprietary technology allows you to show investors or buyers a true representation of your project, including personal variants, and different modes of viewing (flight, panoramic, etc).
A virtual tour from Inreal is the ultimate sales and leasing tool for your real estate project. It allows you to guide your buyers through a fully furnished property, even if the project is not complete. It also allows for flexibility, saving you both time and money. Learn more about the features of our virtual tour or contact us today to get started.